"Supply-chain bottlenecks are certainly unwinding, but we are not back to pre-Covid levels just yet."

According to the New York Fed, a reduction in shipping congestion, an easing of parts shortages, and weakening consumer demand have result in below-normal supply-chain pressures around the world.

The global supply-chain crisis flares up again—in the same place where it all started.

What the Phase One deal says about key areas of trade negotiations.