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Rising prices in the United States are offering a glimpse of the white-knuckle recovery that is in store for the global economy, as surging demand for everything from machined parts to restaurant meals collides with supply bottlenecks and product shortages.
America is buying much more stuff from overseas, as its stimulus-fueled economy revs forward, while the rest of the world has not yet caught up and started buying more U.S. exports.
LONDON — The top economic officials from the world’s advanced economies reached a breakthrough on Saturday in their yearslong efforts to overhaul international tax laws, unveiling a broad agreement that aims to stop large multinational companies from seeking out tax havens and force them to pay more of their income to governments.
Treasury Secretary Janet Yellen is facing pressure to move toward a global tax deal by the end of the week as she meets her Group of Seven counterparts for the first time as the world’s most powerful finance minister at a summit in London.
Last month, Carey Cherner, a 36-year-old used car dealer in Kensington, Maryland, sold a 2001 Ford F-150 pickup truck in less than 12 hours. The mileage is 184,000 miles. It sells for $7,500-50% higher than usual. Cherner’s experience is not one-off in the US used car market, where prices are rising rapidly. The industry is at the core of the country’s growing inflationary pressures — and has therefore become a subject of great interest to policymakers in Washington. “There are more people buying cars than there are cars on the market, which makes it a little crazy,” Cerner said. U...