The economic outlook is growing more gloomy due to weakening demand and rocketing inflation, according to Wednesday's U.S. Federal Reserve Beige Book. The chorus of concerns about the Fed's aggressive tightening cycle is loud and clear. Even President Biden admitted the U.S. economy might have slight recession. In emerging economies, sharp spikes in U.S. interest rates have generally been accompanied by financial volatility, capital outflows and currency depreciation. In this episode of BizBeat, CGTN's Michael Wang argues that the U.S. is exporting its inflation woes to the global economy.