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Public health measures enacted to mitigate the spread of coronavirus disease 2019 (COVID‐19) have dampened economic activity by shuttering businesses that provide ‘nonessential’ goods and services. Not surprisingly, these actions directly impacted demand for nonessential goods and services, but the full impact of this shock on the broader economy will depend on the nature and strength of value chains. In a world where production chains are increasingly fragmented, a shock in one industry (or a group of industries) in one country will affect other domestic industries as well as international trade, leading to impacts on production in other countries. We employ the World Input–Output Database to depict the interdependencies among both industries and countries, which provides a full representation of global value chains. By assuming a homogeneous impact on demand for nonessential goods and services …