Washington A White House official said the Port of Los Angeles helped mediate a contract that operates 24 hours a day, 7 days a week. It is part of an effort to move left-behind container ships that are driving up prices by removing supply chain bottlenecks. High for US consumers.
In his speech Wednesday afternoon, President Joe Biden plans to discuss a deal on supply chain issues that are hindering economic recovery from the coronavirus pandemic. It was previewed late Tuesday by White House officials, who claimed anonymity, to speak before the Democratic president’s remarks.
According to the Southern California Marine Exchange, ports in Los Angeles and Long Beach, California account for 40% of all shipping containers entering the United States. As of Monday, 62 ships were grounded at the two ports, 81 awaiting docking and unloading. ..
Commitments from Los Angeles Harbor operators, port workers and some of the nation’s largest retail and shipping companies are expected to help reduce the backlog. With Walmart, FedEx and UPS promised to unload during off-peak hours, LA ports operate non-stop, making it easy to reduce backlogs. Long Beach Port has been working 24 hours a day, 7 days a day for the past 3 weeks.
Before the speech, the president planned to hold a virtual roundtable meeting with group leaders such as Wal-Mart, FedEx Logistics, UPS, Target, Samsung Electronics North America, Teamsters Union and the US Chamber of Commerce.
Supply chain issues are closely tied to the broader inflation challenges facing Biden. Republicans often blow up their $1.9 trillion coronavirus bailout package to promote higher prices. According to a recently released analysis by investment bank Goldman Sachs, 80% of this year’s inflation is projected to be “supply-constrained commodities,” but home and oil prices add to inflationary pressures. As a result, political criticism continues.
Senator Republican Mitch McConnell has made inflation one of his central criticisms of Biden. This suggests that controlling prices may be necessary for Democrats to retain parliamentary seats in next year’s elections.
“Democratic inflation is so terrible that the average American worker got a few percent pay hikes last year, but their real purchasing power was cut,” McConnell said in a Senate speech last week. .. “Discount stores also have to raise prices. Ask your American family about their past few trips to supermarkets, gas stations, and toy stores. You have to be involved in the housing and car market. Heaven is forbidden, whether it was or not. Anytime these days. “
The Biden administration claims that the rise in inflation is temporary. Still, supply chain problems persist months after the economy restarts and begins to recover after vaccines reduce pandemic risk.
Economists expect Wednesday’s CPI report to show that prices have risen 5.3% from a year ago, well above the Federal Reserve’s target of 2%. Inflation is no longer “temporary” as Atlanta President Rafael Bostic predicted in a speech Tuesday that this “episode” of inflation could last beyond 2022. said.
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