This is an effort to eliminate supply chain bottlenecks and move left-behind container ships that are pushing up US consumer prices.
The White House said Wednesday that it helped mediate the agreement by operating the Port of Los Angeles 24 hours a day, 7 days a week. This is part of an effort to eliminate supply chain bottlenecks and move stranded container ships in operation. Higher price for US consumers.
In his speech Wednesday afternoon, President Joe Biden planned to discuss an agreement on supply chain issues that are hindering the economic recovery from the coronavirus pandemic. Supply chain issues are closely linked to the broader inflation challenges facing Biden.
Ports in Los Angeles and Long Beach, California, account for 40% of all shipping containers entering the United States, according to the Southern California Marine Exchange. As of Monday, 62 vessels were moored at the two ports, 81 waiting for docking and unloading. ..
Commitments by Los Angeles Harbor operators, port workers, and some of the country’s largest retail and shipping companies are expected to help mitigate the backlog. Walmart, FedEx and UPS have promised to unload during off-peak hours, with LA ports operating non-stop, making it easier to reduce backlog. Long Beach Port has been operating 24 hours a day, 7 days a day for the past 3 weeks.
Prior to the speech, the Democratic 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.
Republican lawmakers frequently blow up Biden’s $ 1.9 trillion coronavirus bailout package to fuel higher prices. According to a recent analysis released by investment bank Goldman Sachs, “supply-constrained commodities” accounted for 80% of this year’s inflation overshoot, as home and oil prices are driving inflationary pressure. , Political criticism continues.
Senator Republican Mitch McConnell has made inflation one of his central criticisms of Biden. This shows that controlling prices may be essential for Democrats to retain parliamentary seats in next year’s elections.
“The democratic inflation is so bad that the average American worker received a few percent increase last year, but the actual purchasing power declined,” McConnell said in a Senate speech last week. .. “Even discount stores have to raise prices. Ask your American family about the last few trips to supermarkets, gas stations and toy stores. You have to join the housing and car markets. 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 continue months after the economy resumes and begins to recover after vaccines have reduced much of the risk of a pandemic.
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%. Federal President Raphael Bostic said in a speech Tuesday that he no longer calls inflation “temporary” because he expects this “episode” of inflation to last for more than 2022. Said not.
White House: The Port of Los Angeles operates 24 hours a day, 7 days a week to alleviate transportation problems
Source link White House: The Port of Los Angeles operates 24 hours a day, 7 days a week to alleviate transportation problems