Biden slams carriers’ profits as he vows to fight inflation

Biden Port of LA

US President Biden has addressed the current global supply chain woes and inflation, heavily criticising container carriers’ profits over skyrocketing shipping rates.

Biden visited the Port of Los Angeles 10 June, where he pledged to keep fighting against high prices as he believes America is in a great position to overcome the worst inflation that has hit the country over the past 40 years.

“My administration is going to continue to do everything we can to lower the prices for the American people,” he said in his speech.

“One of the key ways to fight inflation is by lowering the cost of moving goods through the supply chain.”

The Biden administration attempted to slow inflation by improving port operations and providing funds through the Bipartisan Infrastructure Law.

The President has blamed corporate profits for inflation, saying that some companies – including shipping firms and the oil industry – are focused on maximising profits as rates keep surging driven by global disruptions.

The Biden administration is seeking to reduce shipping prices with a bipartisan bill that will require ocean carriers to certify that late fees comply with federal regulations, prohibits carriers from unreasonably declining shipping opportunities for US exports.

The bill will also ramp up reporting requirements to the Federal Maritime Commission.

President Biden finally thanked waterfront workers and terminals for their efforts amidst the pandemic, and congratulated the Port of Los Angeles on its latest handling results.

“Today, we had the honour and privilege of hosting the 46th president of the United States,” said Port of Los Angeles Executive Director Gene Seroka.

“The Biden-Harris administration’s convening power of public and private stakeholders has helped drive goods to American consumers and businesses.

“Our ongoing work with the President and his administration continues to focus on our nation’s ports and supply chain resiliency.

“His visit to the Port of Los Angeles is a recognition of the tremendous effort across the maritime supply chain to move a record volume of cargo for the American economy.”

Last week, the Federal Maritime Commission announced new initiatives to provide enhanced assistance to US shippers and focus on remedies to supply chain issues.

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