Biden wants to lower costs for ocean shipping

“There’s only nine shipping companies, nine, N-I-N-E, major ocean line shipping companies who ship from Asia to the United States,” Biden said. “These companies have raised their prices by as much as 1,000%.”

By

National News

June 9, 2022 - 4:21 PM

WASHINGTON (AP) — President Joe Biden launched a renewed push Thursday to reduce the costs of shipping goods across oceans, a major challenge for retailers that the White House said has pushed up prices as the world emerges from the coronavirus pandemic.

The White House released a video featuring Biden talking with retail CEOs and calling on the House to pass the Ocean Shipping Reform Act of 2022, which the Senate passed at the end of March.

The measure would empower the Federal Maritime Commission to investigate late fees charged by carriers and prohibit ocean carriers and marine terminals from refusing to fill available cargo space. Biden’s broader message is that a concentration of corporate power has contributed to higher shipping costs in ways that hurt businesses and fuel inflation.

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