Saturday, October 23, 2021

Watch live: Biden comments on global supply chain bottlenecks

WASHINGTON (AP) – The White House said Wednesday that it has helped broker a deal for a 24-hour, seven-day-a-week operation to the Port of Los Angeles, easing supply chain bottlenecks and stranded people. Part of the effort to move people. Container ships that are driving up prices higher for American consumers.

The event is scheduled to begin at 2:20 p.m. ET. See Biden’s comment in the player above.

President Joe Biden plans to discuss the agreement during an afternoon speech about supply chain issues that have hampered economic recovery from the coronavirus pandemic. The supply chain problem is linked to the broader inflation challenge facing Biden, as high prices pose both economic and political risks.

Ports in Los Angeles and Long Beach, California, account for 40 percent of all shipping containers entering the United States. As of Monday, there were 62 ships at the two ports and 81 waiting to be docked and unloaded, according to the Marine Exchange of Southern California.

Commitments from Longshoremen, the operator of the Port of Los Angeles, and several of the nation’s largest retail and shipping companies are expected to help clear the backlog. Walmart, FedEx and UPS made commitments to unload during off-peak hours, making it easier for the Los Angeles port to operate nonstop and reducing backlogs. Long Beach Port has been operating 24 hours a day for seven days for the past three weeks.

Biden was to hold a virtual roundtable with the heads of Walmart, FedEx Logistics, UPS, Target, Samsung Electronics North America, Teamsters Union and the US Chamber of Commerce before his speech.

Republican lawmakers say Biden’s $1.9 trillion coronavirus relief package has fueled higher prices. A recent analysis released by investment bank Goldman Sachs estimates that “supply-constrained goods” account for 80 percent of this year’s inflation, yet political criticism continues as housing and oil prices add to inflationary pressures.

Senate Republican leader Mitch McConnell of Kentucky has made inflation one of his central charges against Biden, a sign that prices are under control for Democrats trying to grab congressional seats in next year’s elections. It may be necessary to keep

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McConnell said in a Senate speech last week, “Democrats’ inflation is so bad that even though the average American worker has received several percentage-point pay increases over the past year, their real purchasing power has been cut.” ” “Even dollar stores are having to raise their prices. Just ask any American family about their last few trips to the supermarket, gas station, or toy store. Heaven forbid if they’ve had to participate in the housing market or auto market at any point in the recent past. “

The Biden administration has argued that high inflation is temporary. Yet supply chain issues remain months after the economy restarts and recovers as vaccines mitigate many of the risks from the pandemic.

The Bureau of Labor Statistics reported Wednesday that consumer prices climbed 5.4 percent from a year earlier. This is well above the Federal Reserve’s target of 2 per cent. Higher energy, food and shelter costs were the major drivers of price increases in September. Used car and truck prices fell for the second month in a row, but vehicle shortages and cost increases in previous months mean prices are still up 24.4 percent from a year ago.

The persistence of inflation has created a divide in how the phenomenon is described.

Atlanta Fed President Rafael Boustik said Tuesday that he no longer calls inflation “transient” and expects this current “episode” of inflation to last until 2022 or longer. Treasury Secretary Janet Yellen, the former Fed chair, stressed to CBS News that higher prices are “temporary” because once we get the pandemic under control, the global economy returns, these pressures will ease and I believe it will be back to normal. Level.”

Nation World News Desk
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