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Biden Pushes to lower ocean shipping costs

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The Biden administration is continuing to make efforts for the trucking industry. Their most recent effort is to reduce the cost of shipping goods across oceans. TransportTopics reported on Biden’s talk with retail CEOs calling for the push of the Ocean Shipping Reform Act of 2022. The Senate passed it in March; this push is for the House. This 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 reminds us that there are only 9 major ocean line shipping companies from Asia to the United States, and they’ve raised their prices tremendously. The White House also believes that “shipping cost increases will likely add a full percentage point to the increase in consumer process over the next year”.

Biden is also set to speak at the Port of Los Angeles on June 9, a port that moved to round-the-clock operation to help with the supply chain issues.