California ports will be open 24 hours a day, seven days a week in an effort to alleviate shipping bottlenecks and supply shortages.
The Port of Los Angeles is on its approach to becoming a 24-hour operation, according to the White House, which announced a new deal on Wednesday to relieve supply chain bottlenecks and move stalled container ships, which are driving up consumer costs in the United States.
The supply chain issue is linked to recent inflation, which is putting elected leaders’ economic and political futures at danger. In an afternoon speech, President Joe Biden is expected to present a consensus on how supply chain concerns have impacted the nation’s economic COVID-19 recovery.
62 ships were berthed at the ports of Los Angeles and Long Beach, California, as of Monday, accounting for 40% of all shipping containers in the United States. According to the Marine Exchange of Southern California, more than 80 ships are still waiting to dock and unload.
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The operator of the Los Angeles port, longshoremen, and several of the country’s major retail and shipping corporations have all pledged to help alleviate the backlog. Walmart, FedEx, and UPS all agreed to unload during off-peak hours, allowing the Los Angeles port to run nonstop and lessen the backlog. For the previous three weeks, the Long Beach port has been open 24 hours a day, seven days a week.
Before his address, Biden was to hold a virtual roundtable with executives from Walmart, FedEx Logistics, UPS, Target, Samsung Electronics North America, the Teamsters Union, and the US Chamber of Commerce, among others.
Biden’s $1.9 trillion coronavirus treatment package, according to Republican lawmakers, has spurred increased pricing. Despite the fact that “supply-constrained items” account for 80% of this year’s inflation overshoot, political criticism continues to hurt as housing and oil prices contribute to inflationary pressures, according to a recent research by investment bank Goldman Sachs.
Mitch McConnell of Kentucky, the Senate Republican leader, has made inflation one of his main complaints against Biden, indicating that bringing prices under control could be critical for Democrats hoping to keep their congressional seats in next year’s elections.
“The Democrats’ inflation is so severe that, despite a multiple-percentage-point wage boost in the last year, the ordinary American worker’s actual purchasing power has been reduced,” McConnell added. This is a condensed version of the information.