Pres. Biden signed legislation meant to lower the cost of shipping goods across oceans, a move the White House says will help ease logistical costs for retailers that have remained high since the start of the pandemic and helped fuel record inflation.
signed legislation Thursday meant to make shipping goods across oceans cheaper — a move the White House says will help lower retailer costs that have remained high since the start of the coronavirus pandemic and helped fuel record inflation.
The president also stressed that a concentration of corporate shipping power in the hands of just nine, large and foreign-owned companies has fed higher shipping costs in ways that hurt businesses and exacerbate problems with inflation. He added that the new law would "bring down prices to give American families a bit more breathing room.”
“People know that prices are too high and we have to do something. And this was one of the obvious culprits," said Minnesota Democratic Sen. Amy Klobuchar, who cosponsored the law with South Dakota Republican Sen. John Thune. "There’s a lot of things, but this was pretty glaring.”
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