Biden criticizes 'foreign owned' shipping companies for helping to drive inflation as he signs new law
CNN
President Joe Biden on Thursday signed the Ocean Shipping Reform Act into law, celebrating a bipartisan win aimed at boosting the supply chain amid sky-high inflation and fears of a recession.
The President also attacked "foreign owned" shipping companies, saying, "They raked in the profits and the costs got passed on, as you might guess, directly to consumers, sticking it to American families and businesses because they could -- furniture, appliances, clothing, anything and everything across the Pacific on a ship from Asia -- saw a price tag shoot up, and families and businesses felt the squeeze here at home."
The new law is aimed at improving oversight for ocean shipping and makes changes that proponents say will ease inflation and lessen export backlogs. The White House has said the act will help lower costs for American retailers, farmers and consumers.
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