Port Investments To Estabilise Supply Chains: Biden

Delays and increasing costs were the main contributors of the 6.2 per cent inflation rate in October, according to the US government.

President Joe Biden visited the Port of to highlight steps his administration is taking to alleviate middle-class burdens and planned infrastructure investments in a bid to smoothen supply chains. This tour took place post-consumer inflation at a 30-year high and Christmas products stuck on ships because ports and inland systems are too crowded to move more imports to their destination. 

Delays and increasing costs were the main contributors of the 6.2 per cent inflation rate in October, according to the US government. Delays and soaring transportation costs were significant contributors to the 6.2% inflation rate in October the government reported earlier.

Delays and soaring transportation costs were significant contributors to the 6.2% inflation rate in October the government reported earlier.

Congress passed a $1.2 trillion infrastructure bill that delivers federal investments in transportation, drinking water, electric vehicle charging, broadband and emission-reduction projects. Biden said the very most important priorities are to get soaring prices down and to ensure that stores are fully stocked and to put displaced people back.

“By investing in our roads, our bridges, our ports, this bill is going to make it easier for companies to get goods to market quickly … and ensure our shelves are stocked with products. And the longer-term view is it means building greater resilience to withstand the shocks and disruptions we can anticipate,” Biden said in a statement. The bill “represents the biggest investment in ports in American history. And for American families it means products moving faster and less expensively from the factory floor through the supply chain to your home,” he said, with a Maersk container vessel tied up on the dock behind him.

The White House is already moving to implement parts of the infrastructure investment package even before the president signs it into law Monday so funds can be quickly used to address some of the immediate supply chain bottlenecks.