It's a problem that's eluded Biden's policy tweaks, deals brokered with the private sector, infrastructure spending and regulatory actions.
The Biden administration is seeking to further reduce shipping prices with a bipartisan bill that the House could pass as soon as next week. The bill would give the Federal Maritime Commission tools to make ocean-based trade more efficient and price competitive, improving the flow of exports and imports.
Rep. Dusty Johnson, R-S.D., said he saw a need for the additional tools in part after a cheese processor in his state had two million pounds of lactose rot because no carriers would take the product even though 60% of shipping containers were going back to Asia empty. Strong consumer demand has been a mixed blessing for Biden. It reflects the robust job growth and solid household balance sheets that followedpassed last year. But demand has consistently outpaced supply, causing prices to rise to levels that are forcing the Federal Reserve to try to slow growth and possibly risk a recession.
Biden is also trying to frame inflation as a global challenge, having been triggered first by the pandemic and then by Russia's invasion of Ukraine. The president is attempting to rebut criticism by Republican lawmakers that inflation was the result of his government aid being too generous and his restrictions on U.S. oil production too onerous.
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