Biden says container congestion at U.S. ports has dropped by 40%! High inflation is expected to ease

It is learned that US President Biden delivered a speech on December 1 local time, saying that the United States' supply chain problems have been alleviated, ports across the country have been able to "handle large amounts of cargo", and said that some sharply rising prices will also be controlled.

Earlier this week, President Biden hosted the CEOs of several of the nation’s largest manufacturers and retailers, including Walmart and CVS Health, Mattel and Best Buy, who reported increased inventories and adequate shelf stocking to meet peak-season consumer demand.

Biden said that the government has broken the deadlock in the supply chain through various methods, such as the 24-hour uninterrupted operation mode opened by port terminals and transportation companies will be extended for two months, allowing domestic transport trucks to continue to avoid traffic congestion periods to transport goods.

Currently, the number of containers congested in ports has dropped by 40%, and transportation companies and major retailers are also actively taking measures to ease transportation pressure. Biden also established a Supply Chain Disruption Task Force to identify and eliminate bottlenecks in the U.S. supply chain.

When talking about high inflation, Biden said he has used all available tools to address rising prices and it is working.

But U.S. economist Michael Pearce believes Biden is right to say some pressures on the economy are beginning to ease, but all problems will not disappear overnight. He said some very serious supply problems still exist and it will take some time to resolve, especially now that stocks of many commodities are very low.

In addition, some economists said that omicron, the easing of supply chain problems and the reduction of government stimulus measures in the coming months will ease inflation to some extent, but it cannot be completely eliminated.

Editor ✎ Xiao Zhu/

Disclaimer: This article is copyrighted and may not be reproduced without permission.