Biden to praise progress unsnarling supply chain in meeting with workers, industry, and government in dealing with supply chains
President Joe Biden will hold a meeting on Wednesday to discuss progress on addressing supply chain issues that weigh on the economy and threaten the holiday season, while urging business and union leaders to do more to reduce shipping backlogs.
The Port of Los Angeles is switching to 24/7 operations as a step toward easing the shipping snarl there and at the Port in Long Beach, according to A senior administration official ahead of the meeting.
In addition, the three largest goods carriers - Wal-Mart (WMT.N), FedEx (FDX.S) and UPS (UPS.NS) -- plan to implement round-the-clock operations to help speed the shipment of goods across the country, according to the official.
Samsung (005930.KS), Home Depot (HD.N) and Target (TGT. N) are also increasing their work in off-peak hours to facilitate the movement of goods, according to the official.
"By taking these steps, they're saying to the rest of the supply chain, you have to move as well," said the official. "Let's ramp it up."
White House officials, who are attempting to ease global supply issues that are eating U.S. ports, highways, and railways in the United States, are warning that Americans may face higher prices and empty shelves this Christmas. They are urging patience. read more
The supply crisis is driven in part by the global COVID-19 epidemic. It not only threatens to stifle U.S. spending at a critical time, but it also presents ostensibly reprehensible political implications for Biden.
The latest Reuters/Ipsos poll shows that Democrats and Republicans alike consider the economy to be the top priority.
Biden will meet at 1:45 p.m. Executives from the two ports as well as from International Longshore and Warehouse Union, the Teamsters, AFL-CIO, Wal-Mart, FedEx, UPS, Target, National Retail Federation, American Trucking Association, Pacific Maritime Association and more were at the White House (1745 GMT) at The Whitehouse with representatives from both ports, aswell as representatives of the International Lshoreand Warehouse and Union (ILWWU), the Teamters (Teamters), AFC-IO2, WalMarT, Federal Express, USPS
At 2:20 p.m., he will speak on these efforts. (1820 GMT)
The White House has been trying to tackle inflation-induced supply bottlenecks of everything from meat to semiconductors, and it created a task force in June that meets weekly and names 'a bottle-neck czar, John Porcari,' to urge private-sector firms to find ways to get goods flowing.
Thousands of shipping containers are on cargo ships offshore waiting to be loaded at the ports of Los Angeles and Long Beach. Similar backlogs exist at ports in New York and Savannah, Georgia. Due to a shortage of warehouse workers and truck drivers to pick up goods, this is partly to blame.