High shipping rates reason for the inflation- Biden Administration

Posted on June 20, 2022   |  

  • The President blamed corporate profits for inflation implying some shipping companies firms and the oil industry are focused on maximizing profits as rates keep soaring driven by global disruptions.
  • The Biden administration is planning to lower shipping prices with a bipartisan bill that would mandate maritime carriers to comply with federal rules on late fees, and prevent carriers from unreasonably decreasing shipping opportunities for US exports.
  • The bill will also boost reporting requirements to the Federal Maritime Commission.



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