The US government is stepping up its efforts to relieve the supply chain nightmare that has led to shortages of some goods, higher prices for consumers and now threatens to slow the economic recovery.
Around the world, ports are congested as a result of the rapid rebound in demand for commodities and goods as much of the global economy has recovered from the pandemic. Shipping costs have soared, and companies wanting to move goods around are struggling because there just aren’t enough ships or containers available. All the while prices are going up for consumers.
President Biden outlined the steps his administration will be taking alongside some of the country’s biggest ports and retailers to help alleviate the supply chain bottlenecks.
Here are some key things to know about Biden’s announcements today:
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