Port investments will stabilize supply chains, Biden says

Date: Friday, November 12, 2021
Source: Freightwaves

President Joe Biden visited the Port of Baltimore on Wednesday to highlight steps his administration is taking to alleviate middle-class burdens and planned infrastructure investments that will increase supply chain efficiency now, and in the future.

The tour took place against a backdrop of consumer inflation at a 30-year high and Christmas products stuck on ships because ports and inland systems are too crowded to move more imports to their destination. Delays and soaring transportation costs were significant contributors to the 6.2% inflation rate in October the government reported earlier.

Congress passed a $1.2 trillion infrastructure bill on Friday that delivers federal investments in transportation, drinking water, electric vehicle charging, broadband and emission-reduction projects.

Biden said his economic priorities are to get prices down, make sure stores are fully stocked and put people back to work who were displaced by COVID.

“By investing in our roads, our bridges, our ports, this bill is going to make it easier for companies to get goods to market quickly … and ensure our shelves are stocked with products. And the longer-term view is it means building greater resilience to withstand the shocks and disruptions we can anticipate,” Biden said in a speech at the Seagirt Marine Terminal.

The bill “represents the biggest investment in ports in American history. And for American families it means products moving faster and less expensively from the factory floor through the supply chain to your home,” he said, with a Maersk container vessel tied up on the dock behind him.

[Read from the original source.]