Biden Rips Shipping Companies: Prices Make You Want To "Pop Them"

President Joe Biden mentioned he want to “pop” transport corporations in a speech delivered on Friday on the Port of Los Angeles.

BIDEN: That is about decreasing prices for households. You know, I’ve to confess to you lots of us elected officers have been in workplace for some time. Each occasionally one thing you be taught makes you viscerally indignant, like if you happen to had the individual in entrance of you you’d wish to pop them. No, I actually imply it. There are 9, 9 main ocean line transport corporations that ship from Asia to the US, 9.

They shaped three consortia. These corporations have raised their costs by as a lot as 1,000 p.c. So, all the pieces coming from Asia, they — they get 90-some p.c of the stuff coming from Asia. They’ve raised it by 1,000 p.c. That is why I known as on Congress to crack down on — they usually’re international owned, international owned transport corporations that raised their costs whereas raking in simply final 12 months $190 billion in revenue, a sevenfold enhance in a single 12 months, sevenfold enhance, $190 billion.

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