The meetings with retail executives and Biden’s remarks were designed to appease Americans who are worried about the lingering pandemic and its economic impact. Opinion polls show that most voters believe that the country is heading in the wrong direction.
President Joe Biden stated that his government has made great strides in mitigating disruptions in the U.S. supply chain because he met with leaders of major retailers including Wal-Mart on Monday, and they assured him that they have sufficient Inventory is for holiday use.
The meeting and Biden’s speech were designed to appease Americans who are worried about the lingering pandemic and its economic impact. Opinion polls show that despite the decline in unemployment and economic output growth under Biden, most voters believe that the country is heading in the wrong direction.
Biden told business leaders gathered in the Eisenhower Executive Office Building that “we have seen” some progress has been made in resolving port congestion. He said his government’s discussions with port companies and labor unions reduced the number of containers docked at the terminal for eight days or longer by 40%.
“We continue to build on this progress,” he said.
The record demand for imports in the United States has led to an unusually sharp increase in consumer prices this year. The White House said in a blog post on Monday that compared with the previous peak in 2018 in the United States, imports so far this year have increased by 16%, but stocks in grocery stores and pharmacies remain almost the same as before the pandemic.
The blog post also pointed out that the operations of the ports of Los Angeles and Long Beach, California have been further improved, and these two ports are the busiest ports in the United States. The companies that operate the ports will abolish the fees for containers withdrawn at night and on weekends rather than during peak hours, and one of the world’s largest ocean carriers is offering shippers up to $200 per container as a reward to help them clean up the port. Reduce the backlog by retrieving their cargo faster.
Biden’s talks with retailers took place after the start of the weekend holiday shopping season. The meeting also included executives from companies that sell electronics, toys, clothing, and other common gifts.
The CEOs of Best Buy, Food Lion, Samsung North America, Qurate Retail Group, Todos Supermarket, Etsy, Mattel and Kroger plan to attend in person, while Wal-Mart CEO Doug McMillon and CVS CEO Karen Lynch will make a virtual appearance.
Biden told them: “I want to hear what each of you sees this holiday season.” “How are you prepared for the products you need on the shelf? And how do you use innovation and hiring to overcome supply chain challenges and protect workers from The violation of Covid-19 so that the American people can spend a long-awaited holiday.”
Biden added that he is particularly interested in how small businesses manage supply chain issues and “how the federal government continues to work with all of you to maintain shelf inventory so that American consumers can get what they need.”
Macmillan told Biden, “Although we all care about the supply chain, we have more inventory than a year ago, and we have the inventory needed to support the business.”
He said port and transit delays are “improving.”
“There are a few items—the hottest toys or electronic products every year—we hope we can have more, but in general, we are in good shape,” he said.
With his approval rating declining, Biden has been committed to showing sympathy and action in addressing supply chain issues and inflation and its impact on American wallets when the United States enters the holiday season.
The US consumer price index rose 6.2% last month from October 2020, the fastest annual growth rate since 1990. Although many economists believe that abnormal inflation is due to unprecedented consumer demand after the pandemic closed, Republicans blamed Biden and his economic policies.
A White House official said that Biden postponed Monday afternoon’s speech on supply chain issues and the economy to ensure that he had enough time to communicate with retail CEOs. He will instead give a speech on Wednesday.