US DEMOCRATS, headed by the biden administration. blame shipping companies for inflation and supply chain troubles that have been plaguing America for months, reports New York's Business Insider.
Shipping backlogs, truck-driver shortages, and port bottlenecks have driven inflation to three-decade highs as businesses struggle to fulfill orders.
The White House is rushing to solve issues with fines for sitting containers and calls for around-the-clock work at key ports.
Meanwhile, the shipping sector saw profits hit a record US$48.1 billion in the third quarter of 2021.
'The cartel of shipping companies that control the terms of global trade have never been more profitable,' said the White House.
'In the third quarter alone, they made $48 billion, which is nine times more than they made the year before,' said the White House.
The White House directly linked heightened inflation to private industry, stating much of the supply-chain pain is a product of shipping companies' greed.
'The congestion that has caused inconvenience and inflation for the rest of us has been a source of price-gouging by the ocean shipping cartel - price hikes that are part of the inflation,' said the White House.
SeaNews Turkey
Shipping backlogs, truck-driver shortages, and port bottlenecks have driven inflation to three-decade highs as businesses struggle to fulfill orders.
The White House is rushing to solve issues with fines for sitting containers and calls for around-the-clock work at key ports.
Meanwhile, the shipping sector saw profits hit a record US$48.1 billion in the third quarter of 2021.
'The cartel of shipping companies that control the terms of global trade have never been more profitable,' said the White House.
'In the third quarter alone, they made $48 billion, which is nine times more than they made the year before,' said the White House.
The White House directly linked heightened inflation to private industry, stating much of the supply-chain pain is a product of shipping companies' greed.
'The congestion that has caused inconvenience and inflation for the rest of us has been a source of price-gouging by the ocean shipping cartel - price hikes that are part of the inflation,' said the White House.
SeaNews Turkey
