Biden Pushing To Lower Ocean Shipping Costs, Fight Inflation

The video discusses President Biden's efforts to address rising shipping costs, which are contributing to inflation. He plans to visit the port of Los Angeles to discuss the issue and push for the Ocean Shipping Reform Act, which aims to regulate shipping companies and reduce costs. The video highlights the impact of corporate concentration in the shipping industry, with only nine major companies controlling the market and significantly increasing prices. The proposed legislation would empower the Federal Maritime Commission to regulate these companies more effectively.

What is the primary reason for President Biden's visit to the port of Los Angeles?

• To announce a new trade agreement

• To address inflation and shipping costs

• To launch a new shipping company

• To meet with international leaders

What did President Biden emphasize in his video message regarding shipping costs?

• The benefits of increasing shipping tariffs

• The necessity of passing legislation to lower shipping prices

• The importance of reducing corporate taxes

• The need for more shipping companies

How many major shipping companies dominate the market, according to the transcript?

• 15

• 20

• 9

• 5

What is the Ocean Shipping Reform Act designed to do?

• Eliminate shipping fees

• Reduce the number of shipping companies

• Empower the Federal Maritime Commission to regulate shipping companies

• Increase shipping tariffs

What is one of the main issues President Biden attributes to the rise in shipping costs?

• Increased demand for shipping

• High fuel prices

• Corporate concentration in the shipping industry

• Lack of government subsidies