Biden unveils new measures to tackle global supply chain issues at G20 summit amid commodity shortages and inflation

ROME – President Joe Biden on Sunday unveiled several new steps the United States is taking to strengthen and streamline supply chains as he summons world leaders to the Group of 20 summit to discuss bottlenecks hindering the global economy as it recovers from the coronavirus pandemic.

Biden views the issue through a global lens, offering new funding and processes to help ports in Mexico, Central America and Asia as one of his proposals. He noted that few citizens had ever followed the flow of goods through ports until it became clear this year that the infrastructure for transporting goods around the world is badly damaged and needs to be repaired. fixed.

“Supply chains are something most of our citizens never think twice about until something goes wrong,” Biden said. “It is not a problem that one of our nations can solve by unilateral actions. Coordination is the main reason for this meeting.”

Despite spending $ 15 trillion to fight the fallout from COVID-19, many of the world’s largest economies are suffering massive shortages as ships wait to dock, shipping container prices soar, there are not enough trucks to transport goods from the ports, and virus outbreaks are halting factory production.

Supply chain issues emerged as an economic and political pain point for Biden, as the delays contributed to inflation and potentially put the brakes on holiday shopping. Republican lawmakers cited the threat of inflation and supply chain challenges as criticizing Biden’s economic leadership.

MORE: Port of Los Angeles operates 24/7 to reduce supply chain bottlenecks ahead of the holidays

The president signed a decree aimed at streamlining access to essential minerals and materials. The Department of Defense would be empowered to release raw materials from the national defense stockpile, which would allow for a more rapid response to shortages in the US industrial base.

Separately, the State Department will also provide funding to help Mexico and Central America alleviate supply chain disruptions and bottlenecks. This follows the recent US-ASEAN summit where new funding was announced to simplify customs and clearance procedures.

The Biden administration will also work with other countries as the president announced that Secretary of State Antony Blinken and Secretary of Commerce Gina Raimondo will host a summit next year on building stronger supply chains capable to withstand the setbacks of a pandemic or extreme weather conditions caused by climate. cash.

On Sunday, Biden had one-on-one talks with Turkish President Recep Tayyip Erdogan and Prime Minister Lee Hsien Loong of Singapore. He also appeared with Ursula von der Leyen, the president of the European Commission, to discuss an agreement resolving a trade dispute between the United States and the EU.

The president will also hold an official press conference, although his domestic agenda may receive as much attention as his foreign policy efforts. House Democrats were considering a vote Tuesday on Biden’s $ 1.75 trillion spending plan for families, health care and the environment, and his $ 1 trillion infrastructure plan that has already authorized the Senate.

Copyright © 2021 by The Associated Press. All rights reserved.

Source link

About Bob C. Zoller

Check Also

Supply chain crisis harms Northwestern Ontario

THUNDER BAY – Andrew Scribilo isn’t really going to drive all the way to Winnipeg …

Leave a Reply

Your email address will not be published. Required fields are marked *