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President Joe Biden on Wednesday pressed for more private companies to help alleviate supply-chain bottlenecks, as he touted expanded hours for a major U.S. port as a possible “game changer.”
Biden announced early Wednesday that the Port of Los Angeles would operate “24/7,” and said in afternoon remarks at the White House that FedEx
FDX,
and UPS
UPS,
are committing to “significantly increase” the amount of goods they move at night.
Biden met Wednesday with the leadership of the Port of Los Angeles, the Port of Long Beach and the International Longshore and Warehouse Union.
Separately, senior administration officials held a roundtable with top executives from Home Depot
HD,
Walmart
WMT,
and UPS, as the White House said those companies will use expanded hours to move cargo off docks.
Biden said his administration would continue to focus on strengthening supply chains — and also put companies on notice that he expects them to pitch in.
“If federal support is needed, I’ll direct all appropriate action. If the private sector doesn’t step up, we’re going to call them out and ask them to act,” he said.
As the coronavirus pandemic continues to snarl supply-chain channels, MarketWatch has reported that major retailers like Home Depot and Target
TGT,
are chartering ships to deliver goods in time for the holiday season.
The White House meetings came a day after the International Monetary Fund lowered its world-economy growth forecast for this year, citing in part supply-chain disruptions in wealthy countries.
See also: JPM CEO Jamie Dimon says market too focused on supply chains
