ShippingWatch

Biden attempts to curb inflation with law aimed at cutting shipping rates

Thursday, US President Joe Biden signed a new law aiming to target high freight prices in attempt to curb inflation in the US economy.

Photo: Jim Watson/AFP/Ritzau Scanpix

President Joe Biden signed legislation on Thursday aimed at cutting overseas shipping prices, calling the new law another move by his administration to curb stubborn inflation.

The law will stop “shipping companies taking advantage of American families, farmers, ranchers and businesses,” the president said at a signing ceremony for the broadly bipartisan measure – an indication of the White House’s urgency to show voters it’s trying to bring down price increases stuck at a four-decade high.

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