Biden signs new shipping law he says can cut consumer costs

WASHINGTON — President Joe Biden signed legislation Thursday meant to make shipping goods across oceans cheaper — a move the White House says will help lower retailer costs that have remained high since the start of the coronavirus pandemic and helped fuel record inflation.

“These carriers made $190 billion in profit in 2021, seven times higher than the year before,” Biden said. “The cost got passed on, as you might guess, directly to consumers, sticking it to American families and businesses because they could.” The Federal Reserve this week raised its key interest rate by three-quarters of a point, the largest bump since 1994, after data released last week showed U.S. inflation rose in May to a four-decade high of 8.6%.

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