Just as firms wrestle with a global supply chain crisis and fresh pandemic restrictions, companies in the U.K. and European Union face another looming headache: More post-Brexit red tape.
Wedged up against the southern edge of the Rio Grande, the sprawling desert city of Juarez has seen its share of economic booms over the years. But perhaps none quite like the one that’s taken hold today.
A line of more than 80 container ships waiting to dock at the ports of Los Angeles and Long Beach, California, was cut in half in late November — or so it seemed. Turns out the vessels disappearing from the queue were merely hiding from it, loitering in the Pacific out of reach of the official count.
The head of one of the two ports in the U.S.’s busiest maritime gateway said he expects congestion that has caused upheaval throughout supply chains to improve in about six months’ time.
The House passed legislation Wednesday that provides the first major update of U.S. international ocean-shipping laws in more than two decades as the nation grapples with bottlenecks at its ports that are crimping supply chains.
Treasury Secretary Janet Yellen said that U.S. reliance on foreign supply chains has proved a vulnerability and that the country needs to produce more critical goods domestically in order to protect both its economic and national security.
The number of container ships headed for the busiest U.S. port complex has risen to close to 100 under a new counting method, underscoring the magnitude of the economy-restraining logjam that the Biden administration is trying to help alleviate.