Biden "Christmas Gifts Are Being Delivered"... Chairs Third Supply Chain Meeting

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Joselgina] "The anticipated crisis did not occur. Christmas gifts are being delivered." U.S. President Joe Biden emphasized that the logistics crisis he had been concerned about ahead of Christmas is easing.

According to local media such as The Wall Street Journal (WSJ), President Biden made these remarks on the 22nd (local time) while presiding over the third supply chain task force meeting at the White House.

On that day, he reviewed the year-end peak season distribution and logistics situation with the supply chain task force (TF) and executives from related companies. This meeting drew particular attention as it was held amid concerns that the spread of the new COVID-19 variant Omicron could have a new adverse impact on global supply chains.

At the meeting, President Biden stated, "We worked with the business community and labor unions to solve the (supply chain crisis) problem, and the anticipated crisis did not occur," emphasizing, "Goods are moving, gifts are being delivered, and store shelves are not empty." He added that grocery stores and drugstores have about 90% of their shelves stocked, and deliveries are happening faster than before the COVID-19 spread.

In particular, President Biden pointed to a 3% increase in retail inventory compared to the previous year and the recent decline in gasoline prices, which had surged earlier in the year, as evidence that the recent supply chain crisis is improving. He has diagnosed that the supply chain crisis following the COVID-19 pandemic has significantly influenced historic inflation in the U.S. According to the White House, container ship waiting times have also recently been reduced by about half.

Fred Smith, CEO of FedEx, who attended the meeting, also said, "The (supply chain crisis) is not completely resolved," but added, "Most of the 'Santa Claus' goods (Christmas gift items) will be delivered to consumers."

However, the domestic labor shortage in the U.S., which worsened the logistics crisis by affecting truck drivers who transport cargo, continues, and supply shortages are still being confirmed in various places, especially for key components. The Biden administration recently unveiled the 'Trucking Action Plan' to improve job quality and enable the hiring of more truck drivers.

Meanwhile, the meeting was attended by Brian Deese, Chair of the National Economic Council (NEC), John Porcari, the administration's port envoy, key ministers, and representatives from companies such as FedEx, Gap, and Yellow Corporation. Samsung Electronics was the only foreign company to attend the supply chain meetings held in October and November but was not included in this list.

This content was produced with the assistance of AI translation services.