Arlington, Virginia – Today, the American Trucking Associations and the ATA Intermodal Motor Carriers Conference expressed their appreciation to President Biden and his administration for highlighting the unscrupulous business practices of a monopoly of foreign-owned ocean shipping lines in last night’s State of the Union Address.
“We are pleased that the Biden Administration is taking long overdue steps to limit the power of the ocean shipping cartel to hurt American businesses and consumers,” said IMCC Director Jonathan Eisen. “ATA and IMCC have long been fighting against the predatory practices of these foreign-owned companies and we appreciate President Biden shining a light on this critical issue.”
In his address, President Biden noted that exorbitant rate increases by this monopoly of overseas companies, especially during the pandemic, have been a driver of inflation.
“When corporations don’t have to compete, their profits go up, your prices go up, and small businesses and family farmers and ranchers go under. We see it happening with ocean carriers moving goods in and out of America,” he said. “During the pandemic, these foreign-owned companies raised prices by as much as 1,000% and made record profits. Tonight, I’m announcing a crackdown on these companies overcharging American businesses and consumers.”
Price hikes by these companies have generated more $150 billion in profit at the expense of American truckers, other businesses and consumers. ATA and IMMC are suing these profiteers, and that legal action is pending before the Federal Maritime Commission.
Mar 02, 2022