Lowering prices for Americans is my top priority, and I applaud the Congress for passing the Ocean Shipping Reform Act on a bipartisan basis, which will help lower costs for American retailers, farmers and consumers. I want to thank Senator Klobuchar, Senator Thune, Rep. Garamendi, and Rep. Dusty Johnson for their leadership and helping drive forward this important legislation.
In my State of the Union address, I called on Congress to address ocean carriers' high prices and unfair practices because rising ocean shipping costs are a major contributing factor to increased costs for American families. During the pandemic, ocean carriers increased their prices by as much as 1,000%. And, too often, these ocean carriers are refusing to take American exports back to Asia, leaving with empty containers instead. That's costing farmers and ranchers-and our economy-a lot of money.
This bill will make progress reducing costs for families and ensuring fair treatment for American businesses-including farmers and ranchers. I look forward to signing it into law.
