Watch live: Biden to sign ocean shipping reform bill

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June 16 (UPI) — President Joe Biden is expected to sign the Ocean Shipping Reform Act of 2022 into law at the White House on Thursday in hope of relieving skyrocketing shipping costs along U.S. waterways.

Biden had praised the bipartisan efforts in the House and Senate to craft legislation that will address what he believes are unfair practices that drove up ocean shipping prices.

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Biden is expected to sign the legislation at 3:10 p.m., EDT.

“[The legislation] will help lower costs for American retailers, farmers and consumers,” Biden said in a statement on Monday. “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.

Biden said during the pandemic, ocean carriers increased their prices by as much as 1,000%. He said some ocean carriers refused to take U.S. exports back to Asia, leaving them with empty containers.

“That’s costing farmers and ranchers — and our economy — a lot of money,” Biden said. “This bill will make progress reducing costs for families and ensuring fair treatment for American businesses — including farmers and ranchers.”

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