Biden to host CEOs to discuss holiday shopping supply chain issues, inflation

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  • President Joe Biden will host CEOs of several major retailers at the White House to discuss efforts to combat global supply chain bottlenecks and inflation.
  • The CEOs of Etsy, Samsung, Kroger, Food Lion and Mattel are among those expected to attend in person.
  • The events are part of the White House’s multi-pronged effort to address the intertwined challenges of global supply chain constraints and inflation.

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WASHINGTON – President Joe Biden will host CEOs of several major retailers at the White House on Monday to discuss the administration’s efforts to tackle global supply chain bottlenecks, and reassure Americans that goods will be on shelves for the holidays. .

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Joining Biden personally from the tech sector will be Etsy CEO Josh Silverman and Samsung CEO KS Choi, according to a White House list.

The supermarket industry will be represented by Food Lion President Meg Haim, Todos Supermarket CEO Carlos Castro and Kroger CEO Rodney McMullen.

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Other retailers in attendance will include Mattel CEO Yoan Krause, Best Buy CEO Corey Barry and David Rawlinson, CEO of Curate Retail Group, which owns brands such as QVC, Ballard Designs and Zully.

The White House said Walmart CEO Doug McMillan and CVS Health CEO Karen Lynch would attend the meeting virtually.

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The White House said on Monday that after the roundtable, Biden is set to comment on how his administration is going to “strengthen the nation’s supply chains, reduce everyday costs for families, and ensure that this holiday’s best.” The shelves are well stocked in season.”

The events are part of the White House’s multi-pronged effort to address the intertwined challenges of global supply chain constraints and inflation. Both of these problems trace their roots to growth in post-pandemic demand for goods, which have hit a global shipping system still hampered by the Covid slowdown.

And while there is little Biden can do to directly affect these two macro-level challenges, the White House is working overtime where it can.

Earlier this month, the administration took a slew of steps to address the cargo backlog at major ports, including $4 billion in construction at coastal ports and inland waterways. The work is slated to be led by the US Army Corps of Engineers. To start within 60 days.

The administration has worked closely with the Ports of Los Angeles and Long Beach to help them expand their operating hours and reduce the long lines for ships to unload at the ports.

An increased supply of goods on US shelves is expected to ease some of the pressure on prices. So has the price of gas, which has skyrocketed this year and contributed to the higher cost of retail items.

Two days before Thanksgiving, Biden announced that the United States would release 50 million barrels of oil from the Strategic Petroleum Reserve, part of a global effort by major oil-consuming countries to reduce the high price of gasoline.

But for many consumers, the speed of government solutions does not meet the urgency of price inflation.

Monday’s event at the White House follows a Thanksgiving weekend during which Americans pay significantly more for turkey, potatoes and pie than they have paid in recent years. The US Consumer Price Index last month rose 6.2% from October 2020, with the price of food up 5.2% year on year.

Now, the 2021 holiday shopping season promises to reflect both the inflation that hit Thanksgiving food costs, as well as additional supply chain concerns about goods becoming unavailable.

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