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How the Biden Administration Is Approaching Supply Chain Disruption

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U.S. President Joe Biden has announced that the Port of Los Angeles will start operating 24/7.

On Wednesday, Biden said that the move is needed to make sure Americans can get the goods they need.

"My administration is working around the clock to move more goods faster and strengthen the resiliency of our supply chains," Biden tweeted.

Around 40% of shipping containers enter the U.S. through the ports of Los Angeles and Long Beach, California.

The ongoing disruption in the global supply chain has caused spikes in the price of consumer products. On Tuesday, the IMF cut its global growth forecast, blaming supply disruptions and the COVID pandemic.

JPMorgan Chase CEO Jamie Dimon, however, recently argued supply chain issues will be resolved by next year.

Addressing a conference on Monday, Dimon argued that consumer are spending 20% more than pre-COVID with consumer demand shifting, rather than easing

Related: Supply Chain Disruption: Latest From Jamie Dimon, IMF

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