- foreign-owned shipping alliances now control more than 80% of the market and mergers have left many local rail routes monopolized
- the U.S. seeks to lower spiking shipping costs with competition
The Biden administration is set to ask regulators to promote competition in the ocean shipping says an article on Bloomberg.
Spike in prices
The Biden administration is set to ask regulators to promote competition in the ocean shipping and rail industries after consolidation led to spikes in prices, according to a person familiar with a pending executive order.
Foreign-owned shipping alliances now control more than 80% of the market and mergers have left many local rail routes monopolized, pushing the White House to call on federal agencies to take steps to protect American exporters from increasing costs.
The White House will also urge the agencies to work with the Justice Department to investigate and punish anticompetitive conduct.
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Source: Bloomberg
