Summit of the Americas: President Biden discusses inflation, product shortages in San Pedro

Biden speaks at Port of LA as inflation reaches 40-year high

LOS ANGELES - On the day the U.S. inflation rate hit a 40-year-high, President Joe Biden traveled to the Port of Los Angeles Friday to discuss efforts to streamline global supply chains and counter rising prices, painting the issue as a worldwide problem fueled largely by Russian aggression in Ukraine.

Speaking aboard the Battleship Iowa museum in San Pedro, Biden referred to "Putin's Price Hike" for driving up the cost of energy and food, which he said accounted for the vast majority of 8.6% inflation rate in May compared to the same month a year ago.

"Every country in the world is getting a big bite of this inflation, worse than we are for the vast majority of countries around the world," Biden said. "But make no mistake about it, I understand inflation is a real challenge to American families. Today's inflation report confirmed what Americans already know. 'Putin's Price Hike' is hitting America hard.

"Gas prices at the pump, energy and food prices account for half of the monthly price increases since May. Inflation outside of energy and food -- what the economists call core inflation -- moderated the last two months. Not enough, but it moderated. It's come down. But we need it to come down much more quickly.

"My administration is going to continue to do everything we can to lower prices for the American people," he said.

President Biden to discuss inflation, product shortages in San Pedro

President Biden is scheduled to discuss inflation and product shortages in San Pedro Friday.

Biden said backlogs of goods at the nation's largest port complex have eased since last year, when cargo ships were lined up for weeks trying to reach container terminals as the COVID-19 pandemic hampered labor. He noted that the Los Angeles-Long Beach complex moved record numbers of containers in May, showing that goods are again flowing.

He also pointed blame for rising costs on foreign shipping companies that carry good between Asia and the United States, saying some have raised their prices by as much as 1,000%, realizing a seven-fold increase in profits.

Republicans lashed out at Biden and Democrats following the release of Friday's inflation numbers. On Twitter, House Minority Leader Kevin McCarthy said inflation is "out of control," and he accused Democrats of staging prime-time hearings on the Capitol insurrection as an effort to distract the American people.

"I call on Speaker (Nancy) Pelosi and House Democrats to hold a prime-time hearing on the out-of-control inflation their policies have created," he wrote.

Biden, however, defended his administration, saying Americans should understand "our economy has unique strengths that we can build on."

"The job market is as strong as it's been since World War II, notwithstanding inflation," he said. "We added another 390,000 jobs last month -- 8 million-7-hundred-thousand jobs since I took office, an all-time record. ... The unemployment rate is near historic lows. Millions of Americans are moving up to better jobs and better pay."

"I call on Speaker (Nancy) Pelosi and House Democrats to hold a prime-time hearing on the out-of-control inflation their policies have created," he wrote.

President Joe Biden said Thursday at the summit's opening plenary session the declaration "will bring our nations together around a transformative new approach to invest in the region solutions that enhance stability, to increase opportunities for safe and orderly migration, to crack down on the criminals and human traffickers who prey on desperate people, and coordinate specific, concrete actions to secure our borders and resolve the shared challenges."

(FOX 11)

Additionally, Biden will attend a pair of Democratic National Committee fundraisers Friday night. He is scheduled to leave Los Angeles Saturday, traveling to New Mexico to receive a wildfire briefing.

In his Thursday afternoon speech at the opening plenary session at the Los Angeles Convention Center, Biden declared, "There is no reason why the Western Hemisphere can't be the most forward-looking, most democratic, most prosperous, most peaceful, secure region in the world. We have unlimited potential. We have enormous resources and a democratic spirit that stands for freedom and opportunity for everybody."

Earlier Thursday, speaking at the CEO Summit of the Americas gathering of business leaders at the Intercontinental Hotel, Biden challenged business leaders to join with Western Hemisphere nations to prepare the global economy for the coming decades through investments in supply chains, clean energy and the "digital future."

Biden said the "economy of the future" will depend on decisions made Friday.

"The economy of the future will increasingly belong to those who place a premium on resilience and reliability, who invest over the long term and strengthen supply chains now to mitigate the impact of future shocks before they hit," Biden told the gathering, which is sponsored by the U.S. Chamber of Commerce and held in conjunction with the Summit of the Americas.

"Each of us -- the government and the private sector -- have a critical role to play," Biden said. "That's why I'm focused on driving economic policies that grow our economies from the bottom up and the middle out. Because quite frankly, when that works, everybody does well."

Biden told the business leaders that governments attending the Summit of the Americas will be making commitments to achieve "sustainable and equitable growth" across the region. He said those decisions will include improved supply chains, developing a "shared framework for our digital future," advancing action against climate change, speeding the transition to clean energy, combating food insecurity and managing "safe and orderly migration."

"My challenge to all of you is, if you step up and play a bigger role in driving inclusive, sustainable and equitable growth in the 21st Century, a lot is going to happen," he said. "What more can you do to engage in these issues that shape our future?"

He noted specifically, "If you make the investments necessary to build more secure and resilient supply chains, that's ultimately going to bring down your costs and make you more competitive and boost your bottom line."

Biden also met with Canadian Prime Minister Justin Trudeau Thursday, reviewing cooperative efforts between the nations on issues such as economic development, the COVID-19 pandemic, immigration and food insecurity.

The meeting was notably cordial, with Biden telling Trudeau, "We have no better friend in the whole world than Canada. And that's not hyperbole. That's real. And you're a good personal friend as well."

Biden also stopped by a meeting between Vice President Kamala Harris and leaders of Caribbean nations. The meeting focused on deepening the U.S.- Caribbean partnership, and Harris announced a partnership aimed at addressing the climate crisis.

"Through this partnership, we will support energy infrastructure and climate resilience projects at every stage of development, from beginning to end," Harris said.

Biden also met Thursday with Brazilian President Jair Bolsonaro, who was a supporter of former President Donald Trump and was initially hesitant to recognize Biden's election. Biden spoke cordially at the top of the meeting about his affection for the country, noting he has visited Brazil twice, including once during the 2014 World Cup.

Biden called Brazil a "wonderful place," and hailed its work to protect the Amazon.

Bolsonaro spoke more at length, saying the two nations "have a lot in common," including a love of freedom, democracy and shared values. He said the nation has "a huge interest in getting closer and closer to the U.S."

On Thursday night, Biden and first lady Jill Biden welcomed heads of state and government and their spouses for a dinner at the Getty Villa.