US President Joe Biden announced on Wednesday that two of the biggest ports in the US, the Port of Los Angeles and the Port of Long Beach, will begin operating around the clock in what could be a “game changer” for the country's supply chain.
Forty per cent of shipping containers that enter the US arrive via these two ports, Mr Biden said in his speech.
“I want to be clear. This is an across-the-board commitment to going to 24/7. This is a big first step,” Mr Biden said. “But now we need the rest of the private sector chain to step up as well. This is not called a supply chain for nothing.”
In a meeting earlier on Wednesday, Mr Biden brought together power brokers from ports, unions and big business to discuss how to speedily address a backlog of products that includes 500,000 containers on cargo ships waiting to be offloaded at the clogged ports of Los Angeles and Long Beach.
Moving merchandise around the clock will account for more hours for workers, but goods could also be transported faster during off-peak hours when motorways are significantly less jammed, Mr Biden said.
He also called on retailers to help speed the shipment of goods around the US.
“We need major retailers who ordered the goods and the freight movers who take the goods from the ships to factories and the stores to step up as well,” he said.
Mr Biden noted that FedEx, UPS, Walmart, Target, Home Depot and Samsung have all committed to increase off-peak hours to accelerate the transport of goods.
“So, the commitments being made today are a sign of major progress in moving goods from manufacturers to a store or to your front door,” he said.
“And now we need the rest of the private sector chain to step up as well.”
The goal, Mr Biden said, is not only to address the immediate concern heading into the holiday season but to resolve the supply crisis exposed by the Covid-19 pandemic.
White House officials, scrambling to relieve global supply bottlenecks, say that Americans may face higher prices and some empty shelves this Christmas season and are urging patience.
Part of the solution, Mr Biden said, would to invest more in making products domestically so as to not be too reliant on overseas partners.
“Never again should we have to rely too heavily on one company or one person in the world, particularly when countries don't share our values when it comes to labour and environmental standards,” Mr Biden said, perhaps in a veiled reference to China.
The White House has been trying to tackle inflation-inducing supply bottlenecks of everything from meat to semiconductors. A task force headed by John Porcari was formed in June and meets weekly to push private-sector companies to find ways to get goods flowing.
Thousands of shipping containers are on cargo ships offshore waiting to be offloaded in Los Angeles and Long Beach. Similar backlogs exist at ports in New York and Savannah, Georgia.
A shortage of warehouse workers and lorry drivers is partly to blame.
Reuters contributed to this report
Roger Federer's 2018 record
Australian Open Champion
Rotterdam Champion
Indian Wells Runner-up
Miami Second round
Stuttgart Champion
Halle Runner-up
Wimbledon Quarter-finals
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US Open Fourth round
Shanghai Semi-finals
Basel Champion
Paris Masters Semi-finals
Company%20profile
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Australia 580
Pakistan 240 and 335
Result: Australia win by an innings and five runs
Honeymoonish
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
