“They have made $150 billion dollars in profits in 2021, and ocean import volume for the first quarter of this year is forecast to increase by more than 30 percent. Our farmers don't want special treatment. They just don't want to be exploited for the sake of record profits,” she said.
The Ocean Shipping Reform Act was passed in US House of Representatives by 364-60 late last year. The bill is the first major overhaul of federal regulations for the global shipping industry in over 30 years and addresses the supply chain crisis and safeguards South Dakota agriculture exporters from unfair trade practices.
The bill was sponsored by Republican lawmaker Dusty Johnson and Democrat lawmaker John Garamendi. Both introduced the bill in August last year following months of severe supply chain delays and anti-competitive and unfair practices on behalf of foreign flagged ocean carriers.
It will ensure a more competitive global ocean shipping industry, protect American businesses and consumers from price gouging and establish reciprocal trade opportunities to reduce the United States’ longstanding trade imbalance with export-driven countries like China, Johnson’s office had said in a press release then.
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