Commerce Secretary sees 'clear improvements' underway at congested U.S. ports

Commerce Secretary Gina Raimondo appeared on Monday's episode of "Mad Money," discussing with host Jim Cramer the state of U.S. ports and the semiconductor shortage. Subscribe to CNBC PRO for access to investor and analyst insights: https://cnb.cx/2Vtntx6

Commerce Secretary Gina Raimondo told CNBC’s Jim Cramer on Monday she believes “clear improvements” are being made at congested U.S. ports.

The comments, made in an interview on “Mad Money,” come as the White House has ratcheted up efforts in recent weeks to address the supply chain bottlenecks that arose during the Covid pandemic and now are weighing on the economy at home and across the world.

“Supply chains are global. They’re complex, so we have to be working on every aspect of it. I would say we see clear improvements in the ports,” Raimondo said, pointing to the Biden administration-backed initiative to run operations 24/7 at the twin ports of Los Angeles and Long Beach in California.

“Not overnight, but the move to 24/7 was a help. You’re now seeing some ports are charging a fee per ... containers left for too long. We’re focused on the empty containers that are sitting and not being quickly enough recycled,” she said.

Raimondo, who served as the Democratic governor of Rhode Island before leading the Commerce Department, told Cramer the administration is doing “everything in our power” to help “push through this logjam” in conjunction with the business community.

“Fundamentally, the private sector has to solve this, and we’re working in partnership with them,” she said, before adding: “We’re seeing progress.”

One day earlier, President Joe Biden held a meeting during the annual gathering of G-20 leaders that focused on supply-chain challenges. According to a White House readout of the summit, Biden, the European Union and leaders from 14 other countries agreed to “foster greater international cooperation on near-term supply-chain disruptions.

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