Biden promises to combat lumber, computer chip shortages as prices rise

President Biden said Thursday his administration will take action against anti-competitive business practices and ease construction materials shortages and transportation backups in an effort to curb price hikes.

Why it matters: “In recent weeks, the United States has faced shortfalls and bottlenecks from lumber to computer chips to port cargo backlogs. Together with labor shortages, those issues are making homes, cars and consumer goods pricier and harder to get,” Reuters reports.

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