Mike Mozart
On the first of October, tens of thousands of port workers on the Atlantic coast initiated the first strike in fifty years, causing a halt in port operations.
The demonstration started when the ILA collective bargaining agreement came to an end. The United States Maritime Alliance (USMX), representing employers, reports that discussions for a new deal involving approximately 25,000 employees have been halted for months because of disputes regarding wages and automation.
The strike spans across 36 ports stretching from Maine to Texas. The Conference Board reports that they make up approximately 25% of the nation's foreign trade cargo turnover (around $3 trillion annually) and 57% of U.S. container turnover.
Goldman analysts are concerned that the protest could result in a halt of food, pharmaceuticals, consumer electronics, and clothing imports, ultimately causing a "paralysis of U.S. trade".
source: marketwatch.com
The demonstration started when the ILA collective bargaining agreement came to an end. The United States Maritime Alliance (USMX), representing employers, reports that discussions for a new deal involving approximately 25,000 employees have been halted for months because of disputes regarding wages and automation.
The strike spans across 36 ports stretching from Maine to Texas. The Conference Board reports that they make up approximately 25% of the nation's foreign trade cargo turnover (around $3 trillion annually) and 57% of U.S. container turnover.
Goldman analysts are concerned that the protest could result in a halt of food, pharmaceuticals, consumer electronics, and clothing imports, ultimately causing a "paralysis of U.S. trade".
source: marketwatch.com