East and Gulf Coast ports strike, with ILA longshoremen walking off job, stranding billions in trade
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Approximately 50,000 ILA union longshoremen began striking at East Coast and Gulf Coast ports at 12:01 a.m. ET on October 1, 2024, after failing to reach a new contract agreement with USMX; the strike affects 14 major ports including New York/New Jersey and Charleston, handling 43%-49% of U.S. imports; ILA rejected a nearly 50% wage hike offer over six years; New York Governor Kathy Hochul emphasized the need for a fair agreement; the strike could cost the U.S. economy $3.78 billion per week, with significant impacts on food and automobile industries; the Biden administration is involved in negotiations but has ruled out using the Taft-Hartley Act to intervene; the last ILA strike occurred in 1977.

#Ila #Strike #Ports #Usmx #Economy #Trade #Labor #Wages #Biden #Shipping

https://www.cnbc.com/2024/10/01/east-coast-ports-strike-ila-union-work-stop-billions-in-trade.html