Oddbean

East and Gulf Coast ports strike, stranding billions in trade and threatening U.S. economy ========== Approximately 50,000 ILA union longshoremen began a strike at East Coast and Gulf Coast ports at 12:01 a.m. ET on October 1, 2024, marking the first strike since 1977; the strike affects 14 major ports from New England to Texas, handling 43%-49% of U.S. imports; the ILA rejected a nearly 50% wage hike offer over six years from USMX; the strike could cost the U.S. economy $3.78 billion for a one-week duration; the ports handle $3 trillion in annual trade; the Biden administration is involved in negotiations; the strike impacts critical industries including pharmaceuticals and retail; the last ILA strike in 1977 saw support from the ILWU union; the Teamsters expressed solidarity with the ILA. #Strike #Ports #Economy #Trade #Labor #Union #Ila #Usmx #Biden #Shipping https://www.cnbcafrica.com/2024/east-and-gulf-coast-ports-strike-stranding-billions-in-trade-and-threatening-u-s-economy/