Port strike hits billions in trade for importers like Walmart
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Nearly 50,000 union longshoremen went on strike at midnight on October 1, 2024, affecting 14 major ports from Maine to Texas, including the Port of New York and New Jersey. The strike could cost the U.S. economy billions daily, with significant impacts on food and automobile industries. Walmart, Ikea, and Samsung are among the hardest hit, with these companies accounting for 125,000 shipping containers in the past year. The ports handle $3 trillion in international trade annually. The International Longshoremen's Association is demanding a 77% pay increase, while the Maritime Alliance offered a 50% wage increase over six years. A one-week strike could cost $2.1 billion for longshoremen and the U.S. Maritime Alliance. Experts warn that if the strike lasts over a month, it could lead to a recession.
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https://fortune.com/2024/10/01/port-strike-walmart-lg-samsung/
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