David Tawil, president of Prochain Capital, talks about Disney layoffs, the looming port strike, and which products and stocks are the best places to invest your money.
of white house Authorities confirmed Friday that they have met with groups representing port employers as strikes could begin within days at ports on the East Coast and Gulf Coast.
The United States Maritime Alliance (USMX), which represents 36 port employers potentially affected by the strike, has urged White House officials to begin negotiations in hopes of averting a rapidly approaching work stoppage. held a meeting with
Longshoremen unionized International Longshoremen's Association (ILA)The group, which represents 45,000 union members at ports on the East Coast and Gulf Coast, could go on strike starting Oct. 1 if a deal isn't reached by the end of Monday.
“Senior officials from the White House, Department of Labor, and Department of Transportation have been in contact with the parties to send a direct message that we need to come to the table and negotiate in good faith, fairly and quickly,” a White House official said. he told FOX Business.
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Port employers have met with the White House as the possibility of a port strike looms next week. (Joe Radle/Getty Images/Getty Images)
The official added: Secretary of Transportation Pete ButtigiegActing Labor Secretary Julie Su and National Economic Council President Lael Brainard said, “We are meeting with USMX to convey this message. They have also been in contact with ILA throughout this week to convey the same message. ”
The White House has said multiple times that President Biden has no intention of invoking the labor law known as the Taft-Hartley Act, which allows it to intervene in port strikes and provide a “cooling-off period” for worker negotiations. It has been suggested. I'm going back to work.
Both sides of the labor dispute are at an impasse over issues such as pay and wages. Automation at ports.
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The cost of strikes at East Coast and Gulf ports could reach up to $5 billion per day, according to a JPMorgan analysis. (Sam Wolfe/Bloomberg via Getty Images/Getty Images)
USMX filed the complaint on Thursday. unfair labor complaint The National Labor Relations Board (NLRB) accused the ILA of refusing to come to the bargaining table to negotiate in good faith.
“USMX values the work of the ILA and has made it clear that it has great respect for its members,” the USMX said in a statement announcing the complaint to the NLRB. “We have a common history of working together and are fully committed to negotiations.”
USMX said the complaint stems from “ILA's repeated refusal to come to the table and negotiate a new master contract,” adding that it has sought injunctive relief to force the union to restart negotiations. Ta.
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If an agreement is not reached with USMX by midnight Monday, the ILA strike could begin on Tuesday. (Luke Charette/Bloomberg via Getty Images/Getty Images)
The ILA denounced the move as a “publicity stunt” and countered that the group should have sued its own members for failing to adequately compensate ILA workers.
“The fact that USMX brought these charges four days before the expiration of the current master contract clearly shows what a poor negotiator USMX has been,” the ILA said in a statement Thursday. “If the ILA had not engaged in serious and productive negotiations, most of the local agreements would not have been resolved in the past year.”
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A potential port attack would cause all kinds of chaos. import/export cargo From East Coast and Gulf Coast ports.
JPMorgan's analysis estimates that a strike would have the following effects: harm the US economy Up to $5 billion per day.
FOX Business' Daniel Hillsdon contributed to this report.
