SMBC Chief Economist Joe LaBonna spoke on “The Big Money Show” about the impact of extended port closures.
More than 45,000 longshoremen are on strike across the East Coast. The International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX), which represents port employers, are at an impasse in negotiations over the union's demands for compensation and protection from automation. The union's current six-year contract expired on Monday.
Experts and economists have warned that the strike could disrupt the economy and cause shortages of goods, food, medicine and other daily necessities.
FOX Business tells you everything you need to know about the port crisis and how it affects you.
No agreement: Dockers are currently on strike and are speaking out about what they want…Continue reading here.
President Biden has the authority to intervene, but is unlikely to do so.…Continue reading here.
video: There are growing calls for President Biden to intervene. Meanwhile, Commerce Secretary Gina Raimondo is not involved…Continue reading here.
Blame game: Former President Trump said in an exclusive interview with FOX Business that President Biden and Vice President Harris can thank him for the strike…Continue reading here.
Grocery store nightmare: Just as inflation was easing, many shoppers were already stocking up and may be paying more for certain items…Continue reading here.
video: Importers say agricultural products that are usually abundant may become difficult to obtain.
Unfortunate holiday: Depending on the length of the strike, holiday items and luxury goods may not arrive in time…Continue reading here.
Farmers are furious: America's ranchers and farmers are already dealing with a declining industry, and the port strike will be another blow…Continue reading here.
Health crisis? If the strike continues, prescriptions and important medications may be put on hold…Continue reading here.
Costly to the U.S. economy: Strikes cost America billions of dollars in losses every day, according to JPMorgan analysis, but the possibility of using West Coast ports as an emergency workaround is not so straightforward…Continue reading here.
video: Why Chicago Fed President Austan Goolsby is concerned about the strike.
Automation dead-end point: Longshoremen have a lot to say about automation, and it's one of the main points standing in the way of new contracts.Continue reading here.
In numbers: These ports up and down the east coast could be the most affected…Continue reading here.
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