Port strike to rock economy, Main Street
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 […]
Port strike: Your daily life is about to get much more expensive
Imagine waking up in the morning, drinking your morning coffee, scrolling through your newsfeed, and seeing the headline, “U.S. longshoremen begin nationwide strike.” It's easy to dismiss that. Longshoremen and docks seem like a distant story, right? On the contrary, this strike will cost you in the most personal way possible: your wallet, your daily […]
How the port strike threatens the US banana supply
Attacks on ports along the East Coast and Gulf of Mexico could threaten the supply of bananas to Americans. According to the American Farm Federation, three-quarters of the country's bananas (more than 3.8 million tons) each year pass through ports managed by the International Longshoremen's Association (ILA). In 2023, approximately 27% of U.S. banana imports […]
Dockworkers strike may cause food inflation, Christmas holiday shortages for US consumers
A strike by longshoremen at more than a dozen locations in the eastern United States threatens to reignite food inflation in the coming weeks, potentially leading to shortages of toys and Christmas trees just as the holiday season begins. About 45,000 members of the International Longshoremen's Association walked off the job Tuesday and picketed ports […]
Business groups call on Biden to intervene in port strike
Michael Lee, founder of Michael Lee Strategy, explains the impact of the port strike on markets and the economy, and reflects on the upcoming vice presidential debate. Major U.S. business groups are calling on President Biden to use legal authority to intervene in a port strike on the East Coast and Mexico's Gulf Coast that […]
Dockworkers From Maine To Texas Begin Strike That Could Have Lasting Impact On Economy
On October 1, 2024, longshoremen strike at the Bayport Container Terminal in Seabrook, Texas. Employees at 14 ports along the eastern and Gulf coasts were making last-minute preparations Wednesday for a possible labor strike that could cripple the U.S. economy. Despite the last-minute meeting, just before the presidential election. (Photo by MARK FELIX/AFP via Getty […]
Dockworkers support historic strike as union apparently rejects nearly 50% wage increases over 7 years
Unionized longshoremen shut down operations at 36 ports on the East Coast and Gulf Coast and cut picket lines early Tuesday after negotiations between the International Longshoremen's Association and the United Maritime Alliance failed. I put it on. A dockworker spoke fox business They are prepared to continue the work stoppage until the union is […]
Biden Confuses Israeli Strikes in Yemen with East Coast Port Strike
President Joe Biden on Sunday confused Israel's offensive against the Houthis in Yemen with the ongoing attack on East Coast ports. After returning from a weekend in Rehoboth Beach, a reporter asked him, “Do you have any comments to make about the strikes in Yemen, Mr. President?” “I've talked to both sides. They have to […]
Port strike: West Coast port CEO confident facility can handle increased capacity
Greg Dowd, CEO of the National Milk Producers Federation, speaks on “The Bottom Line” about the impact a port strike could have on various industries and the economy. The CEO of the Port of Long Beach is confident Southern California will be able to handle the increase in cargo caused by the longshoremen's strike at […]
Port Workers Prepare to Strike as Deadline Looms Closer
Thousands of workers at more than a dozen ports across the country are preparing to strike as the deadline for an agreement between the union and the United States Maritime Alliance (USMX) approaches. International Longshoremen's Association (ILA) longshoremen at about 14 ports along the East Coast and Gulf of Mexico will go on strike starting […]