Thousands of dockworkers at every major East and Gulf coast port are girding to strike starting early next week, threatening to close trade gateways that handle about half of all goods shipped in containers in and out of the U.S.
Negotiations between the union representing dockworkers and a shipping industry group representing terminal operators and ocean carriers have been stalled for months, with both sides this week issuing conflicting statements about their willingness to bargain.
The union representing 45,000 dockworkers, the International Longshoremen's Association (ILA), is threatening to strike at ports from Massachusetts to Texas if a new labor deal with the USMX isn't reached before the current contract expires at midnight on September 30. A walkout would be the first East Coast dock strike since 1977.
The ports that could close in a strike handle more than 68% of all containerized exports in the U.S. and roughly 56% of containerized imports, according to industry data. So even a short strike would cause significant disruptions in regional trade flows. One analysis estimated that could cost the U.S. economy as much $5 billion a day.
Link: https://www.cbsnews.com/amp/news/east-coast-port-strike-what-to-know/
Any thoughts on what this could mean for the stock market and which companies will be impacted most?
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