Whale Large Capital
  • Politics
  • World News
  • Business
  • Investing
  • Politics
  • World News
  • Business
  • Investing

Whale Large Capital

Business

East and Gulf coast ports shut down as thousands of workers go on strike

by October 2, 2024
October 2, 2024
East and Gulf coast ports shut down as thousands of workers go on strike

Tens of thousands of longshoremen went on strike at midnight ET, shutting down major ports along the East and Gulf coasts and choking off deliveries of everything from produce to auto parts.

Consumers aren’t likely to feel the pinch unless a walkout lasts for multiple weeks, because businesses and logistics firms took pre-emptive steps to blunt the impact with the holiday shopping season about to kick off. But a work stoppage could still cost the U.S. economy anywhere from several hundred million dollars to $4.5 billion a day, analysts and business groups say. Costs from redirecting goods along longer routes would be passed on to consumers.

The ports handle about half the ocean imports in the U.S. Varying estimates say the strike encompasses 25,000 to 50,000 members of the International Longshoremen’s Association. All told, the ILA has 85,000 members. Union leaders argue that big global cargo carriers have raked in huge profits since pandemic-era supply-chain snags drove up freight rates, saying workers haven’t sufficiently shared in those gains.

In a video posted to an ILA Instagram account, Harold J. Daggett addressed union workers at Maher Terminals in Elizabeth, New Jersey.

‘This is going down in history what we’re doing here,’ he said.

‘They can’t survive too long,’ he added.

The strike caps months of heated rhetoric between the union and the United States Maritime Alliance, or USMX, which represents major ocean freight and port operators. The union is seeking raises, as well as limits on automation at ports that it says could cost jobs. The two sides hadn’t negotiated in the days leading up to the potential stoppage.

“The Ocean Carriers represented by USMX want to enjoy rich billion-dollar profits that they are making in 2024, while they offer ILA Longshore Workers an unacceptable wage package that we reject,” the union said in a statement Monday.

The USMX, meanwhile, said that it had been exchanging offers with the union and had hoped to avoid a work stoppage. 

This post appeared first on NBC NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
Israel bans UN secretary-general over anti-Israel actions: ‘Doesn’t deserve to set foot on Israeli soil’
next post
Trump ups his ante with September fundraising haul

You may also like

X sees major outages as Musk claims ‘massive...

March 11, 2025

Lucid CEO steps down; EV maker plans to...

February 27, 2025

Trump Media in reported talks to buy crypto...

November 19, 2024

Citibank customers report fraud alerts and account access...

January 16, 2025

CrowdStrike says it isn’t to blame for Delta’s...

August 7, 2024

Court rejects Boeing plea deal tied to 737...

December 6, 2024

Embraer CEO says jet maker studying possibilities for...

October 21, 2024

Nintendo Switch 2 retail preorder to begin April...

April 20, 2025

From Chili’s to burger chains, here are the...

December 16, 2024

Dockworkers union, port companies reach tentative 6-year deal

January 9, 2025

    Subscribe today to receive exclusive access to all our retirement secrets and income strategies, including special financial news and updates from our experts. From time to time, our newsletters feature valuable insights and analysis on the latest financial trends. Don't miss out on these exclusive updates – join our subscription to stay informed!


    By opting in you agree to receive emails from us. Your information is secure and your privacy is protected.



    Latest

    • Plane crashes at airport in western Indian city of Ahmedabad

      June 12, 2025
    • Democrat Congresswoman draws boos over ‘shameful’ sexism remark in committee hearing with Treasury Secretary

      June 12, 2025
    • Trump says he is open to extending trade deal deadline for other countries: ‘I would’

      June 12, 2025
    • People in Gaza are thanking Trump for aid, leader of US-backed group says

      June 12, 2025
    • U.S. online stores put up ‘out of stock’ signs as Nintendo Switch 2 sales hit record highs

      June 12, 2025
    • Gaza Humanitarian Foundation says Hamas attack has killed multiple aid workers

      June 12, 2025

    Categories

    • Business (671)
    • Investing (661)
    • Politics (4,452)
    • World News (2,999)
    • Terms & Conditions
    • Privacy Policy
    • Contact us
    • About us

    Disclaimer: WhaleLargeCapital.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 WhaleLargeCapital.com | All Rights Reserved