Looming port strike: What to know about the potential work stoppage

Published On Sep 27, 2024, 6:00 AM

Dockworkers at U.S. ports from Maine to Texas are on the brink of striking unless a new contract is agreed upon by the October 1 deadline. The International Longshoremen's Association is negotiating on behalf of 45,000 workers, with wage disputes causing a stalemate. A strike could disrupt half of the country's seaborne imports, potentially resulting in economic losses estimated at $5 billion per day. The ramifications would include delays in goods delivery, inflation increases, and higher consumer prices, especially affecting essential sectors like automotive and retail.