Biden won't block potential port strikes on East and Gulf Coast

Published On Sep 17, 2024, 12:56 PM

President Biden is not planning to intervene in a potential strike by dockworkers on the East Coast and Gulf Coast, which could start if labor negotiations do not reach an agreement by October 1. The strike could cost the U.S. economy up to $5 billion a day, according to J.P. Morgan. The International Longshoremen's Association, representing 45,000 workers across many ports, has warned about the possible work stoppage due to ongoing contract disputes over wages and automation. Negotiations are reportedly at an impasse.

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Stock Forecasts

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With the likelihood of a dockworker strike increasing, shipping and logistics companies might experience significant disruptions. Investors should prepare for volatility in related stocks; companies reliant on these ports might face delays, impacting their profit margins and stock prices.

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