Meet Harold Daggett, the Union Leader Behind the Ports Strike

Published On Oct 3, 2024, 8:23 AM

Harold Daggett, president of the International Longshoremen’s Association, is leading a significant strike that has halted operations at East and Gulf Coast ports, impacting around 45,000 union members. The strike is driven by demands for a substantial 61.5% wage increase over six years and restrictions on automation in port operations. This disruption threatens about 60% of container-based U.S. trade, amounting to $600 billion in imports, and underscores organized labor's growing influence in the current economic climate. Daggett emphasizes the critical role of longshoremen in the U.S. economy, asserting that without their labor, the market would severely suffer.

Read full article

Stock Forecasts

AI prediction results, not representative of any investment advice.

XPO View XPO chart on TradingView

Negative

The ongoing strike could lead to significant delays in shipping and logistics, causing a ripple effect on various sectors dependent on timely imports, particularly retail and automotive. This situation may pressure companies reliant on importing goods, potentially impacting their stock performance negatively.

ZIM View ZIM chart on TradingView

Negative

Investments in logistics and shipping companies may be negatively affected during this strike, as prolonged disruptions could lead to lost revenue and increased costs. This situation might result in overall market volatility for companies tied to maritime operations like ZIM Integrated Shipping Services.

Related News

International Longshoremen's Association suspend strike as negotiations continue

Oct 3, 2024, 7:06 PM

The walkout threatened to plunge the holiday shopping season into turmoil and become an issue in next month's presidential election.

XPO

Dockworkers' union reaches tentative agreement, will suspend port strike until January

Oct 3, 2024, 7:00 PM

U.S. port operators have proposed a conditional offer of a 62% wage increase to dock workers to end a strike and get back to work, FOX Business has learned.

XPO

Dockworkers' union suspend strike until Jan. 15 to allow time to negotiate new contract

Oct 3, 2024, 6:40 PM

The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports has reached a deal to suspend a three-day strike until Jan. 15 to provide time to negotiate a new contract. The union, the International Longshoremen’s Association, is to resume working immediately.

XPO