The US dock strike threatens to cost $5 billion daily, disrupting supply chains and raising consumer goods prices as 45,000 workers demand wage increases.
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The U.S. dock crisis may cost $5 billion daily due to the ongoing strike, significantly raising consumer goods prices. Over 45,000 port workers have stopped working, demanding a 10% annual wage increase for the coming years. A JP Morgan analyst estimated that shipment delays of retail goods and other products, disrupted by the shutdown of ports near New York, Baltimore, and Houston, could lead to this massive $5 billion daily loss.
Currently in negotiations, the union has received offers but rejected them as “unacceptable wage packages.” If union members continue to strike, it would mark the first coast-wide walkout by the ILA since 1977, affecting about half of the nation’s ocean shipping for retail products. Many have urged President Biden to address this issue, as the ongoing port closures are seen as a threat to price stability for all Americans.
