News Impact: East and Gulf Coast Ports Shut Down as Workers Strike
Major Strike Disrupts East and Gulf Coast Ports
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 crucial goods ranging from produce to auto parts. The significant impact of this strike raises concerns for the U.S. economy, with losses potentially reaching up to $4.5 billion a day.
Economic Consequences
Consumers probably won’t feel the immediate effects, but if the walkout persists, the costs from redirecting goods along longer routes will ultimately burden consumers.
- The ports collectively handle about half of the ocean imports in the U.S.
- Estimates suggest the strike involves 25,000 to 50,000 members of the International Longshoremen’s Association (ILA), out of which they have a total membership of 85,000.
- Union leaders are vocal about the windsfall profits made by global cargo carriers during the pandemic, emphasizing the need for equitable sharing of those gains.
In a video message posted to Instagram, Harold J. Daggett addressed union workers at Maher Terminals in Elizabeth, New Jersey, highlighting the union's position on fair compensation.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.