East Coast Port Strike Looming
September 30th, 2024Via: ZeroHedge:
Time is running out for the International Longshoremen’s Association (ILA) and the US Maritime Alliance (USMX)—a coalition of port operators and carriers—to form a new labor contract as the existing one expires at midnight. A no-deal scenario would mean thousands of longshoremen at three dozen facilities across 14 Gulf and East Coast ports would begin striking at 12:01 am EST. Tuesday would mark the beginning of a major supply chain storm (inflation surge) in a no-deal scenario.
Goldman analyst explained last week that a walkout by ILA members would jeopardize $5 billion in daily international trade coming into the Gulf and East Coast ports.
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