Consequences for Europe too
Dockworker strike costs the USA $5 billion/day
US port workers on the East and Gulf coasts have been on strike since Tuesday - the strike of the century has so far paralyzed around half of the country's maritime transport and is costing the American economy around five billion dollars a day. The strikers are demanding 77 percent more pay - politicians are hoping for a quick end.
The strike is causing unrest ahead of the presidential elections. The White House has so far refused to use its powers to end the labor dispute. US Transportation Secretary Pete Buttigieg is also hoping for a quick end through constructive negotiations. In his view, employers and employees are "not as far apart as they might think", Buttigieg said on Wednesday.
Buttigieg: Giving up "incredible gains"
Both sides must now "come back to the negotiating table, talk it out, reach an agreement and get the ports up and running again", said Buttigieg. He also held the shipowners accountable: they had recently made "incredible profits" and would now have to give some of them up.
On Tuesday, around 45,000 port workers, who are organized in the International Longshoremen's Association (ILA) union, walked off the job after failing to reach a wage agreement with the shipowners' and port operators' association USMX.
All ports "from Maine to Texas" paralyzed
The dockworkers' strike is affecting foreign trade - analysts at JPMorgan estimate that the strike is costing the US economy around 5 billion dollars (4.5 billion euros) a day. Deliveries of everything from food to electronic devices are affected. According to the ILA, all ports "from Maine to Texas" have been paralyzed by the industrial action. The extent to which the strike will impact the US economy and ultimately drive up prices depends crucially on the length of the strike.
Exports from Europe to the USA will be hampered
A week-long strike on the East Coast could also have a negative impact on maritime trade with Europe. Goods from Europe would also be affected, making exports to the USA more difficult.
ILA demands higher wages and protection against automation
This is the union's first industrial action since 1977 and the strike has been months in the making. In addition to significant wage increases, the ILA is demanding protection for employees against job losses due to the increasing automation of work processes. According to media reports, the union is demanding a 77% pay rise over a period of six years.
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