The International Longshoremen’s Association initiated a strike at fourteen major East Coast and Gulf Coast ports on October 1, halting billions in trade. Members left the job, citing disputes over wage increases and automation with the United States Maritime Alliance. The ILA rejected a nearly 50% wage hike over six years, leaving major importers like Walmart, Home Depot, and LG Electronics with limited options for diverting cargo. Economists warn that a prolonged strike could cost the U.S. economy billions, leading to shortages and price increases in food and automobiles. With about 80,000 members, the ILA is North America’s largest longshoremen’s union.
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00:00It's Benzinga, and here's what's on the block.
00:02The International Longshoremen's Association initiated a strike at 14 major East Coast
00:08and Gulf Coast ports on October 1, halting billions in trade.
00:13Members walked off the job, citing disputes over wage increases and automation with the
00:17United States Maritime Alliance.
00:19The ILA rejected a nearly 50 percent wage hike over six years, leaving major importers
00:24like Walmart, Home Depot, and LG Electronics with limited options for diverting cargo.
00:30Economists warned that a prolonged strike could cost the U.S. economy billions of dollars,
00:34leading to shortages and price increases in food and automobiles.
00:39With about 80,000 members, the ILA is North America's largest longshoremen's union.
00:43For all things money, visit Benzinga.com.