U.S. longshoremen are threatening a strike that could shut down East and Gulf Coast ports and disrupt the U.S. economy. The workers, who are negotiating a pay raise, oppose increased automation at ports, fearing job loss to machines. Port operators and shipping companies claim U.S. ports lag behind more automated ports like those in Rotterdam, Dubai, and Singapore. A strike would cut half of the nation's shipping traffic. It is set to begin on January 15 if an agreement isn't reached. A short strike won't significantly impact the economy, but a longer one could cause major disruptions, escalating economic costs from $500 million to over $2 billion daily.
Category
đź—ž
NewsTranscript
00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. longshoremen are threatening a strike that could shut down East and Gulf Coast ports
00:06and disrupt the U.S. economy. The workers who are negotiating a pay raise
00:11oppose increased automation of ports, fearing job loss to machines. Port operators and shipping
00:16companies claim U.S. ports are lagging behind more automated ports like those in Rotterdam,
00:20Dubai and Singapore. A strike could affect half of the nation's shipping traffic.
00:25It is set to begin on January 15th if an agreement isn't reached.
00:29A short strike won't significantly impact the economy, but a longer one could cause
00:33major disruptions, escalating economic costs from $500 million to over $2 billion per day.