The strike by members of the International Longshoremen’s association could cost the US economy $3.78 billion per week, according to an analysis by the Conference Board.
“A port strike would paralyze US trade and raise prices at a time when consumers and businesses are starting to feel relief from inflation,” said Erin McLaughlin, Senior Economist at The Conference Board. “There’s no easy Plan B. While shippers have already begun diverting some cargo to the West Coast, capacity for such alternative options are limited.”
There are a combined 36 ports on the Atlantic handling 57% of US container volume, according to the report.
The report also notes that the strike will have knock-on effects, meaning one week strike in october would lead to slowdowns through November.
Principal sticking points are automation and wage protection for the workers.
By Staff
