US port workers union are striking. Here's what to know
A strike by 45,000 dockworkers halting shipments at U.S. East Coast and Gulf Coast ports entered its second day on Wednesday with no negotiations currently scheduled between the two sides.
The lack of progress is raising concerns among those reliant on shipments that the disruption could be prolonged.
The International Longshoremen's Association union strike has blocked goods from food to automobile shipments across dozens of ports from Maine to Texas, which analysts warn will cost the economy billions of dollars a day.
President Joe Biden's administration has put pressure on U.S. port employers to raise their offer to secure a deal with dockworkers to end the strike.
"They made incredible profits, over 800% profit since the pandemic, and the owners are making tens of millions of dollars from this," Biden told reporters on Wednesday. "It's time for them to sit at the table and get this strike done."
Economists have said the strike will not initially raise consumer prices as companies accelerated shipments in recent months for key goods. However, a prolonged stoppage will eventually filter through, with food prices likely to react first, according to Morgan Stanley economists.
