Dockworker Strike Threatens U.S. Economy with $5 Billion Daily Loss

A strike by 45,000 dockworkers has halted shipments at U.S. East Coast and Gulf Coast ports, entering its second day with no negotiations scheduled. The disruption, affecting goods from food to automobiles, has drawn attention from President Joe Biden. Analysts warn the strike will cost the economy billions daily if prolonged.

The strike by 45,000 dockworkers, which has halted shipments at U.S. East Coast and Gulf Coast ports, entered its second day on Wednesday with no negotiations scheduled between the two sides, sources told Reuters.

The International Longshoremen's Association (ILA) union strike has disrupted the shipment of goods from food to automobiles across dozens of ports, from Maine to Texas. Analysts warn this could cost the economy billions of dollars a day.

President Joe Biden's administration has urged U.S. port employers to increase their offers to the dockworkers to end the strike. "It's time for them to sit at the table and get this strike done," Biden said on Wednesday, highlighting the extensive profits made by port owners since the pandemic.

(With inputs from agencies.)