Biden Administration Pushes for Resolution in Potential Port Strike

The Biden administration is urging union and employers to quickly negotiate a new contract to prevent a potential strike at ports along the U.S. East and Gulf Coasts. The strike, which could cost the economy $5 billion daily, looms with wage issues as the main sticking point.

The Biden administration is calling on both the union and employers to negotiate in good faith and swiftly reach a contract agreement to avoid a potential Tuesday strike at ports on the U.S. East and Gulf Coasts, according to a White House official.

The ports, spanning from Maine to Texas and accounting for over half of U.S. waterborne trade, face a shutdown that could cost the economy $5 billion per day, according to a JPMorgan analysis.

Transportation Secretary Pete Buttigieg, Acting Labor Secretary Julie Su, and top White House economic adviser Lael Brainard are meeting with the United States Maritime Alliance (USMX) employer group to stress the importance of fair and rapid negotiations.

(With inputs from agencies.)