President Joe Biden called for union autoworkers and Detroit's Big Three automakers to come together on a new agreement before contacts expire next month.
“The UAW helped create the American middle class, and as we move forward in this transition to new technologies, the UAW deserves a contract that sustains the middle class,” Biden saidThe union represents 150,000 U.S. hourly workers at the three automakers and has not ruled out striking at all of them if new contracts are not reached by a Sept. 14 deadline.
UAW President Shawn Fain briefed Biden last month on the negotiations and met with U.S. lawmakers as the union pushes for higher wages and benefits. He has also criticized some of the Biden administration'sBiden, a Democrat, campaigned on union support and has weighed in on labor talks in the railroad industry and other sectors.is also a key part of his agenda."I support a fair transition to a clean-energy future," he said on Monday.
A strike at any of the automakers would hit earnings by about $400 million to $500 million per week of production, Deutsche Bank analyst Emmanuel Rosner said in a research note on Monday. The union's requests also carry costs due to its requested wage increases, cost-of-living adjustments and elimination of the tiered wage system, Rosner noted.
Deutsche Bank estimated total incremental costs to the three automakers combined would be $3.6 billion in the first year and total $23 billion in the four years of the contract.
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