With a potential strike looming at ports along the East and Gulf Coasts, logistics executives are racing against time to move as much cargo as possible before a shutdown that could severely impact the U.S. economy. Data shows a surge in container arrivals ahead of the Monday deadline.
With a potential strike at ports up and down the East Coast and along the Gulf Coast set to begin after midnight Monday, logistics executives tell CNBC the remaining hours are critical in moving out as much trade as possible before a shutdown that will do serious damage to the functioning of the U.S. economy.
UBS estimated that if freight rates increased 30% over two quarters, a revenue tailwind of over $1 billion would be generated. Meanwhile, union support is a critical issue for the Democrats, and President Biden recently emphasized to reporters he “did not like” Taft-Hartley. Business trade groups have urged the Biden administration to step in. The U.S.
Port Strike Logistics Trade Economy Container Shipping
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