FOX Business' Stuart Varney discussed the potential strike at ports along the East and Gulf Coasts that could do serious damage to the U.S. economy.
During his "My Take," Monday, "Varney & Co." host Stuart Varney discussed the imminent U.S. ports strike by union workers from Texas to Maine that reportedly will cause fruit and vegetable shortages, cost $4 to $5 billion a day, and may last for weeks.
The ports strike is due to start tomorrow. President Biden says he will not intervene. You will be hearing reports of shortages of fruit and vegetables and gift items for the holiday season. PORT STRIKE WILL BRING ANOTHER HIT TO FARMERS, SAYS FORMER TRUMP OFFICIAL This strike, if it goes on for days or weeks, is going to be costly. $4 to $5 billion a day, according to Wall Street. Let's dig deeper into this.
There's a political risk for the president here. He came into office promising supply chain reform. With a port strike, that goes out the window. Look deeper still, and you'll see that automation is a key issue. The dockworkers resist the injection of computing power to the cranes and loading facilities because it would likely cost jobs. They want a big wage increase, but underlying that demand is a fear of A.I. Again, political risk for Biden.
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