A government task force is ready to help minimize supply-chain disruptions in case of a prolonged East Coast port strike, Biden administration says
White House officials on Thursday called for dockworkers and port operators to return to the bargaining table as time runs short to avoid the first major strike at shipping terminals along the East and Gulf coasts in nearly half a century. Negotiations between the the International Longshoremen's Association and United States Maritime Alliance , which represents ports, container carriers and other industry players, have been stalled since June.
The investment research firm estimates it would take up to a month to clear the backlog of shipments that pile up while ports remain shut.Still, the overall hit to the U.S. economy would likely be modest, amounting to only 0.1% of the country's annualized gross domestic product, Oxford said in a report. Economists also note that such a dip would be reversed once the ports reopen for business.
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