Prochain Capital President David Tawil talks about job cuts at Disney, upcoming port strikes, and which commodities and shares are finest to spend money on.
THE White House confirmed Friday that officers met with a bunch representing port employers as a possible strike at East Coast and Gulf Coast seaports may start in a matter of days.
The US Maritime Alliance (USMX), which represents employers on the 36 seaports that may very well be affected by the strike, has held conferences with White House officers as they attempt to revive negotiations in hopes of avoiding an imminent work stoppage .
Unionized dock employees in International Longshoremen’s Association (ILA)representing 45,000 members at East Coast and Gulf ports, may strike beginning Oct. 1 if a deal is not reached by the top of Monday.
“Senior officers from the White House, the Department of Labor and the Department of Transportation have been in touch with the events and have given them the message immediately that they should be on the desk and negotiate in good religion, pretty and expeditiously,” he mentioned a White House official. he advised FOX Business.
WHICH PRODUCTS WOULD BE DISCONTINUED BY A PORT STRIKE?
Dock employers met with the White House as a possible dock strike looms subsequent week. (Joe Raedle/Getty Images/Getty Images)
The official added this Transportation Secretary Pete ButtigiegActing Labor Secretary Julie Su and National Economic Council Director Lael Brainard “are assembly with the USMX to convey this message. They have additionally been in touch with the ILA all through the week to convey the identical message.”
The White House has signaled on a number of events that President Biden doesn’t intend to invoke a labor legislation generally known as the Taft-Hartley Act that might enable him to intervene in a port strike to impose a “cooling off” interval for negotiations whereas employees are new to work.
The two sides within the labor battle are at an deadlock over points comparable to wages and automation in ports.
THE TAFT-HARTLEY LAW: WHY BIDEN COULD USE THIS LABOR LAW TO PREVENT A PORT STRIKE
An evaluation by J.P. Morgan discovered that the price of a strike at East Coast and Gulf Coast ports may attain $5 billion a day. (Sam Wolfe/Bloomberg by way of Getty Images/Getty Images)
USMX submitted an software on Thursday unfair labor grievance with the National Labor Relations Board (NLRB) accusing the ILA of refusing to return to the bargaining desk to barter in good religion.
“USMX has been clear that we recognize the work of the ILA and have nice respect for its members,” USMX mentioned in a press release asserting the submitting of the grievance with the NLRB. “We have a shared historical past of collaboration and are dedicated to bargaining.”
USMX mentioned the request was as a result of ILA’s “repeated refusal to return to the desk and discount a brand new basic contract,” including that it sought injunctive aid to require the union to renew bargaining.
Dock employers file grievance towards dock employees searching for to renew negotiations as strike looms
The ILA strike may start Tuesday if a cope with USMX just isn’t reached by midnight Monday. (Luke Sharrett/Bloomberg by way of Getty Images/Getty Images)
The ILA criticized the transfer as a “publicity stunt” and countered that the group ought to press costs towards its members for failing to adequately compensate ILA employees.
“The submitting of those allegations by the USMX 4 days earlier than the expiration of the present framework contract clearly illustrates what poor negotiating companions they’ve been,” the ILA mentioned in a press release on Thursday. “If it weren’t for the ILA partaking in severe and productive negotiations, a lot of the native agreements wouldn’t have been resolved within the final yr.”
A possible port strike would disrupt plenty of companies export and import shipments from East Coast and Gulf Coast ports.
An evaluation by JP Morgan estimates {that a} strike could be doable value the US financial system as much as 5 billion {dollars} a day.
