Overview

• About 45,000 dockworkers from the International Longshoremen's Association are striking for higher wages and a ban on automation at 36 ports.
• The strike, the first since 1977, affects ports handling roughly half of the nation's cargo, including major hubs like New York/New Jersey and Houston.
• President Biden has opted not to intervene under the Taft-Hartley Act, despite mounting pressure and potential economic fallout.
• Retailers have prepared by stockpiling goods, but prolonged disruptions could lead to shortages, impacting holiday shopping and increasing costs for consumers.
• The strike could cost the U.S. economy between $1 billion and $5 billion daily, with potential long-term effects on supply chains and inflation.