Photo: Wikimedia Commons
All major American ports along the East Coast and Texas could shutdown Sunday if a dock worker’s union fails to agree to a new contract, the New York Post’s Josh Margolin reports.That outcome seems likely, he says.
Port managers, after a meeting yesterday morning, told The Post they believe there will be no last-minute agreement between the dock-workers union and the shipping companies to avert a walkout.
The strike would come on the heels of a separate labour action that temporarily shut down ports on the West Coast. That strike was resolved earlier this month.
Some believe the new strike would be short lived because President Obama would invoke the Taft-Hartley act and force federal mediation, he notes.
Major holiday shipping is already behind us, which will help blunt the economic impact, the LA Times Ronald White says.
Still, the last time the ports shut down, in 2002, the economy lost $1 billion a day and it took more than six months for the supply chain to recover, according to the National Retail Federation, which recently sent a letter urging President Obama to intervene.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.