October 2, 2024- Retailers import a significant amount of products through ports. Currently, longshoremen are on strike across 14 ports from Maine to Houston beginning Tuesday, October 1st, creating paralyzing impacts for the supply chain. According to a Talk Business & Politics article, a strike won’t hurt holiday sales, but could be a broader supply chain problem if it continues. The longer ports stay closed, the more impact on the U.S. economy. The most significant issues will be in the food, pharmaceutical, and automobile industries that rely heavily on the impacted ports, according to TBP.
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According to the Conference Board and Talk Business & Politics, a week-long strike could cost cost the U.S. economy an estimated $3.78 billion. The shuttered ports handle $3 trillion annually in U.S. international trade. An analysis by J.P. Morgan estimated the daily cost of a port strike by East and Gulf Coast port workers would cost the U.S. economy between $3.8 billion and $4.5 billion per day as operations slow.
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