0ur Correspondent Michelle Fleury is at the Port Of Newark in newjersey. Tell us what s going on there and all along the coast. We know the strike is about wages and automation, what s going on with the talks . Right now theres not much going on on on the docks, normally you might see some of the grains over their moving, containers being loaded, and off loaded from giant containerships, but all of that stopped at midnight last night. That is when the Master Contract between the union workers and the us Maritime Alliance expired, and the fight over wages and automation continues to rage and there is little agreement between them on this issue. So right now we are one of the Picket Lines here in newjersey, where workers have gathered short while ago, they stood in a long line singing, no automation, no automation. And we ve heard from the White House in the last few hours 7 what are they saying . How does this get solved . When it comes to critical infrastructure which ports are, and as
United states where ports all across the East And Gulf coasts including here in baltimore have virtually ground to a halt. It means goods ranging from cars to machinery and fresh fruit and vegtables are going to find a lot tougher to get into or out of the worlds biggest economy. An estimated 16,000 workers have stopped working over demands for more pay and less automation. The stoppages could cost the us economy as much as 5bn a day according to the Investment Bankjp Morgan but other experts say it will be less than that. One knock on could be as many as 100,000 people finding themselves temporarily out of work as the impact of the stoppage spreads. 0ur Correspondent Michelle fleury is at the Port Of Newark in newjersey. What other people telling you about how angry they are but also how long this might last . This is one of three dozen ports that are on strike as of midnight last night, and work is basically raring to go, blasting music this morning, i saw some children walking aroun
From raw materials and pharmaceuticals, clothes and toys, accounting for more than half import in containers. If it extends for weeks, it could lead to shortages and high prices ahead of the presidential election. That is something the new york governor rained in on. The something the new york governor rained in om rained in on. The potentialfor disruption rained in on. The potentialfor disruption is rained in on. The potentialfor disruption is significant. Rained in on. The potentialfor disruption is significant. We. Disruption is significant. We have not had an event like this in our port since 1977 and that lasted 12 days. We are deeply concerned about the impact that a strike could have on our supply chains, especially when it comes to critical goods like medical supplies and others. Under the 19110 78, president biden has the authority to order workers back to work but the current administration said it would not intervene and encourages all party to keep negotiating in good
And pharmaceuticals, to clothes and toys, with ports accounting for more than half imports in containers. If it extends for weeks, it could lead to shortages and high prices ahead of the presidential election. That is something the new york governor weighed in on. The potential for disruption is significant. We have not had an event like this in our ports since 1977 and that lasted 12 days. We are deeply concerned about the impact that a strike could have on our supply chains, especially when it comes to critical goods like medical supplies and others. Under the 1947 act, president biden has the authority to order workers back to work but the current administration said it would not intervene and encourages all parties to keep negotiating in good faith. The chairman of the federal reserve has dampened hopes of another big rate cut. He was speaking in tennessee and added the central bank was not in a hurry to cut rates. Indexes saw price falls during the speech but have since recovered.
On automation, the union boss has been warning dock workers that their jobs could be replaced by machines. In response, that us maritime alliance says it is offering to keep the current ban on fully automated equipment. A strike could cost the us economy $5 billion a day according to jp morgan analysts. A range of goods flow through the east and gulf coast ports. Everything from raw materials and pharmaceuticals, to clothes and toys, with the ports accounting for more than half of containerized imports. While consumers may not feel the impact of the strikes right away, if it extends for weeks, it could lead to shortages and high prices ahead of the presidential election. That is something new york governor kathy hochul weighed in on. The potential for disruption is significant. We have not had an event occur like this in our ports since 1977 and that lasted 12 days. We are deeply concerned about the impact that a strike could have on our supply chains, especially when it comes to criti