The Port of New York and New Jersey, the largest on the U.S. East Coast, is on the verge of a major shutdown as the International Longshoremen’s Association (ILA) prepares for a potential strike on October 1, 2024. This would be the first such strike in nearly five decades, and it could bring critical trade operations to a halt.
Representing over 85,000 workers, the ILA’s strike would cripple five of North America’s busiest ports, potentially disrupting 43% to 49% of monthly U.S. imports. This would impact $34 billion worth of goods currently en route on 147 vessels, setting the stage for a massive trade bottleneck. With no contract agreement in sight, businesses are scrambling to dust off contingency plans last seen during the COVID-19 pandemic and the 2018 tariffs.
The stakes couldn’t be higher.
Sources:
www.cnbc.com/2024/09/19/largest-port-on-east-coast-begins-preparations-for-a-strike.html