A potential strike by dockworkers could have significant impacts on various industries, with key ports like those in New York and New Jersey likely to be most affected. The strike is in response to a proposed offer that includes a substantial increase in wages, higher retirement contributions, and improved health care benefits. While some businesses have made preparations to mitigate the impact of the strike, there are concerns about the possible disruptions if the walkout persists for an extended period.
President Joe Biden has urged negotiations to continue and called for fair compensation for longshoremen. Despite pressure from business groups to intervene using the 1947 Taft-Hartley Act, Biden has expressed reluctance to invoke the law. The potential intervention could also affect labor relations as the election approaches, creating a delicate situation for both the administration and organized labor.
Lori Ann LaRocco, CNBC, Kyla Guilfoil and Josh Cradduck contributed.