A port strike launched on the East Coast and Gulf Coast on October 1 could cost the U.S. economy more than US$3.7 billion, the equivalent of US$540 million per day, according to a new report from The Conference Board. The strike affects 36 ports which handle 57 percent of U.S. container volume, with the electronics and automobiles sectors expected to be hit hardest.
“A port strike would paralyze US trade and raise prices at a time when consumers and businesses are starting to feel relief from inflation,” said Erin McLaughlin, senior economist at The Conference Board. “There’s no easy Plan B. While shippers have already begun diverting some cargo to the West Coast, capacity for such alternative options are limited.”
Sarah McGoldrick
