Asian-News.net is your go-to online destination for comprehensive coverage of major news across Asia. From politics and business to culture and technology, we bring you the latest updates, deep analyses, and critical insights from every corner of the continent. Featuring exclusive interviews, high-quality photos, and engaging videos, we keep you informed on the breaking news and significant events shaping Asia. Stay connected with us to get a 24/7 update on the most important stories and trends. Our daily updates ensure that you never miss a beat on the happenings in Asia's diverse nations. Whether it's a political shift in China, economic development in India, technological advancements in Japan, or cultural events in Southeast Asia, Asian-News.net has it covered. Dive into the world of Asian news with us and stay ahead in understanding this dynamic and vibrant region.

Contacts

  • Owner: SNOWLAND s.r.o.
  • Registration certificate 06691200
  • 16200, Na okraji 381/41, Veleslavín, 162 00 Praha 6
  • Czech Republic

The East and Gulf coast ports strike could be a no-win situation for the Biden administration

President Joe Biden and his administration are sticking to their position of not invoking the Taft-Hartley Act to force International Longshoremen's Association dock workers back on the job at East and Gulf coast ports where a strike is hitting day two on Wednesday, a political decision that reflects the power of unions one month out from an election but risks losing some progress on what is the No. 1 issue for many voters: the economy.

Rhetoric from Cabinet secretaries, including Transportation Secretary Pete Buttigieg and acting Labor Secretary Julie Su, has become sharper in recent days, pointing the finger at the ports ownership and ocean carriers. But right now, there is no sign of any progress bringing the ILA and port owners back to the table for a new round of negotiations, according to CNBC sources. And there remains a big risk on the other side of the political decision-making: wage increases that are a win for workers but ultimately ripple through the economy in the form of higher prices, both domestically and around the world.

Much of the focus about the economic impact of the ports strike to date has been focused on the direct hit to the economy from the massive trade shutdown, and the ways in which supply chain congestion and delays can result in higher prices being passed along to consumers, which will become a bigger factor the longer a strike persists. But maritime and business experts are also warning about the risk of persistent wage inflation making its way into supply chain prices that the Federal Reserve has recently been successful in taming.

"The wage increase would indeed be passed on and eventually be paid by the importers," said Lars Jensen, CEO of Vespucci Maritime, a maritime shipping

Read more on cnbc.com
DMCA