US economy set to lose billions of dollars a day as strike threatens major ports on East, Gulf coasts

The US economy is poised to lose billions of dollars a day starting Tuesday as a potentially crippling strike threatens nearly half of the nation’s busiest ports as longshoremen and management have failed to reach a deal on a new collective bargaining agreement.The International Longshoremen’s Association, which represents some 85,000 dockworkers at ports along the East and Gulf coasts, is scheduled to walk off the job after the clock strikes midnight early Tuesday.The ILA and the United States Maritime Alliance (USMX), which represents shipping lines, terminal operators and port authorities, have until the end of the day Monday to make a deal that would avert a work stoppage.But the two sides haven’t met since June and there are no negotiations scheduled before the contract expires.The strike would affect all 36 ports stretching from Maine to Texas.It would be the first work stoppage due to a labor dispute at the ports since 1977.Economic analysts said that while companies have already priced in a work stoppage that would last a few days, the bigger danger is a prolonged strike.The union is demanding significantly higher wages and a total ban on the automation of cranes, gates and moving containers in the loading and unloading of freight.“The biggest concern will be if there is any type of prolonged strike and how that could affect the supply of goods and the prices for holiday season,” Ted Jenkin, a business consultant and co-founder of Atlanta-based oXYGen Financial, told The Post.  With the holiday season coming up, a strike that extends from days into weeks and potentially months could end up costing shoppers at the checkout counter.“A prolonged strike will absolutely force companies to pay shippers for the delays making goods much more costly and make them arrive late for the high point of the holiday season,” Jenkin said. “A few days won’t be that significant because big retail chains have been preparing for a strike for months, but a mo...