Port Strike Threatens U.S. Economy: Commercial Bakers Urge Biden to Intervene
Washington, DC, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Yesterday, the American Bakers Association joined 296 other business-oriented groups to send a letter to President Biden urging the administration to immediately use its authorities to end the strike which has shut down all East Coast and Gulf Coast container ports. The letter iterates the dire situation and massive negative ramifications for our industries and the economy.
“It is more critical than ever for President Biden to intervene and invoke the Taft-Hartley Act, which would compel ports to resume essential operations while negotiations between port operators and Longshore workers continue,” said American Bakers Association President and CEO, Eric Dell. “Each day that container ports on the East and Gulf coasts remain closed costs the U.S. economy billions of dollars, with severe repercussions for the commercial baking sector and American consumers."
The walkout places $2.1 billion in daily trade at risk, with potential economic losses estimated to reduce GDP by as much as $5 billion per day, according to the National Association of Manufacturers. A recent Oxford Economics report suggests that the strike could slow US GDP growth by $4.5 billion to $7.5 billion per week if it continues. With 45,000 port workers on strike, the disruption could affect up to 105,000 jobs in related industries if prolonged.
About the American Bakers Association
The American Bakers Association (ABA) is the largest, most established, and diverse trade association for the commercial baking industry in the United States. ABA’s community includes more than 350 member companies representing over 1,200 commercial baking facilities and the extensive industry supply chain. Since 1897, ABA has served as the voice of the baking industry, offering compelling advocacy, insightful thought leadership, and comprehensive research on industry trends. ABA members also benefit from extensive business services including premier networking events, impactful knowledge sharing, and effective workforce development programs and training resources. ABA is committed to enhancing its mission by growing the category and promoting the industry as the destination workplace.
Zachary Hastings Hooper American Bakers Association 202-531-2512 zhooper@craftdc.com
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