The Teamsters told Biden, “Stay the fuck out of this fight.”

ZeroHedge.com

Update (1330ET):

Here we take a closer look at Harold J. Daggett, who heads the International Longshoremen’s Association (ILA).

According to Politico, Daggett, the president of the ILA, earned $728,000 from the union last year and another $173,000 as president emeritus of a local union chapter.

The New York Times said the union boss previously owned a 75-foot yacht, the Obsession, and cruises around town in a Bentley.

Watch the video below, where Daggett said: “I will cripple you, and you have no idea what that means. Nobody does that.”

De Telegraaf noted:

The Justice Department, which has reportedly lost two cases against Mr Daggett, has accused him of being an “associate” of the Genovese crime family – one of the infamous “Five Families” of the American Mafia.

Musk commented on Daggett’s yacht: “Dude had more yachts than me!”

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More than 45,000 members of the International Longshoremen’s Association (ILA) from more than three dozen facilities in fourteen Gulf and East Coast ports went on strike early Tuesday, marking the largest labor action at U.S. ports in nearly 50 years. The labor action, driven by disputes over automation and wages in a new multi-year labor contract, threatens to disrupt supply chains across the country. If the strike lasts longer than a week, retailers may experience shortages of certain goods (read: here), potentially triggering a new wave of inflation.

The ILA strike affected 36 ports across the Gulf and along the entire East Coast – marking the first industrial action since 1977. Workers walked off their jobs at the Port of Philadelphia a few minutes after midnight as ILA and the US Maritime Alliance ( US Maritime Alliance) left their jobs. USMX) – a coalition of port operators and carriers – failed to agree on a new labor contract that would have increased wages by 50% over six years and promised to impose restrictions on port automation. The union has demanded a 77% wage increase.

On Tuesday, ILA said USMX’s latest bid was rejected because it “fell far short of what ILA members are demanding in terms of wages and protections against automation.” Both parties have been in discussions since June.

“We are willing to fight for as long as necessary, to continue striking for any period of time, to get the wages and protections from automation that our ILA members deserve,” union boss Harold Daggett said in a statement, quoted by AP . News, adding: “They must now meet our demands to end this strike.”

Supply chain management company Flexport founder and CEO Ryan Petersen noted on X that the Teamsters Union released a statement in solidarity with ILA, informing the Biden administration to “keep the f**k out of this fight”…

Before the strike, a video on Nobody does that,” referring to the power the union has over the American economy.

“This video is wild. If this video is real, I think we should immediately give the dock workers exactly what they want… …then we should implement a plan to automate as many ports as possible so they can’t destroy civilization. – as he threatens to do!”, All-In’ podcast host Jason Calacanis wrote on X while commenting on the video.

Goldman analysts explained last week that a strike by ILA members would jeopardize $5 billion in daily international trade to Gulf and East Coast ports, while JPMorgan noted that the hit would be between $3.8 billion and $4. $5 billion a day could be there.

On Monday morning, Goldman analysts led by Brooke Roach gave clients an overview of the major retailers that would be most affected by a port closure. Notably, the analysts found that about half of Dollar Tree’s products had passed through these ports, indicating that a prolonged strike could cause shortages of certain goods on store shelves.

Also Monday, U.S. Chamber of Commerce CEO Suzanne Clark wrote in a letter to the Biden administration: “It would be unconscionable to allow a contract dispute to deliver such a shock to our economy,” adding added: “Taft-Hartley It would give both parties in negotiations time to reach an agreement on a new employment contract.”

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https://www.zerohedge.com/markets/it-begins-us-port-strikes-erupt-first-shutdown-50-years-sparks-fears-supply-chain-crisis