net_left adver left
Detail

As U.S. West Coast port labor contract expiry looms, both sides vow to keep talking

By Lisa Baertlein LOS ANGELES (Reuters) -The union and employers negotiating a new labor contract for more than 22,000 U.S. West Coast port workers said high-stakes talks that are...
Shippers lobby Biden as dreaded West Coast port labor contract expiry looms © Reuters. FILE PHOTO: Cargo containers are seen at the Port of Long Beach, California June 19, 2008. REUTERS/Fred Prouser/File Photo

By Lisa Baertlein

LOS ANGELES (Reuters) -More than 150 local, state and national trade associations implored U.S. President Joe Biden to push for a smooth and swift resolution to West Coast port labor talks ahead of late Friday's expiration of the contract covering more than 22,000 workers.

Groups representing industries from agriculture and apparel to trucking and toys requested that Biden work with the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) employer group to extend the current contract, commit to ongoing good-faith negotiations, and avoid any activity that would cause further disruptions.

"We know the administration understands the economic significance of these negotiations," they wrote in a letter sent to Biden ahead of the contract expiration at 5 p.m. PDT Friday (0000 GMT Saturday).

The contract covering workers at 29 ports stretching from California to Washington state has been on Biden's radar for months and he took the unusual step of meeting with the ILWU and PMA in Los Angeles on June 10.

That is because disruptions at the West Coast ocean trade gateways that handle almost 40% of U.S. imports could roil the nation's battered supply chains, stoke inflation and threaten a weakening economy.

Work slowdown or stoppages at those ports could send transportation costs even higher, exacerbating pressure on a softening economy that is sinking Biden's approval ratings.

"We've never had a White House that is all over these negotiations the way they are now," said Peter Tirschwell, vice president of maritime, trade & supply chain at S&P Global (NYSE:SPGI) Market Intelligence.

The ILWU and PMA, which declined comment for this report, said in a rare joint statement on June 14 that they were not planning any work stoppages or lockouts that would worsen supply chain logjams.

That matters because when the contract expires, so does its "no strike" clause, Tirschwell said.

The last West Coast port labor contract negotiation broke down in 2015 after nine months of talks. Dockworkers stopped work for eight days, a move that gummed up U.S. supply chains and siphoned an estimated $8 billion from the Southern California economy.

History suggests that an extension is not likely. The union in November rejected a one-year contract extension, saying its members had already granted a three-year extension to the current contract.

Automating the movement of containers at the ports, resulting in fewer jobs, appears to be a key issue in the talks, which have been ongoing since May. While both sides have not identified the issue specifically, they have released dueling studies on the impact of automation and traded barbs in the media.

In an interview with Reuters this week, U.S. Labor Secretary Marty Walsh said he checks in weekly with ILWU and the PMA. They "continually tell me that we're in a good place. It's moving forward," Walsh said.

Meanwhile, wary shippers are not taking any chances. They are routing cargo away from the West Coast to avoid potential labor-related slowdowns, particularly at the nation's busiest seaport complex at Los Angeles/Long Beach that handle nearly $500 billion in cargo annually. That is driving up their costs and contributing to backups at ports in New York/New Jersey, Savannah and Houston.

HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
net_home_top HOT AUTO TRADE BOT SOFTWARE
20-08-2022 03:01:49 (UTC+7)

EUR/USD

1.0042

-0.0046 (-0.46%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

EUR/USD

1.0042

-0.0046 (-0.46%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (7)

Sell (0)

GBP/USD

1.1833

-0.0097 (-0.81%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (6)

Sell (1)

USD/JPY

136.79

+0.90 (+0.67%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

AUD/USD

0.6877

-0.0042 (-0.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2996

+0.0049 (+0.37%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (5)

Sell (2)

EUR/JPY

137.36

+0.28 (+0.20%)

Summary

Neutral

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (2)

Sell (4)

EUR/CHF

0.9627

-0.0025 (-0.26%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (3)

Gold Futures

1,760.30

-10.90 (-0.62%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (7)

Silver Futures

18.977

-0.487 (-2.50%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (0)

Copper Futures

3.6658

+0.0343 (+0.94%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

Crude Oil WTI Futures

90.09

-0.41 (-0.45%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Brent Oil Futures

96.00

-0.59 (-0.61%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

Natural Gas Futures

9.294

+0.106 (+1.15%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (6)

US Coffee C Futures

216.20

+1.50 (+0.70%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (9)

Euro Stoxx 50

3,730.32

-47.06 (-1.25%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (6)

Sell (2)

S&P 500

4,228.30

-55.44 (-1.29%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (5)

DAX

13,544.52

-152.89 (-1.12%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (4)

Sell (1)

FTSE 100

7,550.37

+8.52 (+0.11%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (7)

Sell (2)

Hang Seng

19,773.03

+9.12 (+0.05%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (4)

US Small Cap 2000

1,951.75

-49.66 (-2.48%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (7)

IBEX 35

8,338.10

-92.20 (-1.09%)

Summary

↑ Buy

Moving Avg:

Buy (8)

Sell (4)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

43.035

-0.405 (-0.93%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (10)

Sell (0)

Bayer AG NA

54.40

+0.34 (+0.63%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (10)

Allianz SE VNA O.N.

176.02

-2.50 (-1.40%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (2)

Sell (7)

Adidas AG

165.60

-1.92 (-1.15%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Deutsche Lufthansa AG

6.275

-0.291 (-4.43%)

Summary

Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (4)

Sell (2)

Siemens AG Class N

108.20

-2.06 (-1.87%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (8)

Deutsche Bank AG

8.496

-0.372 (-4.19%)

Summary

Neutral

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (4)

Sell (3)

 EUR/USD1.0042↑ Buy
 GBP/USD1.1833↑ Buy
 USD/JPY136.79↑ Sell
 AUD/USD0.6877↑ Buy
 USD/CAD1.2996Neutral
 EUR/JPY137.36Neutral
 EUR/CHF0.9627Neutral
 Gold1,760.30↑ Sell
 Silver18.977↑ Buy
 Copper3.6658↑ Buy
 Crude Oil WTI90.09↑ Sell
 Brent Oil96.00↑ Sell
 Natural Gas9.294↑ Sell
 US Coffee C216.20↑ Sell
 Euro Stoxx 503,730.32↑ Buy
 S&P 5004,228.30↑ Sell
 DAX13,544.52Neutral
 FTSE 1007,550.37↑ Buy
 Hang Seng19,773.03Neutral
 Small Cap 20001,951.75↑ Sell
 IBEX 358,338.10↑ Buy
 BASF43.035↑ Buy
 Bayer54.40Sell
 Allianz176.02↑ Sell
 Adidas165.60↑ Sell
 Lufthansa6.275Buy
 Siemens AG108.20↑ Sell
 Deutsche Bank AG8.496Neutral
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(0/ 0) # 1,734
SJC HCM6,620/ 6,720
(0/ 0) # 1,753
SJC Hanoi6,620/ 6,722
(0/ 0) # 1,755
SJC Danang6,620/ 6,722
(0/ 0) # 1,755
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,755
SJC Cantho6,620/ 6,722
(0/ 0) # 1,755
Cập nhật 20-08-2022 03:01:51
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,746.88-11.69-0.66%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$90.13+0.230.25%
Brent$96.03-0.02-0.02%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 18:54:07 19/08/2022
Xem bảng tỷ giá hối đoái
adver main right