South East U.S. port strike forewarned..."Expected damage of 6.5 trillion won per day"

As port unions in the southeastern U.S. predicted a full strike, economic losses of up to $5 billion a day and 6.5 trillion won in our money were expected.The International Association of Port Workers, a

U.S. port trade union, issued a statement on the 29th local time, saying 25,000 union members will go on strike at more than 30 ports in the East and Gulf of Mexico from the 1st of next month.

This is the first full Eastern Port Union strike since 1977.

The management, the American Maritime Association, has claimed that the union has refused to negotiate since June.President

Joe Biden has made it clear that he has no intention of intervening, calling it a collective bargaining between labor and management, and that he does not apply the Taft Hartley Act, which restricts strikes.

Reuters said port strikes could halt the flow of goods from food to cars, risking inflation reigniting due to rising freight rates, while JPMorgan estimated it would lose up to $5 billion a day to the U.S. economy.