Why US port strikes could drive up prices in Australia | The Business | ABC News

Strikes by US dock workers are throwing global supply chains into disarray. Cargo is held in storage. Vessels wait offshore, while running costs continue. Every increase in cost is passed down the chain, meaning what seems like a far-off concern — a US labour dispute — will likely drive up the cost of goods in Australia. Australians' weekly shop will not be immune. Global supply chains have been frequently strained in the past five years. First, the COVID-19 pandemic, then the drying and narrowing of the Panama Canal, and even a stuck ship, followed by attacks on commercial vessels by Houthi rebels in the Red Sea. Now, tens of thousands of members of the International Longshoremen's Association (ILA) have walked off the job on US east coast and Gulf Coast ports after failing to reach an agreement with port owners over a new pay contract. If there is any good news, it is that Christmas is not cancelled. The long lead-up to the strike means many importers planned for the disruption, "front-loading" the amount of stock coming from the US to be in Australia well ahead of any potential shutdown. Experts say the main concern is the ongoing inflationary impacts. #ABCBusiness Subscribe: ab.co/1svxLVE Read more here: www.abc.net.au/news/2024-10-02/us-dockworker-strik… ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: ab.co/2lNeBn2 Like ABC News on Facebook: facebook.com/abcnews.au Follow ABC News on Instagram: instagram.com/abcnews_au Follow ABC News on X (Twitter): twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia

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