Tags: Barack Obama | Jay Timmons | ports | shutdown | 2 billion

Trade Group CEO: Total Port Shutdown Could Cost $2B Per Day

By    |   Wednesday, 18 February 2015 03:52 PM

If the labor dispute over the West Coast ports leads to a complete shutdown, it could cost the economy $2 billion per day, according to the CEO of the National Association of Manufacturers.

"If we have a total shutdown of the ports, the last shutdown was about 10 days. If that occurs again, it’ll be about $2 billion a day," Jay Timmons said on "Squawk Box" on CNBC Wednesday. "That’s an impact to our economy."

Story continues below video.

The impasse between dockworkers and their employers has already taken a significant hit on the U.S. economy, after there was a partial shutdown at almost 30 West Coast ports, where ships have not been able to dock.

U.S. Labor Secretary Tom Perez was sent by the Obama administration to help with negotiations.

According to Timmons, the inability to reach an agreement has already had "a really detrimental impact on the economy."

"We're already seeing a slowdown in wages here in this country," he explained. "Many of our manufacturers are having to cut back on overtime, and eliminate it altogether sometimes."

In addition, "we're losing orders," which have been canceled by foreign customers from industries throughout the country, the head of the trade group said.

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If the labor dispute over the West Coast ports leads to a complete shutdown, it could cost the economy $2 billion per day, according to the CEO of the National Association of Manufacturers.
Jay Timmons, ports, shutdown, 2 billion
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2015-52-18
Wednesday, 18 February 2015 03:52 PM
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