Thousands of port workers poised to strike, threatening economic disruption

BALTIMORE -- Thousands of port workers may walk off the job, threatening an economic catastrophe if a new labor agreement isn't reached soon.  The six-year contract is set to expire at the end of Monday.  According to the U.S. Maritime Alliance, the current agreement covers about 25,000 port workers along the East and Gulf coasts.

The International Longshoremen's Association (ILA) plans to share an update at 11 a.m. Monday, but for now, the plan to strike remains. 

The Maritime Alliance issued a statement saying, "we value the work of the ILA and have great respect for its members. We have a shared history of working together and are committed to bargaining." However, the alliance also filed an Unfair Labor Practice charge, accusing the ILA of refusing to negotiate on a new contract.

In a social media post over the weekend, the ILA responded, saying the "United States Maritime Alliance refuses to address a half-century of wage subjugation where Ocean Carriers' profits skyrocketed from millions to mega-billion dollars, while ILA longshore wages remained flat. ILA unity remains strong and is growing."

Wholesalers are already taking action by stockpiling products, hoping to mitigate the effects of a potential strike. However, this measure will only benefit consumers for a short period.

Tuesday is the deadline for the two groups to make a deal.