"White House research and public documents revealed a degree of windfall profits on the part of ocean shippers that shocked even Biden senior staffers. In 2023, Maersk paid out over $10 billion to shareholders. Hapag-Lloyd paid out over $12 billion.
On September 27, the White House invited the industry side to an in-person meeting with Brainard, Su, and Buttigieg. At the meeting, Biden’s people made clear that the president had no intention to accede to industry demands that he use emergency powers under the Taft-Hartley Act to suspend the strike for 80 days, and that he expected the industry to reach a settlement with the union."
Robert Kuttner
Thanks, Joe!