Gristedes CEO John Catsmatidis shares his outlook on prices if dockworker strikes come to fruition, Biden’s decision not to intervene with the strikes and Commerce Secretary Gina Raimondo claiming she has not been focused on them.
As American shipping ports from Texas to Maine prepare for a potential strike, consumers are beginning to stock up on essential supplies as experts warn the industry conflict could cause shortages and price hikes on everyday items.
“If there’s a strike, prices in the supermarkets will go up higher than ever,” Gristedes and D’Agostino Supermarkets Chairman and CEO John Catsimatidis said on “Varney & Co.” Monday.
“I wasn’t prepared because I didn’t know [about the strike], but now that I do, I’ll investigate. I’ll look into it,” one woman told FOX Business’ Madison Alworth on Friday at a Gristedes store in New York City. “I would stock up as much, not ridiculously, but at least try to get a few more items to have just in case.”
“Yes, I am [worried],” another shopper told Alworth. “It’s hard to be able to make ends meet as it is. It’s going to be even worse.”
LONGSHOREMEN UNION’S DEMAND FOR TOTAL BAN ON AUTOMATION QUESTIONED AS PORT STRIKE LOOMS
Unionized dockworkers in the International Longshoremen’s Association, which represents 45,000 members at East Coast and Gulf Coast ports, may go on strike beginning Oct. 1 if an agreement isn’t reached by the end of Monday.
Some U.S. shoppers are stocking up on essentials ahead of the potential Oct. 1 port strike. (Getty Images)
The two sides to the labor dispute have been at an impasse over issues including wages and automation at ports. A strike would likely have a domino effect on container availability, storage, rail and truck cargo as well as food supply.
“You have the Suez Canal closed down, the Red Sea is closed down. If you have a strike on the East Coast, that’s going to be closed down. Guess what? Prices are going to go to the moon,” Catsimatidis warned.
A third shopper said they “haven’t had any trouble” yet stocking up on essentials, but plan to “keep an eye on what’s going on.”
Alba Wheels Up International founder and Chairman Salvatore Stile discusses the looming port strike and the impact it will have on East Coast states.
The fourth shopper FOX Business spoke with said they’ll “probably most likely stock up” to avoid potential inventory shortages like the ones seen during the COVID pandemic, but buy things “day by day.”
“I’ve been so busy I haven’t been [adjusting my shopping habits], but if I hadn’t been busy, I’d probably be shopping in Westchester and bringing the food down here because it’s much cheaper up there,” one of the earlier shoppers said. “The prices are already so high I feel because of the current administration, and I think it’s just going to get worse.”
With an analysis from J.P. Morgan estimating a strike would cost the U.S. economy up to $5 billion per day, Catsimatidis argued the optics couldn’t look worse for the Biden administration and Harris-Walz campaign.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
American Trucking Associations President and CEO Chris Spear analyzes the short and long-term macroeconomic impacts as dockworker strikes could disrupt major shipping ports on the East Coast.
“This is not going to be very good for Vice President Harris because she’s depending on lower prices. Well, guess what? There is no price gouging if prices will go higher than ever,” the grocery giant said.
“Where is this administration?” he posited. “Prices will go higher than ever. [Biden] should put a halt on it ’til at least after the election.”
READ MORE FROM FOX BUSINESS
FOX Business’ Suzanne O’Halloran contributed to this report.
