Kevin O’Leary talks about the ‘crisis’ with US ports and the union’s default concerns
O’Leary Ventures Chairman and ‘Shark Tank’ star Kevin O’Leary on the pending port strike deal, Trump’s tax plans vs. Harris and a historic Rolex for sale.
As Eastern and Gulf Coast ports begin operating as usual again, one of the world’s top businessmen is investigating the “crisis” of union labor demands.
“The problem with East Coast ports is they’re so old, they’re so inefficient,” O’Leary Ventures Chairman and “Shark Tank” star Kevin O’Leary told “Varney & Co.” On Friday.
“And when you start comparing them to other international ports like Singapore and other Asian ports,” he continued, “we don’t hold much against them. And that’s very bad for productivity.”
American workers returned to work on Friday morning after reaching a tentative agreement with employers on an improved wage proposal.
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The International Longshoremen’s Association (ILA), which represents 45,000 striking workers, said the union and USMX reached “a tentative agreement on wages and agreed to extend the Master Contract until January 15, 2025 to return to the bargaining table to negotiate all other things. so many problems.”
Kevin O’Leary said there is “no evidence” that US port automation will affect workers’ wages, in “Varney & Co.” On Friday. (Getty Images)
FOX Business reported that workers accepted a 62% pay increase, which took effect immediately. But the interim ILA statement says nothing about protection from technology and automation.
A Tuesday statement from the ILA said it is “strongly opposed to any form of automation – full or partial – that replaces historic jobs or activities. We will not accept the loss of our members’ jobs and livelihoods due to automation.”
O’Leary Ventures Chairman Kevin O’Leary discusses whether Trump can revive manufacturing in America in ‘Varney & Co.’
“There have been many studies on automation in ports in this country and in other countries,” O’Leary said. “We have to stop automation going where it’s going because there’s no evidence on the East and West Coast that if you do automation and you do it well, it’s more productive, that means it hurts wages at all.”
“Certainly, it could increase the actual pay you give to workers who can use these robotic systems to focus more on engineers,” Mr. Wonderful said. “It helps create jobs and it helps the importance of wage growth.”
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FOX Business’ Jeff Flock is joined by port workers as the beach strike enters its third day.
Eric Hoplin, CEO of the National Association of Wholesaler-Distributors (NAW), echoed O’Leary’s argument on “Mornings With Maria” on Tuesday that the union’s changing demands are “absurd.” He noted that major ports around the world such as Shanghai, Rotterdam in the Netherlands and Singapore have adopted automatic cranes and vehicles in the ports, adding that, “we are left after thirty years.”
The port strike, which has lasted three days, has raised fears of disruption to the US supply chain. A JPMorgan analysis estimated that the daily cost of a strike by port workers on the East and Gulf Coast would cost the US economy between $3.8 billion and $4.5 billion per day as operations slowed.
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FOX Business’ Eric Revell and Bradford Betz contributed to this report.
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