Through an interview with CNBC’s “Squawk on the Street,” Treasury Division Secretary Janet Yellen stated that it is at the moment as well early to ascertain the effect of the ongoing autoworkers strike on the U.S. economy. Yellen explained that this would rely on the duration of the strike and who is impacted by it.
Due to the fact the early hours of Friday morning, thousands of United Auto Workers (UAW) employed by Basic Motors, Ford, and Stellantis have been on strike as negotiations for a new contract continue. The workers are demanding enhanced wages, shorter function weeks, and far better added benefits, but the auto businesses argue that these demands would be as well expensive for the market.
UAW President Shawn Fain expressed that tiny progress had been produced in the talks more than the weekend and pointed out the possibility of expanding the strikes if important. The Biden administration is not straight involved in the negotiations but is pushing for a fair resolution. White Home adviser Gene Sperling and acting Labor Secretary Julie Su program to travel to Detroit to help in reaching a deal.
Yellen emphasized the wish for a win-win agreement and President Biden’s expectation for each sides to negotiate diligently to obtain a remedy.