BREAKING: PORT STRIKE SET TO START TUESDAY COULD COST US ECONOMY $5B DAILY

The International Longshoremen's Association confirmed on Sunday that a port strike will begin on Tuesday, impacting operations along the U.S. East Coast and the Gulf of Mexico.

This strike, which could affect 36 ports, signals action that could cause delays and snarl supply chains, costing the U.S. economy an estimated $5 billion per day.

The union cited the "United States Maritime Alliance's refusal to address a half-century of wage subjugation."

Biden said he will not intervene:

"It's collective bargaining. I don't believe in Taft-Hartley."

The strike could lead to shortages and higher prices for products like chocolate, alcohol, fruits, and automobiles.

Perishable goods like bananas, cherries and berries will be particularly impacted, as 25% of U.S. banana consumption flows through the affected ports.

While the holiday shopping season may be less affected, the disruption could still take months to recover from, as the last major port labor dispute in 2002 took six months to return to normal.

Source: NBC, KHOU, NewsNation