Railway workers in Canada hit the picket lines

  • 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Canadian railway workers are striking.

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Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:05Wall Street took a cautious tone ahead of a Friday speech by Federal Reserve Chair Jerome Powell.
00:10Investors want to hear what he has to say about the pace of rate cuts expected to begin in September.
00:16In other news, dark clouds could be on the horizon for the U.S. economy due to a major railway strike north of the border.
00:24All rail movement by Canadian National Railway and Canadian Pacific Kansas City were grounded to a halt
00:31after labor negotiations failed. The two companies told roughly 10,000 union workers to stay home.
00:38A spokesperson for Canadian Pacific Kansas City told CNN,
00:42We're right up against the fall peak shipping season.
00:44You have Christmas presents and containers arriving at ports. If this pushes further into fall shipping period, the consequences are going to be worse.
00:53$382 billion in cross-border trade happens between the two countries according to the U.S. Transportation Department,
01:00and 14 percent of that happens by rail.
01:04Auto parts are particularly vulnerable as many components cross the border several times before the finished automobile rolls off the assembly line.
01:12A disruption in that supply chain could leave American auto factories with no choice but to temporarily go offline.
01:20And it's not just new car sales in jeopardy. What you serve on your plate is also at risk.
01:25Those rails also carry fertilizer used in American food production and chlorine used for water purification.
01:32One U.S. firm estimates a week-long shutdown could cause $1 billion in economic damage
01:38and a major threat heading into the peak holiday gift buying season.
01:42That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Giddens with The Street.
01:49you

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