Permanent link for East and Gulf coast ports strike, with ILA longshoremen walking off job from New England to Texas, stranding billions in trade on October 2, 2024

By CNBC's Lori Ann LaRocco

Billions in trade came to a screeching halt at U.S. East Coast and Gulf Coast ports after members of the International Longshoremen’s Association, or ILA, began walking off the job after 12:01 a.m. ET on Tuesday.

The ILA is North America’s largest longshoremen’s union, with roughly 50,000 of its 85,000 members making good on the threat to strike at 14 major ports subject to a just-expired master contract with the United States Maritime Alliance, or USMX, and picketing workers beginning to appear at ports. The union and port ownership group failed to reach agreement by midnight on a new contract in a protracted battle over wage increases and use of automation.

In a last-ditch effort on Monday to avert a strike that will cause significant harm to the U.S. economy if it is lengthy — at least hundreds of millions of dollars a day at the largest ports like New York/New Jersey — the USMX offered a nearly 50% wage hike over six years, but that was rejected by the ILA, according to a source close to the negotiations, who was granted anonymity to speak about the private negotiations. The port ownership group said it hoped the offer would lead to a resumption of collective bargaining.

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Posted on Permanent link for East and Gulf coast ports strike, with ILA longshoremen walking off job from New England to Texas, stranding billions in trade on October 2, 2024.

Permanent link for Gov. Gretchen Whitmer Announces $1.2 Million in Export Assistance Funds Available for Michigan's Small Businesses on October 1, 2024

LANSING, Mich. – Governor Gretchen Whitmer joined the Michigan Economic Development Corporation (MEDC) today to announce Michigan has received the top award of $900,000 from the U.S. Small Business Administration (SBA) State Trade Expansion Program (STEP) for the upcoming fiscal year. The Michigan Strategic Fund is providing an additional $300,000 as the state match to support the Michigan STEP initiative (MI-STEP) and help small businesses grow through increased access to global markets. MEDC’s International Trade program has now facilitated nearly $6 billion in small business export sales development by deploying critical export resources and fostering a statewide network of export support.

This year marks the 13th year of STEP funding from SBA, which has awarded nearly $15 million to the state of Michigan since its inception. With 95% of the world's consumers and two-thirds of all purchasing power located outside of the United States, Michigan’s administration of STEP dollars to small businesses is critical in promoting Michigan’s goods and services worldwide.

Michigan has historically led the nationwide STEP grant program in results of facilitated export sales. While the national return on investment (ROI) remains 40:1 for facilitated sales realized from SBA STEP dollars, Michigan retains #1 status with a reported ROI of 328:1 during STEP program history.

“This year, Michigan has secured a top STEP award from the Biden-Harris administration’s SBA to help small local businesses access the international market and export their high-quality goods,” said Governor Whitmer. “We are focused on connecting our businesses with the international network they need to expand and create jobs in Michigan. We will get it done by bolstering our federal partnerships and shoring up our state-level initiatives including the MEDC’s International Trade program. Together, we will grow our economy and help small businesses thrive right here in Michigan.”

This year’s SBA award will continue to support export development for small- and medium-sized businesses through grants for international sales trips, trade missions, and trade shows. However, no additional activities will be eligible for the FY25 administration of MI-STEP. MI-STEP is designed to spur job creation by empowering small- and medium-sized businesses to export their products, providing reimbursement grants up to $15,000 annually for eligible export-related expenses.

“Increasing the sale of Michigan goods and services to global markets is an important part of taking the state’s ‘Make It in Michigan’ economic development strategy globally. Growing export sales not only fosters increased company revenue and stability but also supports higher incomes for Michiganders by helping Michigan exporters revitalize communities and create greater employment and entrepreneurial options,” said Quentin L. Messer, Jr., CEO of MEDC and President and Chair of the MSF Board. “In fiscal year 2023, federal and state funding for MI-STEP allocated more than $2 million to 254 companies. Michigan small businesses utilizing MEDC’s International Trade resources, including MI-STEP, reported $510 million in new export sales to 127 countries.”

MI-STEP applications are accepted Nov. 1, 2024 through Sept. 15, 2025 for small- and medium-sized businesses pursuing export development. MI-STEP grants are competitive awards and funding is not guaranteed. Companies that may not qualify for MI-STEP or do not receive MI-STEP funding are encouraged to engage with Michigan’s network of international trade resources and service providers offering support for businesses at any point along their international growth journey. These services include B2B matchmaking, qualified and unqualified partner lists, worldwide credit reports, export compliance support, customized market research, and more –available at no cost to Michigan small businesses.

Click below to get details on how to apply for assistance, including MI-STEP eligibility requirements and the application process, or complete the online intake form to start a conversation with an International Trade Manager.

Get Details on How to Apply

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Posted on Permanent link for Gov. Gretchen Whitmer Announces $1.2 Million in Export Assistance Funds Available for Michigan's Small Businesses on October 1, 2024.