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Time running out to avert Longshoremen's strike

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    Phil Keating reports from Miami

  • Duration 3:33
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Economy is certainly bracing for a massive hit.

It can barely afford more than 141000.

Longshoreman now planning to go on strike.

Effective Sunday that walkout could shut down Evans report from Houston to Boston bringing commerce to a near standstill in the US.

And now the White House is urging all sides to.

Continue negotiations.

And get a deal done as quickly as possible Phil -- is live in Miami with more on this.

Still what seems to me to hang up here.

While there are wages as with every labor dispute but the key sticking point here is something called container royalty fees.

You see every container ways of certain amount and you would longshoreman.

Get paid more of the heavier each container is while the shipping companies.

Want to cap those levels those salaries subsidies at last year's levels the longshoreman of course do not want that and the deadline to work this out.

It is late late late this Saturday night.

Now strike this side is it will absolutely be big impact because inside all of these containers are things like electronics computer components clothing.

Auto parts airline parts and more all for distribution to US households.

Far inland from our coastal ports and the experts say.

If the strike does happen you can bet the economy will be seriously hurt.

But there was a strike in Long Beach and Los Angeles few weeks ago that was its -- because that area one billion dollars in thing.

And this is gonna cost what will Monday that one billion -- -- thing.

All of -- down the East Coast and the Gulf Coast every major port will be impacted this goes from.

Boston new York New Jersey Philadelphia up all the way through Florida and down to Houston -- is.

Again the White House urging both sides to work this out there is a federal mediator involved however.

All sides right now the union as well as the maritime alliance not talking publicly.

All talks are very secretive.

Phil are all of the containers impacted here and then -- will be sports entirely freeze.

It is not going to be a universal impact for example cruise ships those also depend on containers to get all the supplies -- -- outgoing crews.

Cruise ships will not be impacted by this all containers containing.

Military product that is not household goods for the troops but.

Seriously.

Very important military product that will not be affected also nonperishable foods things that would spoil in a matter of days inside containers.

Those also will not be impacted.

But this does mean.

Many many jobs just Florida a law that's half a million jobs dependent on the State's -- And the governor is urging along with the national.

Retail federation President Obama to invoke the Taft Hartley act.

To actually four bit -- strike if in fact these talks break down here's the governor.

Our message your -- -- is simple shut down or or is simply not an option.

The last US president to -- Taft -- was George W.

Bush in 2002 ending it work stoppage -- and the West Coast.

And many experts feel that if we do go over the fiscal cliff and the strike happens that will be a one to knock -- -- the economy guaranteeing.

A recession.

-- -- live in Miami Phil acts.

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