Updated 10:45 am EDT
President Joe Biden on Tuesday is set to join striking United Auto Workers members on the picket lines outside a Ford Motor (F) -) assembly plant in Wayne, Mich., as the unprecedented walkout takes on a political dimension entering its second week.
Biden, a self-described "union guy." will speak to UAW members at around noon Eastern time alongside union President Shawn Fain after throwing his support behind the strikes last week.
“Tuesday, I’ll go to Michigan to join the picket line and stand in solidarity with the men and women of UAW as they fight for a fair share of the value they helped create,” Biden wrote on his official X account Monday. “It’s time for a win-win agreement that keeps American auto manufacturing thriving with well-paid UAW jobs.”
Former President Donald Trump, the front-runner to be the Republican Party's 2024 presidential candidate, is scheduled to address hundreds of workers at a gathering at an auto supplier in a Detroit suburb on Wednesday.
While the UAW has said its making "good progress" in talks with Ford, which also inked an agreement with the Canadian union Unifor last night, Fain continues to target it, as well as General Motors (GM) -) and Stellantis (STLA) -), with coordinated industrial action.
Around 12,700 workers have been picketing assembly sites around the Midwest, including Wayne, a GM facility in Wentzville, Mo., and a Jeep plant in Toledo, Ohio.
Fain has also targeted 38 different sites around 20 different states following a deadline he imposed on talks last Friday.
Each of the Big Three has increased or improved its counter-offer to the UAW over that past two weeks, but the two sides remain far apart in terms of overall pay. Fain is demanding a 40% increase, spread over 4 1/2 years, and the automakers are offering increases of 20%.
"Our focus in not on politics but continues to be on bargaining in good faith with the UAW leadership to reach an agreement as quickly as possible that rewards our workforce and allows GM to succeed and thrive into the future," General Motors said in a statement ahead of Biden's visit to Michigan.
"We have presented five, record economic proposals that address the areas our team members have said matter most, including wage increases and job security."
At last check Ford shares were trading off 0.5% at $12.52, GM shares slipped 1.3% to $32.65 and Stellantis was down 0.9% at $19.07.
- Get exclusive access to portfolio managers and their proven investing strategies with Real Money Pro. Get started now.
