Stalled Negotiations and CEO Pay Raises: The Detroit Automakers Strike Continues

The United Auto Workers (UAW) and the three major Detroit automakers, General Motors, Ford, and Stellantis, made little progress in negotiations to end the UAW strike that began on Friday. The UAW is pushing for a 40 percent wage increase over four years, improved retiree benefits, shorter work hours, and an end to the tiered wage system. The automakers argue that higher wages would put them at a disadvantage compared to Tesla and foreign electric vehicle rivals. The strike, which is currently limited, could impact the Federal Reserve's efforts to fight inflation and disrupt the automakers' supply chain.