President Joe Biden on Friday addressed the ongoing strike by the United Auto Workers union against Detroit's three major automakers, urging both sides to negotiate further for a mutually beneficial agreement.
Biden remarked about the significance of auto workers in the American economy, attributing recent record profits of automakers to the skill and sacrifices of UAW members.
He argued that profits should be fairly distributed among the workers. The president cited a recent Treasury Department report that showed that unions are good for both union workers and non-union workers in ensuring elevating workers' wages, promoting homeownership and reducing inequality.
As the automotive industry transitions toward clean energy, Biden said the shift should benefit both the workers and the companies.
"The UAW remains at the heart of economy and the big three companies continue to lead in innovation, excellence, quality and leadership," Biden said.
He acknowledged the breakdown in negotiations that led the UAW to launch a targeted strike at several major plants. While he said no one wishes for a strike, the president reaffirmed workers' rights within the collective bargaining framework.
"Record corporate profits, which they have, should be shared by record contracts for the UAW," Biden said.
To support the negotiations, Biden said he is dispatching two members of his team to Detroit: Acting Labor Secretary Julie Su and a White House senior advisor.
The UAW initiated the strike against the big three - Ford Motor Co (NYSE: F), General Motors Co (NYSE: GM), and Stellantis NV (NYSE: STLA) - following contract expirations at midnight Thursday.
The strike marks the first time in history the UAW simultaneously walked out on all three American unionized automakers.