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Biden set for Michigan visit to show support for UAW strikes

Investing.com -- President Joe Biden is set to visit Michigan on Tuesday, to show support for the United Auto Workers’ strike, CNBC reported, citing an unnamed person familiar with the matter.

Biden received a public invitation from UAW boss Shawn Fain on Friday to join striking autoworkers on the picket line against the big three automakers including Ford Motor Company (NYSE:F), General Motors Company (NYSE:GM) Company and Stellantis NV (NYSE:STLA).

The White House didn't immediately respond to Investing.com's request for comment.

United Auto Workers expanded its strikes across car making plants at General Motors Company and Stellantis, saying the duo still needed a "serious pushing." Earlier this week, the UAW warned that it would call on more of its union members to walkout at car factories across Detriot’s big three automakers unless significant progress was made on labor talks by noon Friday.  

Ford, however, is nearing closer to a deal with the UAW, and managed to avert an expanded strike, but the labor union said it was "not done negotiating with Ford yet." Ford confirmed in a statement Friday that there remains "significant gaps on the key economic issue" that need to be addressed to get a labor deal over the line.

 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.