UAW New President

Dennis Williams, the newly elected president of the UAW, had some tough words for American automakers in his inauguration speech at the 2014 UAW Convention, striking down the possibility of any additional concessions from the 400,000-strong union.

"No more concessions. We are tired of it. Enough is enough," Williams said during his speech. UAW employees have not received a raise in nearly 10 years, according to Reuters.

Considering the recent strong results for Ford, Chrysler and General Motors, the union's demands are likely to carry a bit more weight in next year's negotiations. And considering Williams' tough stance, we could be in for some fireworks once negotiations commence.

"I want to work closely with the companies as long as it doesn't hurt our members," Williams said. "I do not like confrontation, but I'm not afraid of confrontation."

One of those points of confrontation could be the notorious two-tier wage system, which pays senior UAW employees $28 per hour, while new hires only make $14. Williams vowed to eliminate the plan during a press conference following his speech. We'll be interested to see how it all turns out.