Port Strike Ends as Union Reaches Tentative Wage Deal
The master contract that expired September 30 has been extended to January 15 while negotiations resume and workers return to...
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The International Longshoremen’s Association and the United States Maritime Alliance have issued a joint statement confirming the East Coast port strike is over.
The two parties have reached a tentative agreement on wages and have extended the master contract that expired September 30 to January 15 while negotiations resume.
Various media reports put the agreed upon wage increase at 62% over the next six years. The Maritime Alliance’s initial offer was a 50% hike, while and the union’s initial push was for 77%.
President Joe Biden said in a statement that the wage agreement “represents critical progress towards a strong contract.”
“I want to thank the union workers, the carriers and the port operators for acting patriotically to reopen our ports and ensure the availability of critical supplies for Hurricane Helene recovery and rebuilding.”
U.S. Secretary of Transportation Pete Buttigieg said in a statement that, “In the coming days and weeks, our department will continue to coordinate closely with stakeholders across America's supply chains to support an orderly process of returning these ports to service and to encourage a good outcome in the subsequent contract negotiations.”
A report prior to the strike from construction solutions firm Gilbane estimated a one-week strike could create a backlog that would take four to six weeks to clear.
The National Association of Manufacturers estimated the strike jeopardized $2.1 billion in trade daily, which would put the total impact of the three-day strike at roughly $6.3 billion.
