Port Union Agrees to Suspend Strike
SUMMARY
The International Longshoremen’s Association (ILA) agreed to suspend its strike at East and Gulf Coast ports following a new wage offer from the United States Maritime Alliance. The strike, which began Tuesday, threatened to disrupt the economy ahead of the elections. The ILA secured a 62% wage increase over six years, raising the top wage to over $63 per hour, exceeding the pay of West Coast longshoremen. The agreement also extends the current contract until January 2025, with both sides continuing negotiations on other issues like automation and retirement benefits. Businesses had anticipated disruptions, accelerating imports in advance. President Biden, who urged both sides to negotiate, emphasized the importance of collective bargaining. Critics argue that the significant wage increase will raise costs for importers, with longshoremen already earning high salaries. Ports are expected to fully restore operations by Friday.
