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Conveniently for Democrats, the dockworkers strike has just been pushed back to at least after the presidential election. The master contract has been extended until January 15, and dockworkers have been ordered to go back to work.
From CNBC: The union for U.S. dockworkers and the United States Maritime Alliance have agreed to a tentative deal on wages and have extended their existing contract through January 2025 to provide time to negotiate a new contract.
The move ends a strike that had snarled East Coast and Gulf Coast ports since the beginning of the week and threatened U.S. supply of fruits, automobiles, and other goods.
“The International Longshoremen’s Association and the United States Maritime Alliance, Ltd. have reached a tentative agreement on wages and have agreed to extend the Master Contract until January 15, 2025 to return to the bargaining table to negotiate all other outstanding issues,” The International Longshoremen’s Association and the United States Maritime Alliance said in a joint statement.
During the week, the strike had already started to stress the U.S. supply chain. Thousands of containers had been dumped at the wrong ports, and billions of dollars in goods were anchored offshore because ports were not operational, CNBC previously reported. Shipping costs had already started to rise.
“Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume,” the joint statement, posted on Facebook, also announced.
Stock option trader “Hulk Capital” posted the following statement: “The 62% wage increase for dockworkers, following the agreement between the ILA and the United States Maritime Alliance, will likely lead to higher shipping costs as companies pass on these expenses.
“These increased costs may be reflected in the prices of goods that rely on maritime imports, such as electronics, clothing, and everyday items. As businesses adjust to higher transportation and handling fees, consumers may see price hikes, contributing to overall inflation.”
The 62% wage increase for dockworkers, following the agreement between the ILA and the United States Maritime Alliance, will likely lead to higher shipping costs as companies pass on these expenses. These increased costs may be reflected in the prices of goods that rely on…
— Hulk Capital (@HulkCapital) October 3, 2024
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