Well, that was quick.
Just three days after a strike that shut down Eastern and Gulf Coast ports, the International Longshoremen’s Association (ILA) and the United States Maritime Union (USMX) have reached a tentative agreement that will see union labor return to work tomorrow morning.
This evening, the two parties issued a joint statement revealing the news.
The International Longshoremen’s Association and American Maritime Alliance Ltd. have reached a tentative agreement on wage issues and agreed to extend the main contract until January 15, 2025 to return to the bargaining table for negotiations on all other outstanding issues. Effective immediately, all current work operations will cease and all work covered by the main contract will resume."
RELATED: Toy Book Editor-in-Chief James Zahn Discusses Port Strike Cavuto coast to coast Fox Business
Watch the latest videos on Foxbusiness.com
The ILA and USMX have clashed publicly in recent months over wages, benefits and automation, leading to a brief strike that began at 12:01 a.m. ET on October 1, 2024.
The approach to this year’s presidential election mirrors that of a few years ago, with talk of tariffs, inflation and rising freight costs once again making headlines. An 11-day strike at West Coast ports in 2022 could cost the U.S. economy $1 billion a day while causing congestion for up to six months, according to the National Retail Federation (NRF).
Following tonight’s announcement, the NRF issued a statement praising the action.
The decision to end the current strike and allow Eastern and Gulf Coast ports to reopen is good news for the nation’s economy. It is critical that the International Longshoremen’s Association and the American Maritime Union work diligently and in good faith to reach a fair and final agreement before the extension expires. The sooner they reach a deal, the better for all American families.
—Matthew Shay, President and CEO, National Retail Federation
So far, the brief melee appears to have done little damage to the toy industry and its partners.
The post Back to Work: Port strike ends, ILA, USMX ink tentative deal appeared first on The Toy Book.
