‘Kudlow’ panelists Steve Moore and Michael Faulkender react to booth workers striking over pay and equipment.
Striking American workers will return to work on Friday after reaching a tentative agreement with employers on an improved wage proposal.
The conditional offer was a 62% pay raise, FOX Business has learned.
The offer is on the table for the next 90 days. If no agreement is reached at that time, the proposed wage increase will be taken off the table.
The International Longshoremen’s Association, which represents 45,000 striking U.S. workers, said the union and USMX reached “a tentative agreement on wages and agreed to extend the Master Contract until January 15, 2025 to return to the bargaining table to discuss all other remaining problems.”
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File: Port of Baltimore is seen as International Longshoremen’s Association (ILA) longshoremen walk off the job on October 01, 2024 in Baltimore, Maryland. (Photo by Kevin Dietsch/Getty Images / Getty Images)
“From now on, all existing work will stop and all work covered by the Master Contract will begin again,” the union said in a statement.
Ship workers at several US ports went on strike Tuesday for the first time in nearly 50 years for better wages and automation.
Harold J. Daggett, president of the International Longshoremen’s Association speaks as shipping workers at Maher Terminals in Port Newark go on strike on October 1, 2024 in New Jersey. (BRYAN R. SMITH/AFP via Getty Images/Getty Images)
The US Maritime Alliance (USMX), which represents workers at the port, has previously raised its proposal to raise wages by 50% over the next six years.
File: A container ship is docked in New York Harbor as it waits for the Port of Newark to reopen after members of the International Longshoremen’s Association, or ILA, began a walkout yesterday at 12:01 a.m. ET on October 02, 2024 in S (Spencer Platt/Getty Images/Getty)
Despite mounting pressure, President Biden said over the weekend he would not run, saying he “doesn’t believe in Taft-Hartley,” a reference to the 1947 law that decriminalized unions.
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The strike has caused fears of market disruption. A JPMorgan analysis estimated the daily cost of a port strike by East and Gulf Coast port workers to cost the US economy between $3.8 billion and $4.5 billion a day as operations slow.
Breck Dumas of FOX Business contributed to this report.