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The strike at ports on the East Coast and Gulf of Mexico ended last night, at least temporarily, until mid-January 2025, following an agreement between the International Longshoremen’s Association (ILA) and the U.S. Maritime Alliance, an organization representing shipping employers operating along the U.S. East and Gulf Coasts.

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Lee este artículo en español.

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“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 Agreement until January 15, 2025, to return to the bargaining table to negotiate all other outstanding issues. Effective immediately, all current labor actions will cease, and all work covered by the Master Agreement will resume,” reads the joint statement posted by both entities on social media.

The ILA agreed to suspend the strike to allow additional time to negotiate the new contract, which would cover the next six years.

CNN reported that the wage agreement would result in a $4 per hour increase for each year of the six-year contract, according to its sources. This means an increase in the first year of just over 10% of the current contract’s maximum wage of $39 per hour.

With the five subsequent wage increases, wages would rise by 62% over the life of the contract. The union had initially demanded a 77% increase over the six-year period.

U.S. President Joe Biden praised the tentative wage agreement in a press release.

“I congratulate the ILA longshoremen, who deserve a solid contract after sacrificing so much to keep our ports open during the pandemic. And I applaud the port operators and carriers who are members of the U.S. Maritime Alliance for working hard and putting a solid offer on the table,” Biden said.

The strike lasted only two and a half days, but it was the first strike called by the ILA since 1977. Approximately 45,000 union members, out of the union’s total membership of 85,000, had been on strike since midnight on Tuesday, October 1, affecting operations at 14 ports along the East and Gulf coasts.

Had the labor-management conflict continued, it was estimated that the cost to the U.S. economy would have been around $5 billion per day, causing shortages of products and skyrocketing prices for fresh fruits and vegetables, automobiles, electronics, and other goods.

The strike also occurred just over 30 days before the U.S. presidential election.

The trade paralysis at the 14 ports, from Maine to Texas, affected nearly all industrial sectors, including the automotive, pharmaceutical, and food industries. It also threatened to limit the availability of supplies for the Thanksgiving and Christmas holidays, according to U.S. trade organizations.

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This content was translated from Spanish to English using artificial intelligence and was reviewed by an editor before being published.