US port workers accept deal, ending strike

U.S. port workers ended a strike that started Tuesday by agreeing to a new contract on Thursday, Reuters reports. The deal includes a 62% pay raise over six years. The work stoppage threatened to paralyze U.S. freight movements and risked disrupting global supply chains. The preliminary agreement, struck between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX), halts the strike immediately and will last until January 15, 2025. At least 45 container ships were prevented from docking on the U.S. East and Gulf Coasts due to the strike. President Joe Biden supported the workers and urged employers to improve their offer. The economic loss from the closed ports during the strike was estimated to be around 25 to 30 billion Danish kroner per day, according to JPMorgan & Chase. Analyst Mikkel Emil Jensen warned that if the strike continued, it would have caused shipping rates to soar, potentially affecting Europe.