Port Strike Averted

Dockworkers at U.S. East and Gulf coast ports ended their strike last week with port owners by reaching a tentative agreement on wages.  The International Longshoremen’s Association (ILA) agreed to extend their contract until January 15th.  Container ports from Houston to Miami and up to Boston were closed for three days due to the strike and this cargo backlog is likely to take 12 days to clear.  President Joe Biden, who had put pressure on port employers and shipping lines to reach a deal with the striking dock workers, commended both sides and linked the port closures to hurricane recovery efforts.