Vice President Harris says tentative dockworker agreement 'indicates progress toward strong contract'
Secretary of Transportation Pete Buttigieg says he 'will continue to coordinate closely with stakeholders across America's supply chains to support an orderly process of returning these ports to service'
ImportGenius CEO & co-founder Michael Kanko discusses the ramifications and impacts of a port strike for consumers on 'The Big Money Show.'
Striking U.S. dockworkers will return to work Friday after reaching a tentative agreement with employers. Vice President Kamala Harris says the agreement "indicates progress toward strong contract"
The dockworkers' return hinges on a tentative agreement that includes an improved wage offer of a 62% wage increase.
Harris applauded the efforts of everyone involved, saying "This step indicates progress toward a strong contract and represents the power of collective bargaining."
DOCKWORKERS AGREE TO SUSPEND PORT STRIKE AS EMPLOYERS OFFER SIGNIFICANT WAGE INCREASE
Port of Miami dockworkers strike near the port entrance and demand a new labor contract on October 1, 2024 in Miami, Florida. (Photo by GIORGIO VIERA/AFP via Getty Images)
DOCKWORKERS GIVE STUNNING RESPONSE WHEN ASKED IF THEY SUPPORT VP HARRIS
The International Longshoremen’s Association, which represents 45,000 striking U.S. workers, said the union and USMX have reached a "tentative agreement on wages and have agreed to extend the Master Contract until January 15, 2025, to return to the bargaining table to negotiate all other outstanding issues."
Harris, who seemingly agrees with the union’s decision to fight for better wages, has stated "this is about fairness – and our economy works best when workers share in record profits. Dockworkers deserve a fair share for their hard work getting essential goods out to communities across America."
Dockworkers strike at the Bayport Container Terminal in Seabrook, Texas, on October 1, 2024. Officials at 14 ports along the US East and Gulf Coasts were making last-minute preparations on September 30 for a likely labor strike. (MARK FELIX/AFP via Getty Images)
Although the workers are scheduled to return on Oct. 4, many terminals have released statements saying some terminals will remain closed.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Secretary of Transportation Pete Buttigieg released a statement reassuring the U.S. that the transition will be carried out in an orderly and expedient process.
"I want to thank everyone involved for putting the country first, finding a path forward to reopen ports, and ensuring that essential goods — including those bound for areas hard hit by Hurricane Helene — will be moving again," Buttigieg said.
The Port of Baltimore is seen as longshoremen with the International Longshoremen’s Association’s (ILA) walk off the job on October 01, 2024 in Baltimore, Maryland. (Photo by Kevin Dietsch/Getty Images)
"In the coming days and weeks, our Department will continue to coordinate closely with stakeholders across America's supply chains to support an orderly process of returning these ports to service and to encourage a good outcome in the subsequent contract negotiations," Buttigieg said.
FOX Business' Bradford Bets and Breck Dumas contributed to this report.