Second US Port Strike Averted as Union, Employers Reach Deal

• The union representing 45,000 dock workers on the U.S. East and Gulf Coasts and their employers on Wednesday said they reached a tentative deal on a new six-year contract, averting further strikes that could have snarled supply chains and taken a toll on the U.S. economy.
• The International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) employer group, in a joint statement, called the agreement a "win-win." The deal includes a resolution in automation, the thorniest issue on the table.
• "This agreement protects current ILA jobs and establishes a framework for implementing technologies that will create more jobs while modernising East and Gulf coast ports – making them safer and more efficient and creating the capacity they need to keep our supply chains strong," the groups said.
• The National Retail Federation, which represents major customers like Walmart, and Target, said the agreement should bring certainty back to ocean shipping by reducing the risk of disruptions at East and Gulf Coast ports that handle more than half of U.S. container imports.
• "The agreement will also pave the way for much-needed modernisation efforts, which are essential for future growth at these ports and the overall resiliency of our nation's supply chain," said Jonathan Gold, NRF's vice president of supply chain and customs policy.

(Source: Reuters)