The News
US dockworkers will return to work after a three-day strike that paralyzed trade in ports along the country’s East and Gulf coasts.
Workers agreed to extend their contracts until mid-January after reaching a tentative deal to increase wages by 62% over six years, Reuters reported.
The strike is estimated to have cost the US economy between $3 billion to $5 billion per day.
Bloomberg noted that the deal has defused a crisis that could have upended next month’s US presidential election by fueling inflation and forcing the White House to step in.
Global trade, however, could still be disrupted by simmering conflicts around the Strait of Hormuz, one of the world’s most trafficked sea routes: Oil prices recorded their biggest weekly gain since early 2023 on the back of potential Israeli strikes on Iranian energy facilities.