braking news Here are all the winners in the port strike deal

The recent deal that ended a strike by 50,000 portworkers in the U.S. has resulted in several key outcomes for various stakeholders. The International Longshoremen’s Association (ILA) members are the primary beneficiaries, receiving an immediate pay increase of $4 per hour, which will be repeated every year over the six-year contract, totaling a potential increase of $24. This agreement, while falling short of the ILA's initial demands, prevented what could have been a significant disruption to U.S. trade and economy.

ILA President Harold Daggett gained considerable public attention during the strike, advocating for his members and highlighting the record profits of shipping lines during the pandemic. Despite some controversy surrounding his leadership and compensation, Daggett's strategy was effective in unifying the union's locals and drawing public focus to their demands.

From a broader economic perspective, the resolution of the strike is seen as beneficial for businesses and consumers, as it will help avoid shortages and potential price increases on goods. The National Retail Federation emphasized the importance of reaching a fair final agreement to support the economy.

The Biden administration, while facing pressure to intervene, opted not to use the Taft-Hartley Act to force a resolution, instead supporting a deal that would satisfy union members and prevent a longer strike that could have led to significant economic disruptions. The shipping lines also benefited from the quick resolution, as prolonged strikes could have severely impacted their operations and profits.