By: Rick Walker, Vice President, TradeInsights

UPDATE: Railroad Unions and Companies Reach a Tentative Deal to Avoid a Strike

President Biden announced a tentative agreement between the railroads and unions after negotiations that lasted deep into the night. The agreement now heads to union members for a ratification vote, which is a standard procedure in labor talks. While the vote is tallied, workers have agreed not to strike.

In a statementreleased early this morning, the White House said “ The tentative agreement reached tonight is an important win for our economy and the American people. It is a win for tens of thousands of rail workers who worked tirelessly through the pandemic to ensure that America’s families and communities got deliveries of what have kept us going during these difficult years. These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs: all hard-earned. The agreement is also a victory for railway companies who will be able to retain and recruit more workers for an industry that will continue to be part of the backbone of the American economy for decades to come.” “I thank the unions and rail companies for negotiating in good faith and reaching a tentative agreement that will keep our critical rail system working and avoid disruption of our economy.”

V. Alexander will continue to monitor this situation and provide updates as necessary.

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