BREAKING: Rail companies and unions struck a tentative agreement to avoid a strike that businesses feared would've led to severe supply chain disruptions, the White House said.
A Union Pacific locomotive pulling railcars is visible on tracks in Truckee, Calif. Photo: Gado/Getty Imagesthat businesses feared would've led to severe supply chain disruptions, the White House said.President Biden, in a pre-dawn statement, called the agreement "an important win for our economy." A strike could have driven up prices at a time when inflation is showing signs of remaining stubbornly high.
"These rail workers will get better pay, improved working conditions, and peace of mind around their health care costs: all hard-earned," Biden said. "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."Freight rail companies and union officials had met with Labor Secretary Marty Walsh in Washington on Wednesday and early into Thursday morning in an attempt to reach an agreement.Editor's note: This is a developing story. Please check back for updates.
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