Rail strike averted, tentative agreement reached

A strike deadline of Friday morning had been fast approaching that would disrupt a number of industries still struggling from the COVID-19 pandemic 

Ken Martin / FOXBusiness

FOX Business host Larry Kudlow joins 'The Evening Edit' to discuss a possible rail strike and President Biden touting the Inflation Reduction Act.

With the deadline to avert a freight railroad strike by Friday morning approaching fast, a tentative agreement has been reached according to the Labor Department.

U.S. Secretary of Labor Marty Walsh issued this tweet. "Following more than 20 consecutive hours of negotiations,the rail companies and union negotiators came to a tentative agreement that balances the needs of workers, businesses, and our nation’s economy."

During marathon negotiations early Thursday, morning, talks were taking place with three remaining unions. Late Wednesday night, of the 12 unions involved, one rejected a tentative deal,,but agreed to delay a strike as talks with other unions continue.

Two hade ratified agreements and three others remained at the bargaining table just days ahead of a strike deadline, threatening to intensify snarls in the nation's supply chain that have contributed to rising prices. Read more, see tweets and video here,