South Korean Truckers End Strike, Reach Settlement With Transportation Ministry
Truckers in South Korea reached a deal with the government, ending a weeklong strike that threw a wrench into global supply chains. Returning to work on June 15, the truckers agreed to extend a freight rate system that guarantees minimum…
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wages, Bloomberg reported. South Korea's transport ministry said that under the agreement it will give subsidies to alleviate the pressure of rising fuel costs. The strike started June 7 and has caused an estimated $1.2 billion in trade disruptions, South Korea's Ministry of Trade, Industry and Energy said, Bloomberg reported. The truckers demanded the extension of the freight rate system to help drivers deal with fuel prices.