Biden Says Dockworkers Deserve 'Fair Wage' In First Reaction To Strike

President Joe Biden called Tuesday for shipping companies to share some of their record profits and give striking dockworkers a "fair wage" — while also warning them against price gouging during the work stoppage.

In a prepared statement released by the White House, Biden said some ocean carriers saw their profits skyrocket more than 800% after the COVID-19 pandemic compared to what they made before.

"Executive compensation has grown in line with those profits and profits have been returned to shareholders at record rates," Biden said. "It's only fair that workers, who put themselves at risk during the pandemic to keep ports open, see a meaningful increase in their wages as well."

About 45,000 dockworkers at 36 ports along the East and Gulf coasts walked off the job after their contract expired at the end of Monday, marking the first strike since 1977 by their union, the International Longshoremen's Association.

The move came little more than a month before the presidential election, and its impact on the economy could pose a problem for Vice President Kamala Harris, who's locked in a tight race against former President Donald Trump.

Biden — the self-proclaimed "most pro-union president" in U.S history — said the dockworkers were needed to help communities recover from the devastation of Hurricane Helene, which Moody's has projected could cost as much as $34 billion in property damage and lost economic output, Investor's Business Daily reported Tuesday.

"Now is not the time for ocean carriers to refuse to negotiate a fair wage for these essential workers while raking in record profits," Biden said.

Biden also cautioned that his administration "will be monitoring for any price gouging activity that benefits foreign ocean carriers," including members of the United States Maritime Alliance (USMX).

The USMX, which represents shipping companies and port associations, said Monday evening that it offered to raise the salaries of dockworkers by 50% over six years and keep contractual limits on automation that could eliminate jobs, according to the Associated Press.

On Tuesday, the president of the International Longshoremen's Association told CNBC that the union wanted raises of 61.5%, down from 77%, in addition to a complete ban on automation, AP said.

Union members now earn a base salary of about $81,000 a year but overtime can push that past $200,000, according to AP.