I suspect that this will go on for maybe a week before Biden forces them back to work with a promise to work on the issues, and then it gets settled to be like a 55% raise over 6 years, with some nominal language about guaranteed number of jobs for the next 6 years... or something like that.
And yes, this was timed to take advantage of the political environment... which is what they're supposed to do. But ultimately, they aren't getting 70% and a guarantee of no automation. And the federal government will step in eventually b/c of the overall damage to the economy would be too great. The longshoremen need to be careful to not overplay their hand.