UPS and the Teamsters are at odds over their contract which expires on July 30. 

The Teamsters National Negotiating Committee unanimously rejected the delivery company’s offer early Wednesday morning, according to the union. The committee said UPS provided an "unacceptable" offer in contract talks for about 340,000 employees while also alleging the delivery giant walked away from the talks. 

UPS NEARS DEAL TO DODGE TEAMSTERS STRIKE

Meanwhile, UPS said "We have not walked away, and the union has a responsibility to remain at the table."

"The Teamsters have stopped negotiating despite UPS’s historic offer that builds on our industry-leading pay. We have nearly a month left to negotiate," the company continued. "Refusing to negotiate, especially when the finish line is in sight, creates significant unease among employees and customers and threatens to disrupt the U.S. economy."

WHAT UPS TELLS US ABOUT THE ECONOMY

The existing contract will expire July 31, and UPS workers have already authorized the first strike since 1997 should the talks break down. 

"The Teamsters should return to the table to finalize this deal," UPS said. 

The work stoppage lasted 15 days in 1997 costing UPS $850 million as supply chains were disrupted. 

"This multi billion-dollar corporation has plenty to give American workers, they just don’t want to, "Teamsters General President Sean M. O’Brien said.

MACHINISTS AT KEY BOEING PLANT END STRIKE AFTER UNION APPROVES NEW CONTRACT

"UPS had a choice to make, and they have clearly chosen to go down the wrong road," he added. 

Last week, the Teamsters also said UPS didn’t reward its workers enough that risked their lives to make deliveries during onset of the COVID-19 pandemic, pumping big profits into UPS.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

In some cases, labor unions appear to have more bargaining power as companies like UPS struggle with labor shortages since the pandemic ended.