General Motors and the United Automobile Workers union have reached an agreement on a new contract, ending a two-day national strike of 73,000 workers.
 
The deal calls for the creation of a huge union-run, company-funded health-care trust that will take some $50 billion in liabilities off G.M.'s books. The trust represents a radical restructuring of the traditional pension and health care benefits that the U.A.W. led the way in securing decades ago.

"This agreement helps us close the fundamental competitive gaps that exist in our business," Rick Wagoner, the chief executive of General Motors, said in a statement. "The projected competitive improvements in this agreement will allow us to maintain a strong manufacturing presence in the United States, along with significant future investments."

The agreement was reached early this morning and workers will return to their jobs this afternoon. Full details of the contract were not released. The previous contract expired on September 14.

The contract, which must be ratified by the rank-and-file members of the U.A.W., is expected to be the model for new contracts with Ford Motor and Chrysler.

"It's an agreement we're proud to recommend to our membership," the president of the U.A.W., Ron Gettelfinger, said at a 4 a.m. press conference at the union's headquarters in downtown Detroit, according to the Detroit News. "This contract will be better in some ways; it will be different in some ways. Our retirees will be exceptionally pleased with the contract."