The port strike has ended after workers reached a tentative agreement on wages and contract extension.

• A tentative agreement on wages has been reached between the U.S. dockworkers' union and the United States Maritime Alliance.
• The contract has been extended until January 2025 to allow for negotiations on a new agreement.
• The strike at East Coast and Gulf Coast ports, which began at the start of the week, has ended, averting a potential U.S. shortage of fruits, automobiles, and other goods.

The U.S. dockworkers' union and the United States Maritime Alliance have reached a tentative agreement on wages and have extended their existing contract until January 15 to allow for negotiations on a new contract.

The strike at East Coast and Gulf Coast ports, which began at the start of the week, has ended, averting a potential U.S. shortage of fruits, automobiles, and other goods.

The International Longshoremen's Association and the United States Maritime Alliance, Ltd. have reached a tentative agreement on wages and have agreed to extend the Master Contract until January 15, 2025 to return to the bargaining table to negotiate all other outstanding issues, according to a joint statement by the two organizations.

The ongoing strike had already put stress on the U.S. supply chain, with thousands of containers misplaced at the wrong ports and billions of dollars in goods anchored offshore due to port inactivity, as previously reported by CNBC. As a result, shipping costs had already begun to increase.

This week, approximately 50,000 members of the ILA went on strike, which was the first such action since 1977. The strike affected operations at 14 different ports.

On Tuesday, ILA President Harold Daggett stated that the union was seeking a $5 hourly raise for every year of the six-year contract.

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