A major U.S. longshoremen union and the United States Maritime Alliance have agreed to a tentative wage agreement and extended their existing contract until Jan. 15 to allow time to negotiate a new contract.

The move ends a strike that has paralyzed East and Gulf Coast ports since the start of the week and threatened U.S. supplies of fruit, cars and other goods.

“The International Longshoremen's Association and the United States Maritime Alliance, Ltd. “We have reached a preliminary agreement on wages and agreed to extend the framework agreement until January 15, 2025 in order to return to the bargaining table and negotiate all other outstanding issues,” according to The International This stated the Longshoremen's Association and the United States Maritime Alliance in a joint statement.

As the week progressed, the strike had already begun to strain the U.S. supply chain. Thousands of containers were dumped at the wrong ports and billions of dollars worth of goods were anchored off the coast because the ports were not operating, CNBC previously reported. Shipping costs had already started to rise.

The strike was the ILA's first since 1977 and affected operations at 14 different ports. About 50,000 of the union's 85,000 members went on strike this week.

In a statement Tuesday, ILA President Harold Daggett said the union is asking for a $5 hourly increase for each year of the six-year contract.

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