The two sides have extended their existing contract through January 15.

The longshoremen strike that began Tuesday, October 1, is over – for now. On Thursday, October 3, the United States Maritime Alliance and the International Longshoremen’s Association agreed to a tentative deal on wages. Nothing is yet set in stone, and this does not yet represent a new contract. Instead, the two sides agreed to extend the existing contract, which expired after September 30, until January 15 to make room for negotiations on a final agreement without negatively affecting consumers and the American economy.

After just two days, the strike was already stressing the US supply chain, as thousands of containers representing billions of dollars in goods were either dropped in the wrong ports or anchored offshore. About 50,000 of the union’s 85,000 members went on strike across 14 ports along the East and Gulf Coasts. Union chief Harold Dagget had said in an announcement on Tuesday they were asking for an increase of $5 per hour for each year of the contract. At the end of the six years, then, union members – many of whom already make close to $40 an hour – would be making $30 an hour more. CNBC reported that sources claim the tentative agreement will increase wages by 61.5% over the next six years. The argument over port automation is ongoing.