The dock worker strike that reportedly cost the economy billions per day just weeks before the election has ended with the union and port ownership striking a “tentative agreement” on Thursday.

In a joint statement, the International Longshoremen’s Association and port ownership, represented by the United States Maritime Alliance, announced they would extend the expired contract until January.

The two sides said they “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.”

“Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume,” the statement read.

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The wage agreement reportedly consists of a $4 an hour raise for each year of the six year contract. The final details of the deal still have to be worked out.

The tentative deal still has to be ratified by rank-and-file union members. If members vote against it, the strike could start again.

President Biden praised the new agreement in a statement.

“Today’s tentative agreement on a record wage and an extension of the collective bargaining process represents critical progress towards a strong contract,” Biden said.

“I congratulate the dockworkers from the ILA, who deserve a strong contract after sacrificing so much to keep our ports open during the pandemic. And I applaud the port operators and carriers who are members of the US Maritime Alliance for working hard and putting a strong offer on the table,” the president added.

Biden could have forced the strikers back to work by invoking the Taft Hartley act, which requires a 80-day cooling off period, but he refused to do so.

On Wednesday, Vice President Kamala Harris endorsed the strike.

Harris put out a statement saying the strike is about “fairness,” and blamed “foreign-owned shipping companies” for their “record profits” and bigger executive salaries. The Democratic presidential nominee found herself caught between courting the union vote and averting economic disaster.

The dockworkers union has donated more than $1.6 million to Democrats under union president Harold Daggett, who threatened to “cripple” the economy if dockworkers did not get the contract they wanted.

Daggett endorsed President Joe Biden, but began lashing out at the White House as the strike drew near.

The massive strike snarled supply chains, and consumers could still feel some effects over the next month despite the strike lasting only a few days.

However, many food sellers such as packaged food maker ConAgra stocked products early since they saw the strike coming. The union’s negotiations broke down over the summer.

Nevertheless, some shoppers panic bought items like toilet paper, which ran out at Costco stores across the country, as shoppers tried to stock up.