BREAKING: Port strike suspended, ILA agrees to 62% wage hike | LiveNOW from FOX

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The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports has reached a deal to suspend their strike until Jan. 15 to provide time to negotiate a new contract, a person briefed on the matter says.

The union, the International Longshoremen's Association, is to resume working immediately at least until January said the person, who spoke on condition of anonymity because the agreement has yet to be signed. The agreement will allow the union and the U.S Maritime Alliance, which represents the shippers and ports, time to negotiate a new six-year contract. The person also said both sides reached agreement on wage increases, but details weren't available.

The union went on strike early Tuesday after its contract expired in a dispute over pay and the automation of tasks at the ports from Maine to Texas. The strike came at the peak of the holiday shopping season at 36 ports that handle about half the cargo from ships coming into and out of the United States.

The walkout raised the risk of shortages of goods on store shelves if it lasted more than a few weeks. But most retailers had stocked up or shipped items early in anticipation of the work stoppage.

A joint statement released Thursday said both sides "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."