The International Longshoremen’s Association (ILA) union and the U.S. Maritime Alliance (USMX), an association of companies that operate East and Gulf Coast ports, reached a tentative agreement Thursday to end a two-day strike. The ILA announced Thursday night that the USMX agreed to boost pay for port workers and that union members would return to work immediately. “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. Effective immediately, all current job actions will cease and all work covered by the Master Contract will resume,” the two organizations said in a joint statement obtained Thursday by The Hill. The agreement suspends a strike that could have had serious consequences for the U.S. economy and posed political issues for President Biden and Vice President Harris, who stood staunchly behind the striking workers. Experts projected the strike could cost the U.S. economy $5 billion per day as imports such as food, auto parts, furniture and other key goods remained sealed in containers that would remain unemptied by ILA members. The ILA strike also posed a serious threat to U.S. exporters and prompted waves of panic-buying, though experts said shortages wouldn't be apparent for weeks. Businesses had also been bracing for this strike for months, shipping goods early or through West Coast ports. “Companies are relying on pre-built inventory and making adjustments to manage the initial disruption,” said Madhav Durbha, group vice president of consumer packaged goods and manufacturing at the supply chain planning solutions company RELEX, before the deal was reached. “Perishable food items are the main risk area, but there are no major shortages yet,” Durbha added. The agreement also punts what could have been a major political headache for Biden and Harris, who faced pressure from businesses and trade groups to break the strike. Critics of the ILA urged Biden to invoke the Taft-Hartley Act, which empowers the president to suspend for 80 days a strike that can seriously threaten the U.S. economy. Biden, however, said he would refuse to invoke Taft-Hartley and urged USMX to heed calls for higher pay. In a Thursday statement, Biden praised the ILA and USMX "for coming together to reopen the East Coast and Gulf ports." "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." Updated at 7:28 p.m. EDT. Taylor Giorno contributed.