A massive strike across the U.S. East and Gulf Coast ports has been averted after a dockworker union and an alliance of companies, terminal operators, and port associations, negotiated a new labor contract.

The International Longshoremen's Association reached an agreement Wednesday on a new master labor contract with the United States Maritime Alliance, averting a strike at U.S. east coast and gulf coast ports.

Key Takeaways Dock workers and employers at East and Gulf Coast ports have reached a tentative agreement on a new six-year contract.The deal averts a strike that could have restarted when the current deal expires on Jan.