Both sides said in a statement that they would extend their master contract until January 15, 2025 to return to the bargaining table to negotiate all outstanding issues.

A shutdown that lasts more than a few weeks has the potential to raise prices and create shortages of goods throughout the country.

Thousands of unionized dockworkers at 14 major U.S. ports, including PortMiami and Port Everglades, are on strike after failing to come to terms on a new labor contract. Why it matters: A work stoppage that lasts more than a few days will snarl supply chains,