A brief joint statement issued by the US International Longshoremen’s Association (waterside workers) and the United States Maritime Alliance (representing shipping companies) said the two parties had reached a tentative agreement on wages and had agreed to extend the Master Contract until January 15 next year, in order 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 said.

The strike action taken on Tuesday impacted 36 US ports, including major ones like New York, Baltimore, and Houston along the US East Coast and Gulf Coast region. If it had persisted for any length of time, the stoppage threatened to disrupt both incoming red meat imports from countries like Australia, New Zealand and Brazil, but also US beef exports to other parts of the world.

Shipping companies earlier this week were already applying large surcharges on Australian container shipments heading for US East coast ports, and limiting the volume of cargo among customers, an Australian export contact told Beef Central.

The International Longshoremen’s Association agreed yesterday to suspend its strike action, involving about 45,000 waterside workers, after receiving an improved wage offer from employers.

The US Maritime Alliance increased its offer to lift wages by 62 percent over a new six-year contract. The union originally sought a 77pc raise, while the US Maritime Alliance previously offered nearly 50pc.

By Wednesday this week, there were already around 45 container vessels waiting to unload off US East Coast ports, compared to three before the strike started. Panic buying of perishable goods had already started in US supermarkets on Thursday, US new reports said.

The US Meat Export Federation issued a statement this morning, where president Dan Halstrom thanked all parties involved in the effort to get cargo moving again off the East and Gulf Coasts.

“This was a tremendous relief to everyone in the US meat and livestock industries, as about $100 million worth of beef and pork products are exported every week through East and Gulf Coast ports,” he said.

“Exports are a critical revenue stream at all levels of the US red meat supply chain, and our industry needs all US ports operating to meet the needs of our international customers and to maintain the United States’ reputation as a reliable red meat supplier,” he said.

Commentators stressed that today’s return to work did not mean that strike action might not resume next year, if dialogue between the waterside union and shippers does not progress.

The strike was the largest of its kind in nearly 50 years, and threatened to cost the US economy up to $4.5 billion a day, analysts JP Morgan estimated.