Dockworkers’ union suspends strike until Jan. 15 to allow time to negotiate new contract [Video]

Some 45,000 dockworkers at East and Gulf coast ports are returning to work after their union reached a deal to suspend a strike that could have caused shortages and higher prices if it had dragged on.Related video above: Strike concerns consumers about potential strained supply chainThe International Longshoremen’s Association is suspending its three-day strike until Jan. 15 to provide time to negotiate a new contract. The union and the U.S. Maritime Alliance, which represents ports and shipping companies, said in a joint statement that they have reached a tentative agreement on wages.A person briefed on the agreement said the ports sweetened their wage offer from about 50% over six years to 62%. The person didn’t want to be identified because the agreement is tentative. Any wage increase would have to be approved by union members as part of the ratification of a final contract.Talks now turn to the automation of …