The union that represents dockworkers on the East and Gulf coasts said Wednesday it reached a deal to avert a strike. Why it matters: The deal avoids an economically crippling work stoppage that could've started as soon as next week.

Dockworkers tentatively agree to a new deal, preventing a potential port strike that may have snarled supply chains, created shortages and inflation.

The United States Maritime Alliance said on Wednesday it reached a tentative agreement on a new six-year master contract with the International Longshoremen’s Association.