Businesses are preparing for a strike by dockworkers on the East and Gulf Coasts, which could begin Oct. 1 if negotiations don’t yield a new contract.

Failure to reach a new longshoremen contract deal risks many East and Gulf Coast ports closing before the year-end consumer spending push -- threatening billions in losses to businesses.

Even a short strike at East and Gulf Coast ports could disrupt U.S. supply chains until 2025, according to one expert.

If East and Gulf Coast ports are forced to shut down, the U.S. could see inventory shortages, higher costs at grocery stores, and months-long container backlogs.

Port Import/Export Reporting Service (PIERS data) provided by USMEF showed that through July, 45% of waterborne US pork exports were shipped through the East and Gulf Coast ports, along with the share of waterborne beef exports being 30%.

Just as US policymakers shift focus from curbing inflation to shoring up the job market, the economy faces a jolt that threatens the kind of supply-chain disruption and consumer discontent rife during the pandemic.

Plus, a strike at three dozen US ports could upend supply chains and raise prices just weeks before Election Day. The FT News Briefing is produced by Niamh Rowe, Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino.

U.S. rapidly approaching deadline for a new labor contract for dockworkers at three dozen ports. If a deal isn't reached, all of the workers were told to stop working.