Dockworkers at major ports along the US East and Gulf Coasts began a strike after labor negotiations between the International Longshoremen's Association (ILA) and the United States Maritime Alliance (USMX) failed to yield a new contract. The walkout marks the first strike by the ILA since 1977 and could significantly impact the US economy, potentially costing up to $5 billion daily. The strike involves around 45,000 workers at 36 ports, affecting vital trade routes and creating potential shortages and price increases, especially ahead of the holiday season. The union is demanding wage increases and a ban on automation, citing the high cost of living and stagnant wages since 2018. President Biden has indicated he will not invoke the Taft-Hartley Act to force workers back to their jobs. Retailers have preemptively stocked up on goods, but extended strikes could still exacerbate supply chain issues.