Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Dockworkers poised to strike at midnight Tens of thousands of longshoremen at ports along the East Coast and Gulf of Mexico will likely strike early Tuesday morning if their union and employers cannot reach a new labor agreement by midnight.  © AP Photo/Seth Wenig Negotiations between the International Longshoremen’s Association (ILA) and the U.S. Maritime Alliance (USMX) broke down earlier this summer. The two sides remain far apart on key issues with the contract set to expire Oct. 1.     The ILA says it represents about 85,000 longshoremen, and the USMX says the current contract covers around 25,000 port workers. This would be the union’s first strike since 1977.    Estimates for the economic impact of the strike cover a wide range: The business research nonprofit The Conference Board puts the cost at around $540 million per day, while analysts at JP Morgan estimated the cost could be up to $5 billion daily.    Despite the potential economic impact, President Biden said he would not invoke the Taft-Hartley Act, the 1947 law that allows the president to request an 80-day, court-ordered cooling-off period if a strike would “imperil the national health or safety.”    “We support collective bargaining. We believe it’s the best way for both American workers and employers to come to a fair agreement — one that benefits the workers in a way that reflects the success of the companies,” said White House spokesperson Robyn Patterson.    Patterson also noted that this weekend, “senior officials have been in touch with USMX representatives urging them to come to a fair agreement fairly and quickly– one that reflects the success of the companies. Senior officials have also been in touch with the ILA to deliver the same message.”     Rep. David Rouzer (R-N.C.) argued that the “Biden-Harris Administration has failed to act to protect our economy and American consumers” in a post on the social platform X Monday.     “A week-long strike would create a backlog at our ports until November,” said Rouzer, who represents Wilmington, where one of the ports to be impacted by the strike is located.     U.S. Chamber of Commerce President Suzanne Clark pushed Biden Monday to invoke Taft-Hartley, warning it “would be unconscionable to allow a contract dispute to inflict such a shock to our economy.”     “These ports collectively handle more than 68 [percent] of all containerized exports and 56 [percent] of imports for the nation, with a daily trade value exceeding $2.1 billion,” Clark wrote. “Simply put, you have the authority to keep contract negotiations going while keeping the ports open.”    The Hill’s Taylor Giorno has more here.    Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   Crypto owners evenly split between Harris, Trump: Poll Americans who own cryptocurrency support Vice President Harris and former President Trump in equal numbers, according to new Morning Consult polling conducted on behalf of crypto exchange Coinbase.   Full Story   Rick Scott calls for Senate to reconvene to consider Helene disaster aid Sen. Rick Scott (R-Fla.) on Monday called for the Senate to “immediately reconvene” once damage assessments are completed so lawmakers can consider an emergency aid package in response to the devastation left by Hurricane Helene.  Full Story   Fed will help banks get cash in hurricane affected areas, Powell says Federal Reserve Chair Jerome Powell said Monday the Fed can help regional and local banks in hurricane-affected areas of the country make sure they have enough cash on hand for their customers during the ongoing emergency.  Full Story   Low-price home affordability increases as mortgage rates ease: Report Less-expensive starter houses are becoming more affordable as mortgage rates are coming down, a trend that’s being bolstered by a recent boost to household incomes.  Full Story   The Ticker  Upcoming news themes and events we're watching: Federal Reserve Governor Lisa Cook is set to speak on Tuesday at the Technology-Enabled Disruption Conference on the implications of AI and Big Data, among other topics, at 11:10 am E.T.   In Other News  Branch out with more stories from the day: With strike looming, progress is reported in talks between Eastern and Gulf ports and dockworkers NEW YORK (AP) — With a strike deadline looming, the union for 45,000 dockworkers and the group representing … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Expect shortages of bananas, booze, chocolate and cherries if there’s a long port strike (CNN)  S&P 500 posts record close on Monday to cap winning month and quarter (CNBC)  Hurricane Helene hits homeowners already facing soaring insurance costs (CBS Money)    What Others are Reading  Top stories on The Hill right now: Pollsters: Don’t be so sure Trump will outperform our surveys Pollsters caution against assuming that the polls this cycle are susceptible to the same errors as previous ones that underestimated support for former President Trump, arguing that every election is different and that this year’s polls are an accurate reflection of the competitiveness of the race. Read more Clinton warns of October surprise that will ‘distort and pervert’ Harris Former Secretary of State Hillary Clinton warned of an October surprise that will “distort and pervert” Vice President Harris. Read more   What People Think  Opinions related to business and economic issues submitted to The Hill: Salons and barbershops are being taxed unfairly To win over seniors, Harris should highlight her support for Social Security      You're all caught up. See you tomorrow!