Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Weeks-long port strike could hit economy hard Labor and business experts warn the massive port strike could cost as much as $5 billion per day. © Associated Press/Eduardo Munoz Alvarez Thousands of members of the International Longshoremen’s Association (ILA) stopped working Tuesday, striking for a substantial compensation increase and protections from automation after years of record profits for the shipping companies that employ them.   But the strike could have major consequences for the U.S. and international economy.   Arthur Wheaton, director of labor studies at Cornell University, said the current strike at the East Coast ports will have a “broader impact” than a recent labor action that affected West Coast ports.   “This hurts our ability to export,” he said in an interview Tuesday. “Almost 2 out of 3 containers that leave the U.S. go through those eastern ports. The western ports have a lot more incoming, so [labor actions there] are hurting the foreign-owned entities coming in. This one will hurt the exporters, because they won’t be able to send their BMWs from South Carolina over to Europe.”   The National Association of District Export Councils (NADEC) said Tuesday it wants negotiations to resume toward a “win-win settlement.”   “NADEC urges all parties to resume negotiations and reach a win-win settlement that preserves the essential flow of U.S. goods,” the group said in a statement sent to The Hill.   West Coast dockworkers have a separate union from East Coast workers. West Coast longshoremen agreed to a new six-year contract last year that included a 32 percent raise.    The economy is top of mind for American voters ahead of the November election, ranking as the top issue in many different polls.   Vice President Harris is facing significant pressure to sell voters on her approach to the economy, as she and President Biden have trailed former President Trump on that issue, which is the most important one for voters in the upcoming elections, according to various polls.   The Hill's Tobias Burns has the latest 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:   Port strike leads to panic-buying, but experts say there’s no need While the major port strike on the East Coast and Gulf Coast could threaten Americans’ supply of bananas, it likely won’t directly cause a toilet paper shortage – but that hasn’t stopped consumers from panic-buying the product.   Full Story   Business coalition urges Biden to take ‘immediate action’ to end port strike Nearly 300 trade associations urged President Biden on Wednesday to take “immediate action” to resolve the massive strike at ports along the East Coast and Gulf of Mexico.  Full Story   Bank of America users reporting widespread outages  Bank of America users reported widespread outages Wednesday, with some unable to access their accounts while others complained of inaccurate balances.   Full Story   HHS expecting ‘limited’ impact on drug supply chain from port strike The Department of Health and Human Services (HHS) is not anticipating a major impact on the availability of health care products stemming from the port strike that began this week, with current assessments foreseeing a “limited” effect.  Full Story   The Ticker  Upcoming news themes and events we're watching: The September jobs report comes out Friday morning at 8:30 a.m. ET.  Days since port strike started: 2    In Other News  Branch out with more stories from the day: Stock market today: Wall Street edges higher as financial markets steady themselves NEW YORK (AP) — U.S. stocks edged higher in a quiet Wednesday, and Treasury yields rose following … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Why inflation worries are starting to show up in this part of the market again (MarketWatch)  The East and Gulf coast ports strike could be a no-win situation for the Biden administration (CNBC)  Elon Musk Gave Tens of Millions to Republican Causes Far Earlier Than Previously Known (The Wall Street Journal)    What Others are Reading  Top stories on The Hill right now: 5 things to know about the port strike Dockworkers and longshoremen in East Coast ports are now on strike in a major labor action with real consequences for the U.S. and international economy. Read more Jack Smith makes case for Trump Jan. 6 prosecution in wake of immunity decision Special counsel Jack Smith laid out the pathway for his election interference case against former President Trump in the wake of the Supreme Court’s immunity decision, describing the former president’s bid to thwart the transfer of power as a “private criminal effort.” Read more   What People Think  Opinion related to business and economic issues submitted to The Hill: Economists agree another Trump term would ruin the US economy — will voters listen?      You're all caught up. See you tomorrow!