A union strike that could have a major impact on the U.S. economy is once again on the horizon, and once again in an election year. This time, it's workers at key ports in the country, including the Gulf of Mexico.

A dockworkers' strike is set to begin at midnight if unions and East and Gulf ports leadership don't come to terms. The International Longshoremen’s Association (ILA) is pushing for substantial wage increases and a complete prohibition on the automation of cranes, gates, and container-moving trucks used in loading and unloading cargo at 36 major U.S. ports, according to the Associated Press. In particular, the union is calling for a 77 percent pay increase spread over six years to help workers cope with rising inflation.

These ports are critical, handling approximately 50 percent of the nation's maritime freight.

The contract between the ILA and the United States Maritime Alliance (USMX), which represents the ports, is set to expire at midnight tonight. Despite the looming deadline, negotiations between the two parties have stalled, with no talks held since June. If the ILA workers decide to strike, it would mark the union's first walkout since 1977, potentially causing significant disruptions to the nation's supply chain.

One of the biggest fears is the disruption coming just ahead of the holiday season, which would cause prices on critical goods and services to go up.

Late Monday afternoon, it was announced that there had been movement in the talks.

In a statement, the U.S. Maritime Alliance, which represents 36 ports from Maine to Texas, said that both sides have moved from their previous positions. The alliance said it also asked the union to extend the current contract.

The International Longshoremen’s Association is threatening to strike at 12:01 a.m. Tuesday in a move that could silence ports that handle about half the ship cargo coming in and going out of the U.S.

A message was left Monday evening seeking comment from the union.

“We are hopeful that this could allow us to fully resume collective bargaining around the other outstanding issues in an effort to reach an agreement,” the alliance statement said.

President Joe Biden has previously said he would not get involved in the strike if it were to take place.