With a strike deadline looming, the union for 45,000 dockworkers and the group representing East and Gulf Coast ports have exchanged wage offers, leaving a ray of hope that a deal can be reached without a major work stoppage.

A dockworkers' strike is set to shut down ports across much of the US indefinitely, threatening significant trade and economic disruption ahead of the presidential election and the busy holiday shopping season.

A lengthy shutdown could raise prices on goods around the country and potentially cause shortages and price increases at big and small retailers alike.