Crypto News: Supply Lines: Strike day one

The first dockworker strike on the US East Coast since 1977 began Tuesday, after an 11th-hour boost in the employers' wage offer came up short. Union members hit the picket lines after midnight, container terminals closed and auto shipments ground to halt.

Unless it ends soon, the economic fallout could be wide and the recovery prolonged, analysts warned.

"The consequences will be severe, not only through congestion at US ports, but importantly these ships will be delayed returning to the Far East for the next voyage," Xeneta Chief Analyst Peter Sand wrote in a blog post. "A strike lasting just one week will impact schedules for ships leaving the Far East on voyages to the US in late December and throughout January."

Late Monday, the United States Maritime Alliance said it increased its wage boost offer to 50% and asked to extend the current contract so talks could continue without a work stoppage.

The International Longshoremen's Association rejected that final proposal, saying it "fell far short" of what's acceptable. In a statement, ILA President Harold Daggett said "we are prepared to fight as long as necessary, to stay out on strike for whatever period of time it takes."

Washington Edition: Strike Stands to Disrupt US Ports

Meanwhile, anchored container ships and car carriers were starting to congregate outside ports from New York to Miami:

Source: Bloomberg, MAP

—Brendan Murray in London

Click here for more of Bloomberg.com's most-read stories about trade, supply chains and shipping.

Links to China | As the US and China square off over everything from tech to military might, Ford has emerged as the American firm most at risk from its exposure to the world's No. 2 economy, according to Strategy Risks, beating the likes of Apple and Tesla.

Donald Trump ushered in a new era of US trade policy with his first-term tariffs. He's promising to double down on this key element of "America First" if he wins again.
South Korea's export momentum stayed robust in September on continued demand for semiconductors.
Morgan Stanley economists estimated that implementation of Republican tariff-hike proposals would drive up inflation and impose a hit to US economic growth that undercuts employment.
Mexico's incoming President Claudia Sheinbaum plans to name a former top finance official from the nation's capital for a key role negotiating trade. Meanwhile, Mexico's top diplomat said the country isn't concerned by a possible return of former President Donald Trump to the White House.
Tesla is facing expanding industrial action in Sweden after a new union stepped in to support a nearly yearlong strike by workshop staff.

Union Pacific under the leadership of new CEO Jim Vena is evolving into a more service-oriented railroad, which can result in safer operations and additional market share, according to Bloomberg Intelligence.
The North American spot truckload market crept closer to equilibrium in the third quarter, with Truckstop's Market Demand Index up 13% year over year, pushing up spot rates excluding fuel, Bloomberg Intelligence says.
Run SPLC after an equity ticker on Bloomberg to show critical data about a company's suppliers, customers and peers.
Use the AHOY function to track global commodities trade flows.
See DSET CHOKE for a dataset to monitor shipping chokepoints.
For freight dashboards, see {BI RAIL}, {BI TRCK} and {BI SHIP} and {BI 3PLS}
Click HERE for automated stories about supply chains.
On the Bloomberg Terminal, type NH FWV for FreightWaves content.
See BNEF for BloombergNEF's analysis of clean energy, advanced transport, digital industry, innovative materials, and commodities.

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