| A US dockworkers union reached a tentative deal on a new labor contract with a group of ocean carriers and terminal operators, potentially e |
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| A US dockworkers union reached a tentative deal on a new labor contract with a group of ocean carriers and terminal operators, potentially easing global supply-chain strains that a World Bank gauge says are the worst since the pandemic. The International Longshoremen's Association and US Maritime Alliance announced the breakthrough in a joint statement late Wednesday. (Click here to read the full story.) If ratified, the deal would avoid a shutdown of East and Gulf coast ports and guarantees union jobs when certain technologies are implemented, the statement said. It also would eliminate a potential economic headache at the start of President-elect Donald Trump's new term which starts Jan. 20. The agreement includes a 62% pay raise and continues to bar fully automated terminals, marking the end of a contentious fight over technology implementation at the ports. A potential strike was also a big reason why importers and exporters were racing to move goods into 2025. According to a recent reading of the World Bank's supply stress monitor, the strains looked more pronounced at US East Coast ports that were facing the threat of another labor strike by dockworkers starting next week. Related Reading: —Brendan Murray in London Click here for more of Bloomberg.com's most-read stories about trade, supply chains and shipping. | |
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| Hopeful sign | German industrial production increased in November, offering hope that the country's struggling manufacturing sector may have begun to stabilize toward the end of last year. Output rose 1.5% from the previous month, better than the 0.5% advance that economists had predicted in a Bloomberg survey. On a three-month basis, it was 1.1% lower, the statistics office said Thursday. | |
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- The Biden administration plans one additional round of restrictions on the export of AI chips from the likes of Nvidia just days before leaving office, a final push in his effort to keep advanced technologies out of the hands of China and Russia.
- China said the European Union's measures to shield its companies from foreign subsidies are a barrier to trade and investment, marking the latest clash in the ongoing trade dispute between the two sides.
- Canada's energy minister says Trump's claim that the US doesn't need anything from Canada is "simply false." The race to be Canada's next prime minister is still at the starting line, and some Canadian business leaders want an immediate election campaign.
- Brazil is offering about $815 million in financing for projects aimed at boosting development of strategic minerals within the South American nation.
- India and Afghanistan's Taliban-led government will use Iranian ports to revive bilateral trade as the two countries move to normalize relations.
- German Chancellor Olaf Scholz pushed back on comments Trump made, including a threat to use economic force to annex Canada and seize Greenland.
- Taiwan's trade surplus with the US surged to a record high in 2024, a haul that could rankle Trump as he returns to the White House on a mission to eliminate America's imbalances in commerce.
- Watch Siemens CEO Barbara Humpton discuss how the company has adapted to the changing supply chain landscape as they prepare for Trump's return.
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On the Bloomberg Terminal | |
- Gennadiy Goldberg, TD Securities head of US rates strategy, says he expects Trump's tariffs to add about a percentage point to inflation in 2025.
- Flooding poses the greatest threat to supply chains this year, as warm ocean temperatures fuel more frequent and disruptive storms, including powerful hurricanes, according to a report.
- 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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