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US dockworkers suspend strike that threatened to cripple ports

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US dockworkers suspend strike that threatened to cripple ports

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A strike that closed US east and Gulf coast ports will be suspended after the dockworkers’ union and the group representing ocean carriers reached an agreement on Thursday, averting for now a costly blow to the economy ahead of the presidential election.

The agreement extends the International Longshoremen’s Association’s employment contract, which had expired, until January 15. It will allow them to return to work for the first time in three days, the union and the shipping lines’ group said in a joint statement.

Negotiations, which had been at an “impasse” over wages and automation for months, would now continue, the statement said.

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The work stoppage, which started on Tuesday, had threatened to upend the US economy by snarling global supply chains and halting imports of fresh foods, pharmaceuticals and other consumer goods. JPMorgan analysts estimated that it could cost the US economy as much as $4.5bn a day.

The three dozen affected ports span from Maine to Texas and together handle one-quarter of the country’s annual international trade, worth $3tn, per a Conference Board analysis.

US President Joe Biden congratulated the union and the United States Maritime Alliance (USMX), which represents the carriers, on the deal, saying in a statement that it “represents critical progress towards a strong contract”.

Frustration over the economic fallout of the strike, compounded by fears over how product shortages could delay relief efforts for states devastated by Hurricane Helene, had opened up a new line of attack on Biden and vice-president Kamala Harris, the Democratic candidate, ahead of the November 5 election.

Donald Trump, the former president and Republican nominee, claimed earlier this week the work stoppage “would never have happened” had he been in the White House.

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Business leaders had also criticised Biden’s approach to the strike, repeatedly asking him to invoke a federal law that would temporarily force the longshoremen to resume loading and unloading container ships. Biden said he wanted the groups to come to an agreement on their own.

A coalition of 272 trade groups representing retailers, farmers, restaurants, meat processors, truckers and other industries had called the work stoppage a “dire situation” on Wednesday, with “massive negative ramifications for our industries and the economy”.

It threatened the import of consumer items from bananas to coffee to clothing. Some Americans even began panic buying and hoarding toilet paper, prompting a trade group that represents paper manufacturers to issue a statement saying it did not expect the strike to have an impact on supply. An estimated 85 per cent of such products are manufactured in the US, the American Forest and Paper Association says.

ILA leaders told picketing workers the deal that included a 62 per cent raise over the six-year term of the contract. ILA members earned between $20-$39 an hour under the old contract — with overtime pay that pushed a third of New York-based workers’ annual earnings above $200,000 during fiscal year 2019-2020.

They are also fighting the adoption of port robotics that they say could eliminate jobs. Ports in the Netherlands and Australia are already primarily operated by remote-controlled cranes, employing few human workers.

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Video: Our Photographers’ Favorite Campaign Trail Photos

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Video: Our Photographers’ Favorite Campaign Trail Photos

How did they get those photos? Doug Mills, who has been photographing former President Donald J. Trump for The New York Times, and Erin Schaff, who has been photographing Vice President Kamala Harris, tell the stories behind their favorite photos of the candidates.

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Donald Trump victory bets and strong US economy power dollar gains

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Donald Trump victory bets and strong US economy power dollar gains

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The dollar has roared to its biggest monthly gain in more than two years, propelled by bets that strong economic data and a victory for Donald Trump in next week’s presidential election will lead to interest rates staying higher for longer.

An index measuring the dollar against a basket of six other currencies, including the pound and Japan’s yen, jumped 3.2 per cent in October, its best month since April 2022.

Economists and strategists said the greenback’s sharp rise reflected persistent signs of economic resilience, including surprisingly strong September payrolls data and evidence of higher consumer spending.

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“It’s been the perfect storm of dollar-supportive information over the last few weeks,” said Eric Winograd, chief economist at AllianceBernstein. “Our data continues to paint a picture of an economy that isn’t really slowing.”

Market participants said increasing expectations in the market of a Republican election victory had bolstered the dollar’s appeal.

The latest polls put Trump and Democratic candidate Kamala Harris virtually neck and neck, setting the stage for an extremely tight race on November 5.

Investors believe that if Trump wins and trade tariffs and tax cuts are implemented, then inflationary pressures would be compounded and the Federal Reserve would be less likely to cut interest rates rapidly.

“It’s a combination of better than expected economic data. [And] also the growing consensus that Trump is likely to win the election,” said Andrzej Skiba, head of Bluebay US fixed income at RBC Global Asset Management. “With Trump, you could expect greater pressure on inflation than otherwise would be the case.”

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While Trump has stated his preference for a softer dollar, strategists said it is logistically difficult to weaken a currency.

After policymakers lowered rates by an unusually large 0.5 percentage points in September, markets priced in at least one more jumbo-sized cut before the year-end.

But those expectations have been scaled back over the past month. Futures markets are pricing in a quarter-point reduction at next week’s Federal Reserve meeting and those views were cemented after October payrolls came in much lower than expected on Friday, albeit distorted by major hurricanes and worker strikes, while the unemployment rate held steady.

Markets at the end of this week showed rising odds of another quarter-point cut in December.

Still, were Harris to win the election, Mark McCormick, head of FX strategy at TD Securities, does not “think Harris is fundamentally negative for the dollar”.

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Some positions may unwind if Trump loses the election, he said. “But that’s a dip,” he added. “Data, central banks, the economic outlook — all of those things are moving back in favour of the US.”

For AllianceBernstein’s Winograd, “the extent of that [currency] weakening has to be limited by the [recent economic] data being positive . . . I don’t think the dollar will undo an entire month’s worth of gains.”

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Who is Liz Cheney? Trump fantasises her being shot during chat with Tucker Carlson

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Who is Liz Cheney? Trump fantasises her being shot during chat with Tucker Carlson

Donald Trump has the latest violent fantasy days before elections and features Liz Cheney. During a recent campaign appearance, the former president fantasised about the attorney being shot in the face. He also called her a “radical war hawk”. His remark resulted in massive outrage and backlash from the netizens.

Donald Trump recently made violent remarks about Liz Cheney, suggesting she should be shot. REUTERS/Kevin Lamarque(REUTERS)

Also Read: US election in numbers: Who won the donation race, Kamala Harris or Donald Trump?

Who is Liz Cheney?

Liz is a 58-year-old attorney and former republican politician. She served as a former congresswoman from Wyoming who served in the U.S. House of Representatives from 2017 to 2023. She is known for her strong conservative views and for being a vocal critic of Trump. She has been a sore spot for Trump since she switched to Kamala Harris’ side.

Previously she was a supporter of the Republican presidential nominee, however, this support went for a toss after the January 6 Capitol attack. She stated that Trump’s actions during the Capitol riot in 2021 showed he “can never be trusted with power again,” as reported by BBC. In the past month, she has campaigned alongside Harris to connect with disaffected Republicans in key swing states.

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Liz is the daughter of former Vice President Dick Cheney under George W. Bush and was a key architect of the Iraq War. She has often defended her father’s decisions regarding military interventions and has been an advocate for a strong American presence on the global stage. However, she has also faced criticism for her support of the Iraq War and has taken a stand against the withdrawal from Afghanistan. This is another point where she locked horns with Trump because of the latter’s approach to foreign policy and national security.

She has co-authored three books with her father: his autobiography My Time: A Personal and Political Memoir (2011), Exceptional: Why the World Needs a Powerful America (2015), and Heart: An American Medical Odyssey (2013), the latter written with her father’s heart surgeon.

In 2023, she published her own memoir, Oath and Honor: A Memoir and a Warning, which details the January 6th attack, its causes, and its aftermath.

Also Read: Melania Trump leaves NYC with son Barron for next ‘big move’ ahead of the US elections

What was Trump’s violent fantasy about Liz Cheney?

Trump joined conservative broadcaster, Tucker Carlson on Thursday night at an event in Glendale, Arizona. He criticised the Iraq war, highlighting Cheney’s decision to pardon Scooter Libby, who was convicted of lying to investigators in 2007.

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He then took a jab at his daughter Liz as he said, “His daughter is a very dumb individual, very dumb. She’s a radical war hawk.” Trump added, “Let’s put her with a rifle standing there with nine barrels shooting at her. Let’s see how she feels about it. You know when the guns are trained on her face,” as reported by The Independent.

He also criticised the government officials before one final blow at Liz. The former president said, “They’re all war hawks when they’re sitting in Washington in a nice building saying, ‘Oh, gee, well, let’s send 10,000 troops right into the mouth of the enemy.” He continued “But she’s a stupid person. And I used to have meetings with a lot of people and she always wanted to go to war with people.”

Netizens were infuriated with Trup’s violent comment as one user wrote on X, “As a woman I do not tolerate threats against other women, I stand with Liz Cheney. Trump is not fit for office.” A second user wrote, “Isn’t it the mark of a true Coward to threaten a Woman?” A third user wrote, “As a man and an American I DO NOT tolerate threats against women…Anyone for that matter!!! I stand with Liz and all who are threatened by weak men who feel they are entitled to make threats and try to exhibit dominance over anyone…”

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