Louis Campion, president and CEO of the Maryland Trucking Association, spoke on “The Bottom Line” about the impact of the Francis Scott Key Bridge collapse on trucks and transportation routes.
Economists said the collapse of Baltimore’s Francis Scott Key Bridge continued to disrupt local shipping and maritime traffic on Thursday, leaving Americans in a “pin-itch” situation for food, gas prices and other goods. I predict that you will feel that way.
Steve Moore, senior economics contributor at FreedomWorks, told FOX Business on Thursday that the disaster is “obviously hitting the supply chain issues that we already have.” [President] Biden,” and that “the majority of cargo that is loaded on the East Coast is at the Port of Baltimore, so prices could rise.”
“As a result of this bridge collapse, people are going to feel the pinch in terms of things like grocery bills and gas prices,” he said. “The longer this situation drags on, and the longer it takes to rebuild, the bigger the impact will be.”
“I think the real question is how long it will take to get the bridges back up and running. And I think the Northeast Corridor relies on these bridges not only for cargo coming in by ship, but also for trucking. “Trucks are also an important part of our transportation infrastructure,” Moore added. “Bypassing the bridge means it will take more time to get goods and services to stores and warehouses, which will hurt the economy.”
Trade group warns of long-lasting economic fallout from Baltimore bridge collapse
A U.S. Army Corps of Engineers boat passed the wreckage of the Dali cargo ship Wednesday in Baltimore. (Reuters/Mike Seeger/Reuters Photo)
Francesco Bianchi, an economics professor and dean at Johns Hopkins University, also told FOX Business on Thursday that “the prices of goods and services that depend directly or indirectly on cargo passing through ports will rise.” However, “the overall impact will be mitigated by redirecting cargo to other major ports on the East Coast.”
“However, the impact on Baltimore’s economy is likely to be substantial,” he said, adding, “Baltimore is a critical port, and failure to operate normally could push the entire supply chain one step closer to capacity.” Geopolitical risks are already causing problems.”
Bianchi also said, “We expect the impact beyond the Baltimore area to be limited. Cargo being transferred out of Baltimore should be able to be absorbed by other ports.” “Without a doubt, it will be important to understand what exactly happened in Baltimore and elsewhere and how to prevent such events from happening again.”
Transportation Secretary Pete Buttigieg appeared on Fox News Wednesday and said the U.S. needs to prepare for “supply chain impacts.” Due to the collapse of the bridge, The accident occurred on Tuesday after Dali’s cargo ship collided with one of the pillars.
Baltimore bridge collapse spotlights past disasters caused by ships
The cargo ship Dali sits underwater after colliding with Baltimore’s Francis Scott Key Bridge and collapsing on Tuesday. (Tassos Katopodis/Getty Images/Getty Images)
“There are approximately 8,000 jobs directly connected to port activities, and we are concerned about the impact on the local economy,” Buttigieg later told reporters at the White House. “And because of the port’s role in our supply chain, we are concerned about the ripple effects beyond our immediate region.”
Buttigieg said that “$100 million to $200 million in value flows through this port every day, and about $2 million in wages are at risk every day,” which is why the federal government is “most concerned.” It is one of the areas where
“It’s another thing for containers, vehicles and sugar shipments to be absorbed or housed somewhere else,” he said. “But these longshore workers aren’t working if supplies aren’t moving.”
Six construction workers died in the disaster, two of whom were pulled from the waters of the Patapsco River on Wednesday. The remaining four remain missing.
Work continues to remove debris from the collapse of Baltimore’s Francis Scott Key Bridge on Tuesday. (Tassos Katopodis/Getty Images/Getty Images)
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The Dali was heading from Baltimore to Sri Lanka when it apparently suffered a power problem in the moments leading up to the bridge pillar collision.
