The collapse of the Baltimore Bridge has affected the US economy

The collapse of the Baltimore Bridge has affected the US economy

International27 Mar '24 at 17:02Teacher: Mirth Koopman

The collapse of the Francis Scott Key Bridge in Baltimore will have a major impact on the US economy. The bridge collapsed yesterday after being hit by a container ship. It is likely that the container ship will remain there for some time, blocking the passage of large cargo ships. It could take months to repair the bridge, says Rabobank's US economist Philip Mere.

The collapse of the Baltimore Bridge has affected the US economy

Baltimore is an important port for both the import and export of goods. A quarter of coal is exported through the city, and many cars and other vehicles also enter the country. “Feet is hard on so many levels,” Mary says. The blow is felt across the ocean on the European continent. For example, Baltimore was an important destination for Germany's coal exports.

The collapse of the Francis Scott Key Bridge in Baltimore will have a major impact on the US economy. (ANP/AFP)

Consequences for the Netherlands

But the Netherlands could also experience negative economic consequences of the bridge collapse. The Netherlands exports a lot of sugar to the rest of the United States through the port of Baltimore. And that will soon become more difficult to sell, the American economist knows. The only bright spot is that Baltimore is located at the end of an inlet. Smaller ships can also be diverted to a naval base in Norfolk when they head for the Atlantic Ocean. However, the problem there is that the port there is also relatively full, so it can be crowded.

See also  The irrepressible Gareth Bale draws for Wales against USA | 2022 FIFA World Cup

'They want to do everything they can to get things back on their feet'

Philip Marie, American economist

It is not yet clear how long it will take to completely repair the collapsed bridge. According to Mary, US President Joe Biden is already actively involved in the construction of the bridge. “They want to do everything they can to get things on their feet.” It is now estimated that the recovery will take about months. Mary says it could be weeks at the end, or years at worst.

Also Read | 'Risk of Derailment of US Government Funds'

Leave a Reply

Your email address will not be published. Required fields are marked *