The US economy could take a major hit from the collapse of the Francis Scott Key Bridge in Baltimore. The bridge collapsed yesterday after colliding with a container ship. It appears that the container ship in question will remain there for some time, blocking the shipping route for large cargo ships. American economist Philip Marey of Rabobank says that repairing the bridge could take months.
The US economy takes a huge hit due to the collapse of the Baltimore bridge
Baltimore is an important port for importing and exporting goods. A quarter of all coal is exported through the city, and many cars and other vehicles also enter the country. “It's hard on a number of levels,” says Mary. This blow is also felt on the other side of the ocean on the European continent. For example, Baltimore is an important destination for Germany when it comes to coal exports.
Consequences for the Netherlands
But the Netherlands may also face negative economic consequences resulting from the bridge collapse. The Netherlands exports a lot of sugar to the rest of America through the port of Baltimore. The US economist knows that this will soon become more difficult to sell. The only bright spot is that Baltimore is at the end of the inlet. When small ships sail into the Atlantic, they can also transfer to the naval base in Norfolk. But the problem there is that the port there is also relatively full, “so it will be crowded.”
“They want to do everything they can to get things back on their feet.”
It is still unclear how long it will take before the collapsed bridge is fully repaired. According to Mary, US President Joe Biden is already actively participating in the construction of the bridge. “They want to do everything they can to get things back on their feet.” It is now estimated that recovery will take approximately months. Mary says this could ultimately take a few weeks, or at worst several years.
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