Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

US braces for supply chain disruption following Baltimore bridge collapse

by March 28, 2024
March 28, 2024
US braces for supply chain disruption following Baltimore bridge collapse

The closure of the Port of Baltimore following the catastrophic collapse of the Francis Scott Key Bridge has prompted concerns about significant disruptions to supply chains in the United States.

Transportation Secretary Pete Buttigieg warned of a “major and protracted impact” on supply chains due to the closure, although experts suggest the impact might be targeted to specific regions and industries.

The Francis Scott Key Bridge, a critical artery in Baltimore’s industrial hub, collapsed after being struck by a cargo ship, leading to at least six presumed deaths and a state of emergency declared by Maryland’s governor. The missing individuals were described as hard-working construction crew members from various Latin American countries.

The collapse of the bridge has cut off access to one of the busiest ports in the United States, with immediate consequences such as ships being trapped in the port. The Port of Baltimore, the ninth busiest port in the US and a major hub for vehicle shipments, handles a significant portion of the country’s imports and exports. General Motors (GM) and Ford have announced plans to reroute affected shipments, but the impact on trade and taxes is expected to be significant for every day the port remains inaccessible.

The closure of the port also has implications for the export of coal, as Baltimore is a major port for coal exports, particularly to India for electricity generation. While some coal shipments may be rerouted, logistical challenges may limit the capacity of other ports to absorb the diverted shipments.

The federal government, led by President Joe Biden, has pledged to fund the entire reconstruction of the bridge and provide relief efforts. Treasury Secretary Janet Yellen indicated that a federal supply task force was meeting to assess the closure’s impact, emphasizing the administration’s commitment to swiftly resume port operations.

Beyond the port’s operations, the broader community heavily relies on the bridge for day-to-day activities, with nearly 12 million vehicles crossing it annually. Distribution warehouses owned by companies like Amazon and FedEx are located at the port, raising concerns about potential disruptions to their operations.

Overall, the closure of the Port of Baltimore has raised significant economic concerns for both Baltimore and the state of Maryland, with experts highlighting the incomprehensible economic impact expected from the incident.

Read more:
US braces for supply chain disruption following Baltimore bridge collapse

0
FacebookTwitterGoogle +Pinterest
previous post
British carmakers report rising production six months in a row
next post
SMEs Brace! Brace! for rest of 2024 amid weak growth and policy uncertainty

You may also like

How Philip Belamant, CEO and Co-Founder of Revolutionary...

September 7, 2022

Government ‘will not hesitate’ to ensure retailers give...

December 23, 2022

UK faces ‘heightened recession risks’ as interest rates...

August 24, 2023

How Businesses Can Convert Outdoor Spaces to Improve...

May 27, 2024

SMEs See Strong Start to 2024 Despite Hiring...

April 19, 2024

Gary Lineker liquidates Goalhanger Films ahead of capital...

November 23, 2024

UK braces for even higher bills as Norway...

August 9, 2022

Maximize Profit and Convenience: The Benefits of Renting...

August 23, 2024

New King Charles 50p coins could be worth...

December 30, 2022

Port of Dover warns EU border system has...

January 26, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Republican senator teams up with Democrat to push $15 per hour minimum wage plus annual inflation increases

      June 11, 2025
    • House of Lords AI summit at London Tech Week warns of ‘skills cliff edge’ threatening UK’s competitive future

      June 11, 2025
    • Tariff tensions force Spain’s food giants to seek markets beyond the US

      June 11, 2025
    • Sizewell C secures £14.2bn state boost – but energy savings won’t come for a decade

      June 11, 2025
    • Michelle Mone-linked PPE firm faces £122m high court battle with government

      June 11, 2025
    • Entrepreneur turned away from London Tech Week for bringing baby sparks industry backlash

      June 11, 2025

    Categories

    • Business (8,183)
    • Investing (2,027)
    • Politics (15,592)
    • Stocks (3,141)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved