One expert said consumers could see price hikes to cover costs of rerouting shipments.
The collapse of the Francis Scott Key Bridge in Baltimore, Maryland, early Tuesday morning, could have a huge impact on supply and demand as it’s the country’s busiest port for cars and trucks and the ninth busiest port overall. The head of a supply chain management company said Americans should expect shortages of goods as the Baltimore bridge collapse affects ocean container shipping and East Coast trucking logistics.
3 million trucks cross the bridge every year — 3,600 a day. Trucks that carry hazardous materials will now have to make 30 miles of detours around Baltimore because they are prohibited from using the city's tunnels, she said, adding to delays and increasing fuel costs. Consumers could also see price hikes to cover the costs of rerouting while insurance for vessels could also increase, Chloe Demrovsky, the executive in residence in global economy at New York University, told FOX.
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