US Ports to Demand $66 Billion
In a hearing before the US Senate Finance Committee’s Subcommittee on International Trade, Customs and Global Competitiveness, the American Association of Port Authorities (AAPA) is to testify regarding the infrastructure needs of US ports.
The AAPA intends to offer a number of ways to ensure that America’s ports have to ability to continue supporting US international trade.
AAPA CEO Kurt Nagle said: “To remain internationally competitive in today’s economy, America needs a coordinated, multimodal freight network that incorporates and leverages every mode of freight transportation, both on land and in the water.
“AAPA projects the seaport industry will require about US$66 billion in infrastructure investments over the next decade, including nearly $34 billion for waterside projects, like deep-draft dredging of our harbours and channels, and about $32 billion for landside projects, like road and rail connectors to our ports.”
Nagle is set to recommend that the best way to provide needed navigation maintenance funding is for US Congress to adopt the long-term funding solution AAPA developed earlier this year.
AAPA’s solution devotes 100% of the funds collected from shippers for the HMT while requiring no additional tax burden on the transportation industry or on taxpayers.
This system, according to the AAPA, assures a fair, equitable and reliable way to keep this part of America’s critical transportation system healthy.
The US is currently embroiled in a trade war with China as the two countries trade blows in the form of import tariffs.