President Donald Trump has called on Congress to pass his long-awaited national infrastructure rebuilding plan, which proposes allocating USD200 billion for direct federal spending for US infrastructure over the next ten years.
The proposal is intended to spur state and local governments, as well as the private sector, to increase spending on US infrastructure, including road, bridge and port projects.
In response to the plan's release, American Association of Port Authorities (AAPA) president and ceo, Kurt Nagle, said: "We are pleased the White House has made rebuilding American infrastructure a priority this year, and we look forward to working with members of Congress as they craft a final legislative package that includes a commitment to US ports and waterways.
"With freight volume projected to grow 45 percent over the next two decades, our country needs world-class ports and modern infrastructure to remain competitive and ensure that American goods are able to reach vital global markets."
Nagle added that failure to modernise the nation's infrastructure could lead to a USD4 trillion loss of GDP by 2025.