Washington: South Korea's top trade negotiator stated that a comprehensive proposal focusing on shipbuilding industry cooperation with the United States was instrumental in reaching a trade deal with President Donald Trump's administration. This announcement was made by Finance Minister Koo Yun-cheol, who also serves as deputy prime minister for economic affairs, during a press briefing in Washington. The deal, as announced by Trump, will lower tariffs on Korean goods to 15 percent from the initially proposed 25 percent.
According to Yonhap News Agency, the negotiations included Seoul's large-scale cooperation project called "Make American Shipbuilding Great Again (MASGA)." This initiative aligns with the Trump administration's goal to revitalize its shipbuilding industry, countering China's dominant shipbuilding capacity. The MASGA project involves constructing new shipyards in the U.S., training shipbuilding personnel, and reestablishing supply chains while also collaborating on shipbuilding and maintenance projects.
Koo emphasized the importance of the MASGA project as it presents new business opportunities for South Korea's shipbuilding companies, known for their superior design and construction capabilities. While aiding the rejuvenation of the U.S. shipbuilding industry, the project is tailored to meet the needs of Korean enterprises.
The minister also noted Trump's insistence on expediting shipbuilding efforts in the U.S., praising the Korean industry's expertise. The Trump administration's push to revive America's shipbuilding sector is driven by China's substantial lead, with over 230 times the shipbuilding capacity of the U.S., amidst a growing Sino-U.S. rivalry.