Washington: President Lee Jae Myung and U.S. President Donald Trump recently held a summit at the White House, where they agreed to strengthen economic cooperation in the shipbuilding and other manufacturing sectors. The leaders discussed strategies to revitalize the shipbuilding industry, aiming to expand the security-focused alliance to include economic, technological, and scientific aspects.
According to Yonhap News Agency, the summit followed a trade agreement between Seoul and Washington reached in late July. This agreement reduced U.S. duties on Korean goods from 25 percent to 15 percent in exchange for a $350 billion investment package and $100 billion in U.S. energy purchases. Notably, $150 billion of this investment was allocated to shipbuilding under the initiative "Make American Shipbuilding Great Again" (MASGA).
During the meeting, Trump detailed plans for the U.S. to purchase ships from South Korea and collaborate to rejuvenate the country's declining shipbuilding sector. He emphasized the importance of building ships domestically with American workers and reiterated his commitment to revitalizing this significant industry. Trump described the shipbuilding sector as a challenging area to restart but expressed optimism about the potential for its revival through this initiative.
Additionally, Trump mentioned ongoing discussions with South Korea on a joint energy project in Alaska, which includes Japan. They also discussed potential South Korean purchases of U.S. military equipment, such as B-2 bombers. Trump highlighted the advantage the U.S. holds in oil resources, noting its significance in the ongoing negotiations concerning energy needs.