South Korea has pledged US$150 billion to help the US rebuild its shipbuilding industry – and compete with China
South Korea has pledged US$150 billion to help its shipbuilders enter the US market as part of its new trade deal with Washington, a move that could help America revive its shipbuilding industry and counter China’s dominance in the sector.
US President Donald Trump announced on Wednesday that the United States and South Korea had agreed a “full and complete” trade deal, which would see the US impose a 15 per cent tariff on South Korean goods and receive US$350 billion of investment from its Asian ally.
Shortly after, South Korean President Lee Jae-myung stated that US$150 billion of the promised investment would be dedicated to shipbuilding – an industry where South Korean firms are second only to China in global market share.
The capital would provide “solid support” for South Korean companies entering the US shipbuilding industry, Lee wrote in a Facebook post on Thursday. The wider US$350 billion investment package was intended to solidify bilateral cooperation in strategic industries, including semiconductors, he added.
