This is an updated version of a story first published on March 22, 2026. The original video can be viewed here. The war in Iran is highlighting the importance of ships – not just warships but cargo vessels – like those carrying oil or gas trapped near the Strait of Hormuz. But as we first reported in March, American shipbuilding is in shambles, due to decades of shortsighted policies and neglect. Our submarine building program is sluggish. And our commercial shipbuilding is nearly extinct. China makes roughly 1,000 cargo ships a year. The U.S.? Maybe three. The Trump administration has called this a national security crisis. But can this ship be turned around?This is the Philadelphia shipyard, one of only two left in the U.S. building large commercial cargo ships. Once a symbol of American might and innovation, ships built here helped win our independence in the 18th century, and World War II in the 20th. This shipyard has become a symbol of American industrial decline, a money loser falling decades behind our global rivals. And it still uses a crane from 1942!Lesley Stahl: Now, talk about a metaphor of how far behind we are. David Kim: Lotta times people'll call it a dinosaur.Lesley Stahl: What else is a dinosaur?David Kim: Almost everything that you've seen out there.
With South Korea and China building ships faster and cheaper than U.S., Trump makes shipbuilding a priority
China rolls out over 1,000 cargo ships a year, while the U.S. – maybe three. The Trump administration has called this a crisis with both economic and national security risks.
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