Korea proposes massive joint shipbuilding project with U.S. as tariff deadline looms
Published: 28 Jul. 2025, 15:21
![Industry Minister Kim Jung-kwan, right, meets with U.S. Secretary of Commerce Howard Lutnick in Washington on July 24. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]](https://koreaseafood.online/data/photo/2025/07/28/366535a4-5d1b-4644-b61c-4907b41de1fc.jpg)
Industry Minister Kim Jung-kwan, right, meets with U.S. Secretary of Commerce Howard Lutnick in Washington on July 24. [MINISTRY OF TRADE, INDUSTRY AND ENERGY]
Korea has proposed a massive shipbuilding cooperation project with the United States, potentially involving tens of billions of dollars in investment and financing support, Yonhap reported Monday.
Industry Minister Kim Jung-kwan reportedly made the proposal during a meeting with U.S. Secretary of Industry Howard Lutnick at his residence in New York on Friday.
The project, dubbed "Make American Shipbuilding Great Again," or "MASGA," echoes U.S. President Donald Trump’s slogan "Make America Great Again," or "MAGA," by adding a focus on revitalizing the U.S. shipbuilding sector.
Under the proposed framework, private Korean shipbuilders would make large-scale investments in shipyard infrastructure in the United States, while public financial institutions in Korea would provide loans and guarantees.
According to sources cited by Yonhap, the Korean government mentioned a project scale amounting to billions of dollars. However, the final figure could be subject to change, as the two countries are in the final stages of tariff negotiations with an Aug. 1 deadline.
Institutions expected to participate in financing include the Export-Import Bank of Korea and the Korea Trade Insurance Corporation.
Yonhap cited multiple sources who said Lutnick, seen as a key decision-maker in the bilateral tariff negotiations, responded positively and showed strong interest in the proposal.
Minister Kim reportedly presented the MASGA project directly using prepared presentation decks during the meeting at Lutnick’s residence.
The presidential office said in a briefing released on Saturday, “The United States expressed strong interest in the shipbuilding sector, and the two sides agreed to develop mutually agreeable ways to enhance cooperation, including in the shipbuilding field.”
Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY SHIN HYE-YEON [[email protected]]
with the Korea JoongAng Daily
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