South Korea Proposes Historic Shipbuilding Partnership with the U.S.

As the deadline for the U.S. reciprocal tariff suspension looms on Aug. 1, South Korea has unveiled an ambitious shipbuilding cooperation project named "Make American Shipbuilding Great Again (MASGA)". This initiative, aimed at revitalizing the U.S. shipbuilding industry, was presented during high-level talks between South Korea's Minister of Trade, Industry and Energy, Kim Jung-kwan, and U.S. Secretary of Commerce, Howard Lutnick.

The MASGA project, a creative nod to President Trump's "MAGA" slogan, includes a comprehensive package of large-scale investments by Korean shipbuilders in the U.S., supported by financial mechanisms like loans and guarantees. The proposal, detailed through pre-prepared panels, received a positive reception from Secretary Lutnick, who expressed satisfaction with Korea's vision for bilateral cooperation in the shipbuilding sector.

Strengthening Bilateral Relations Through Industry Collaboration

Following the discussions, the Korean government highlighted the U.S.'s keen interest in the shipbuilding industry, as evidenced by the productive negotiations. Both parties have agreed to explore mutually beneficial measures, including enhanced cooperation in shipbuilding, marking a significant step forward in US-Korea economic relations.