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Yahoo
20 minutes ago
- Yahoo
South Korea seeks to leverage Trump's focus on shipbuilding in tariff talks
By Ju-min Park and Joyce Lee SEOUL (Reuters) -South Korea and the United States have been discussing a shipbuilding tie-up that could include investments to modernise U.S. shipyards and more help to repair the U.S. naval fleet as Seoul seeks better tariff terms, government and industry sources said. U.S. President Donald Trump, who has made revitalising the ageing U.S. shipbuilding industry a priority to keep up with China, has repeatedly raised the idea of cooperating with South Korea's cutting-edge shipbuilding industry. After investing billions of dollars in shipbuilding capacity, China is the world's biggest shipbuilder. It also has the world's largest maritime fighting force, operating 234 warships to the U.S. Navy's 219, according to the Center for Strategic and International Studies. "South Korea can use shipbuilding as leverage to gain some advantage in tariff negotiations," said Kim Suk Kyoon, a former commissioner of the Korea Coast Guard and an expert on maritime strategy. Pressure on Seoul to reach a deal on import tariffs has increased after Japan struck a trade agreement with the U.S. this week. South Korean officials are in Washington for trade talks, though a high-level meeting due on Friday was postponed over scheduling. South Korea is the world's second-largest shipbuilder and a source with direct knowledge of the talks said any partnership should include South Korean companies investing in the U.S. and helping more in repair and maintenance. South Korea's proposal of a "Korea-U.S. manufacturing renaissance partnership" in areas such as shipbuilding had drawn strong U.S. interest, as Washington called for joint efforts to counter China's shipbuilding growth, Seoul trade officials said, declining to be named as they were not authorised to speak to the media. The U.S. Treasury Department and Trade Representative did not respond to requests for comment on the progress of talks about shipbuilding. South Korea's industry ministry said the U.S. and South Korea were discussing ways to cooperate in manufacturing industries, including shipbuilding, but declined to elaborate. POLITICAL WILL "The most realistic option for South Korea is, I think, to make a deal to fix a certain number of U.S. navy vessels annually or build parts of new ships," said Kim, a visiting researcher at the Korea Institute for Maritime Strategy. Repair of U.S. Navy ships is already happening in South Korea including at Hanwha Ocean's Geoje shipyard, which has the world's largest dock and a 900-ton "Goliath" crane, according to its website. In July, Hanwha Ocean secured its third U.S. Navy maintenance contract and parent Hanwha Group has also been expanding in U.S. shipbuilding. It acquired Pennsylvania-based Philly Shipyard for $100 million last year and said this week the shipyard had received an order for a liquefied natural gas carrier to be built together with Hanwha Ocean's Geoje shipyard. The conglomerate recently said it obtained U.S. approval to increase its stake in Australian shipbuilder Austal that owns a shipyard in Alabama building U.S. Navy ships. Another South Korean shipbuilder, HD Hyundai, formed a partnership this year with U.S. defence-focused shipbuilder Huntington Ingalls, and joined forces with Edison Chouest Offshore to build container ships in the U.S. But, obstacles remain to expanding the relationship. There are difficulties obtaining parts and a lack of local talent at U.S. shipyards, said Woo Jong Hoon, a naval architecture and ocean engineering professor at Seoul National University. Political will would also be needed given the raft of U.S. regulations that protect domestic shipbuilding. A South Korean trade official called for exceptions or changes to the Jones Act, which bars foreign shipyards from building commercial ships to operate in the U.S. The Byrnes-Tollefson Amendment also prohibits the construction of navy vessels in foreign shipyards, but the president retains the authority to waive its provisions for national security. To skirt U.S. regulations, South Korea could look into ideas like building modules to be delivered to U.S. shipyards or designating a South Korean shipyard as a special district so U.S. Navy ships could be built there, Woo said. 'WONDERFUL, WONDERFUL' Trump's introduction to South Korean shipbuilding probably happened nearly three decades ago. The real estate mogul flew in by helicopter to visit the Geoje shipyard in 1998, recounts Lim Moon Kyu, a retired senior executive at the former Daewoo Shipbuilding company who accompanied the VIP guest "with Hollywood looks". Daewoo Shipbuilding was acquired in 2023, becoming Hanwha Ocean. At the top of a 100-metre (328 ft) high crane, Trump was given a birds-eye view of the sprawling shipyard on a southern island. "Clearly, he was impressed, saying 'Wonderful, Wonderful' on top of the crane," said Lim, as he thumbed through photos of the meeting with Trump, who was accompanied by his son Donald Trump Jr. Lim believes the visit left Trump with a lasting positive impression that means he is now open to cooperating with Korean shipbuilders to counter China's growing naval power. "What carrots do we have to give to the U.S.? Nothing but this (shipbuilding) would be immediately possible," said Lim. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23 minutes ago
- Bloomberg
Philippine Ambassador to the US on Trade Deal
Philippine Ambassador to the US Jose Manuel Romualdez discusses his outlook after President Trump announced a trade deal with Philippine that will impose 19% tariff on imports. He speaks with David Ingles and Yvonne Man on "Bloomberg: the China Show." (Source: Bloomberg)
Yahoo
31 minutes ago
- Yahoo
Belmont to vote on another new mayor in November election after recent losses
BELMONT, N.C. (QUEEN CITY NEWS) — Belmont will once again have a new mayor later this year –- and an official one for the first time since last August. The Gaston County city has faced its share of tragedy and turnover in recent years, with the sudden death of Mayor Richard Turner last summer, followed by losing former longtime mayor Charlie Martin July 1. Martin stepped down from his post in June 2023, citing personal health reasons. Then-Councilman Marc Seelinger Jr. was elected interim mayor for the remaining six months of the term. Belmont approves development moratorium for South Point area After Turner's death, no interim mayor was chosen, however. Instead, Mayor Pro Tem Jim Hefferan has served as the board chair at City Council meetings. The string of changes leading the city followed nearly 10 years under Martin's guidance. And after a failed run for a seat on the Gaston County Board of Commissioners, Seelinger is back on the Belmont municipal ballot. The city has a non-partisan election with staggered four-year terms. It comes amid a three-year development moratorium for the fast-growing South Point corridor, looming widening on Interstate 85 and after leaders were confronted for not supporting the new Belmont Pride festival in June. Running for mayor in November are Joe Jordan and Cory Miller; the latter was fifth our of three open slots on the City Council ballot in 2023. Here are the candidates for the council, with only incumbent (in bold) in the mix: David Chee Gregory Mazza Katherine O'Kane Marc Seelinger Jr. Alex Szucs Nicholas Vesley Amanda Wall Chris Williams Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. Solve the daily Crossword
