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Yahoo
11 minutes ago
- Business
- Yahoo
'Make America Shipbuilding Great Again' package key to reaching trade deal, South Korea says
SEOUL (Reuters) -South Korean Finance Minister Koo Yun-cheol said on Thursday that a shipbuilding partnership package dubbed "Make America Shipbuilding Great Again" was key to the agreement on tariffs between the U.S. and South Korea. The partnership worth about $150 billion will be led by South Korean shipbuilders to rebuild the U.S. shipbuilding industry, Koo said. To seek better tariff terms, South Korean officials had sought to woo Trump with a shipbuilding tie-up including repairing the U.S. navy fleet, as Washington struggles to keep up with China's huge naval buildup. "The most noteworthy aspect of today's agreement is the $150 billion South Korea-U.S. shipbuilding cooperation package, so-called MASGA, Make America Shipbuilding Great Again," Koo said. "I think the MASGA project contributed most significantly to today's agreement," Koo told a briefing. Koo and other ministers met U.S. President Donald Trump at the White House to cut a deal to lower tariffs on South Korean imports before an August 1 deadline set by Trump. During their meeting, Trump said he wanted to see ships being built in the U.S. "as quickly as possible" under the partnership, Koo said. The MASGA project includes the construction of new shipyards in the U.S., the training of shipbuilding personnel and U.S. Navy ship maintenance, South Korean government officials say. Challenges remain for Korean investments in U.S. shipyards or building ships there, experts say, including, for example, difficulties obtaining parts such as steel plates. South Korea's defence-to-shipbuilding conglomerate Hanwha Group has been expanding in U.S. shipbuilding. Its affiliates Hanwha Systems and Hanwha Ocean acquired Pennsylvania-based Philly Shipyard for $100 million last year. Shares in shipbuilder Hanwha Ocean ended 13% higher on Thursday, following news of the tariff agreement, including the shipbuilding partnership. But reflecting the impact of taking on the U.S. investment, Hanwha Systems, which owns a 60% stake in Philly Shipyard, reported this week a 60% fall in second-quarter operating profits due to costs from its acquisition of Philly Shipyard. 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
Reuters
13 minutes ago
- Business
- Reuters
'Make America Shipbuilding Great Again' package key to reaching trade deal, South Korea says
SEOUL, July 31 (Reuters) - South Korean Finance Minister Koo Yun-cheol said on Thursday that a shipbuilding partnership package dubbed "Make America Shipbuilding Great Again" was key to the agreement on tariffs between the U.S. and South Korea. The partnership worth about $150 billion will be led by South Korean shipbuilders to rebuild the U.S. shipbuilding industry, Koo said. To seek better tariff terms, South Korean officials had sought to woo Trump with a shipbuilding tie-up including repairing the U.S. navy fleet, as Washington struggles to keep up with China's huge naval buildup. "The most noteworthy aspect of today's agreement is the $150 billion South Korea-U.S. shipbuilding cooperation package, so-called MASGA, Make America Shipbuilding Great Again," Koo said. "I think the MASGA project contributed most significantly to today's agreement," Koo told a briefing. Koo and other ministers met U.S. President Donald Trump at the White House to cut a deal to lower tariffs on South Korean imports before an August 1 deadline set by Trump. During their meeting, Trump said he wanted to see ships being built in the U.S. "as quickly as possible" under the partnership, Koo said. The MASGA project includes the construction of new shipyards in the U.S., the training of shipbuilding personnel and U.S. Navy ship maintenance, South Korean government officials say. Challenges remain for Korean investments in U.S. shipyards or building ships there, experts say, including, for example, difficulties obtaining parts such as steel plates. South Korea's defence-to-shipbuilding conglomerate Hanwha Group has been expanding in U.S. shipbuilding. Its affiliates Hanwha Systems and Hanwha Ocean acquired Pennsylvania-based Philly Shipyard for $100 million last year. Shares in shipbuilder Hanwha Ocean ( opens new tab ended 13% higher on Thursday, following news of the tariff agreement, including the shipbuilding partnership. But reflecting the impact of taking on the U.S. investment, Hanwha Systems, which owns a 60% stake in Philly Shipyard, reported this week a 60% fall in second-quarter operating profits due to costs from its acquisition of Philly Shipyard.
Reuters
11 hours ago
- Business
- Reuters
Trump will meet South Korea's trade delegation, Seoul says
SEOUL, July 31 (Reuters) - U.S. President Donald Trump will meet South Korea's trade delegation, South Korea's presidential office said on Thursday, as top officials from Seoul are in Washington to cut a last-minute deal on U.S. tariffs. South Korean Finance Minister Koo Yun-cheol, Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo met U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer on Wednesday, according to the finance ministry. Industry and trade ministers have been in Washington since last week to reach a deal before August 1, a deadline set by Trump for 25% tariffs to kick in against South Korea, a major U.S. ally and powerhouse exporter of chips, cars and steel. Pressure has been mounting on South Korea since Japan clinched a deal to cut Trump's threatened tariffs to 15% earlier this month. Top business leaders were also reported to be flying in to help lobby for a deal on U.S. tariffs. The South Korean government is negotiating with the U.S. by setting up a package of trade and offers on industrial cooperation such as in shipbuilding, chips and batteries, officials say.
The Standard
a day ago
- Business
- The Standard
South Korea officials, business leaders join last-ditch push for US trade deal
South Korean Finance Minister Koo Yun-cheol speaks ahead of his departure to Washington to meet U.S. Treasury Secretary Scott Bessent, at the Incheon International Airport in Incheon, South Korea, July 29, 2025. Yonhap via REUTERS
Reuters
2 days ago
- Business
- Reuters
South Korea in push for US trade deal to offer package including shipbuilding tie-up
SEOUL, July 29 (Reuters) - South Korean Finance Minister Koo Yun-cheol said on Tuesday he would seek a mutually beneficial trade deal when he meets U.S. Treasury Secretary Scott Bessent for talks this week, just days before an August 1 deadline expires to avoid punishing tariffs. Speaking at the airport before departing for Washington, Koo said he would propose at Thursday's meeting a "programme" South Korea had prepared and consult on areas where they could cooperate in the mid-to-long term, such as shipbuilding. South Korea's Hanwha Group, parent of shipbuilder Hanwha Ocean ( opens new tab, had submitted a major investment plan to government officials, according to two people familiar with the matter. The plan included expanding its recently acquired Philly Shipyard in the state of Pennsylvania and involved Hanwha Group and some of its affiliates, said the sources, who asked not to be identified due to the sensitivity of the issue. Hanwha Group's Vice Chairman Kim Dong-kwan also flew to Washington to support trade negotiations, local media reported. Seoul officials are scrambling in an all-out push to clinch a trade deal ahead of the August 1 deadline to remove or reduce tariffs threatened by U.S. President Donald Trump against the country's key industrial exports to the United States. Koo's plan to travel to Washington last week for talks with Bessent was postponed due to the U.S. treasury chief's scheduling conflict. "Treasury Secretary Bessent holds the important position of overseeing trade negotiations in the Trump administration," Koo said in brief remarks to reporters. "We will make the best effort to derive an agreement based on our national interest that would allow South Korea and the United States to co-exist," he said. Koo said he would be joining Industry Minister Kim Jung-kwan and Minister for Trade Yeo Han-koo who have been holding talks in Washington with U.S. officials including Commerce Secretary Howard Lutnick for an "all-out response." Lutnick said in an interview with Fox News on Monday that South Korean officials had flown to Scotland to meet with him. "Think of how much they really, really want to get a deal done," he said. Foreign Minister Cho Hyun will also visit Washington this week for a meeting with U.S. Secretary of State Marco Rubio, following a visit to Japan on Tuesday to meet his counterpart.
