South Korea pledges $150 billion to revive U.S. shipbuilding in bid to woo Trump
South Korean President Lee Jae Myung is making shipbuilding a centerpiece of his first official trip to Washington, promising massive investments to help U.S.
President Donald Trump’s push to “Make America Shipbuilding Great Again," News.az reports, citing Reuters.
During his summit with Trump on Monday, Lee announced that $150 billion of South Korea’s broader $350 billion U.S. investment pledge will go into reviving America’s struggling shipbuilding industry. On Tuesday, he is set to visit Hanwha Group’s Philly Shipyard in Philadelphia, a flagship project of the initiative.
Hanwha, which acquired the shipyard last year, plans to spend up to $5 billion to boost its annual output from fewer than two vessels to as many as 20. By contrast, Hanwha’s shipyard in South Korea produces a ship every week.
“The K-shipbuilding industry, equipped with the world’s strongest capabilities, will bring about a renaissance of the U.S. shipbuilding industry and create a new historic turning point for mutual prosperity,” Lee said at an event in Washington.
South Korea’s industry ministry said 11 agreements were signed during Lee’s visit, spanning shipbuilding, nuclear energy, aerospace, gas, and critical minerals.
HD Hyundai, together with Korea Development Bank and U.S.-based Cerberus Capital, will launch a multibillion-dollar investment fund to strengthen maritime capabilities across shipbuilding, marine logistics, and advanced technology.
Samsung Heavy Industries signed a deal with Vigor Marine Group to collaborate on U.S. Navy vessel maintenance, shipyard modernization, and joint ship construction.
Despite the ambitious pledges, foreign involvement in U.S. shipbuilding still faces legal and regulatory challenges. Analysts say overcoming these hurdles will be key to turning Seoul’s “Make America Shipbuilding Great Again” package—first floated in July tariff talks—into a lasting U.S.-Korea trade and industrial partnership.
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