South Korea's shipbuilding industry played "the most important role" in securing an agreement with the U.S. on tariffs, an analyst said on Thursday (July 31).President Donald Trump said on Wednesday (July 30)
South Korea's shipbuilding industry played "the most important role" in securing an agreement with the U.S. on tariffs, an analyst said on Thursday (July 31).
President Donald Trump said on Wednesday (July 30) the U.S. will charge a 15% tariff on imports from South Korea, down from a threatened 25%, as part of a deal that eases tensions with a top-10 trading partner and key Asian ally.
“The shipbuilding sector is exactly the area where South Korea and the U.S. can cooperate the most, and where South Korea can help the United States most," Kim Dae-jong, professor at school of business in Sejong University, told Reuters.
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.
South Korean Finance Minister Koo Yun-cheol said on Thursday that the shipbuilding partnership package dubbed "Make America Shipbuilding Great Again" was key to the agreement on tariffs.
The partnership worth about $150 billion will be led by South Korean shipbuilders to rebuild the U.S. shipbuilding industry, Koo said.
Separately, South Korea is set to accept American products, including autos and
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