Latest news with #MakeAmericanShipbuildingGreatAgain
NDTV
15 hours ago
- Business
- NDTV
US To Impose 15% Tariff On South Korean Goods: Trump
United States: President Donald Trump said Wednesday the United States will impose a 15 percent tariff on imports from South Korea, as he touted a "full and complete trade deal" between the two countries. "South Korea will give to the United States $350 Billion Dollars for Investments," Trump said in a post on his Truth Social platform, adding that the country would buy $100 billion in liquefied natural gas or other energy products. I am pleased to announce that the United States of America has agreed to a Full and Complete Trade Deal with the Republic of Korea. The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and… — Trump Truth Social Posts On X (@TrumpTruthOnX) July 30, 2025 The 15 percent rate is below a 25 percent tariff that Trump had threatened earlier, and was equivalent to deals with Japan and the European Union. Trump added that an additional unspecified "large sum of money" will be invested by Seoul. "This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting," Trump said, offering congratulations to his South Korean counterpart for his "electoral success." South Korea's Finance Minister Koo Yun-cheol said Seoul's commitment to help the United States revive its shipbuilding industry was instrumental in reaching the deal. "I believe MASGA made the greatest contribution to reaching today's agreement," Koo said at a news conference in Washington, referring to the "Make American Shipbuilding Great Again" proposal. "Our world-class shipbuilding companies, equipped with the highest level of ship design and construction capabilities, are expected to help revive the US shipbuilding industry," he said. Shares in South Korean shipbuilder Hanwha Ocean, which owns a shipyard in Philadelphia, soared more than 15 percent on Thursday. The leaders' White House meeting will be their first since Lee assumed the presidency in June. In a statement on Facebook, Lee called the deal "the first major trade challenge" since his administration took power, adding: "We have overcome a major hurdle." "Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that US tariffs on our exports are either lower than or equal to those imposed on our major trade competitors." Mixed reaction Lee was elected in a snap vote last month following the impeachment of predecessor Yoon Suk Yeol over his disastrous martial law declaration in December. The deal marks an early victory for Lee's tenure as head of the export-reliant economy, Asia's fourth biggest. "This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies' competitiveness in the American market," Lee's statement continued. But there were mixed reactions in South Korea. Its six major business associations, including the Korea Chamber of Commerce, said in a joint statement: "We view this agreement as a critical milestone that will not only ease trade-related uncertainties but also pave the way for a significant strengthening of economic cooperation between the two countries. "With much of the external uncertainty now resolved, the Korean business community will redouble efforts to boost domestic investment and job creation." But a handful of civic groups, including farmers and labour organisations, protested at the US Embassy in central Seoul, opposing "Trump's madman strategy." Demonstrators held signs reading "No Trump! No King!" and pointed out that there may be additional negotiations when Lee meets Trump. "Trump's actions amount to excessive interference in our domestic affairs," said Park Sung-hoon, head of the Korean Apple Growers Association. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on trading partners -- with extra rates for dozens of economies set for August 1 -- alongside steeper tolls on steel, aluminium and autos. News of the deal with South Korea came as Trump on Wednesday imposed 25 percent tariffs on Indian goods and 50 percent on those from Brazil.
Al Etihad
18 hours ago
- Business
- Al Etihad
Trump says US to impose 15% tariff on South Korean goods
31 July 2025 11:34 WASHINGTON (AFP) US President Donald Trump said on Wednesday the United States will impose a 15 per cent tariff on imports from South Korea, as he touted a "complete trade deal" between the two countries."South Korea will give to the United States $350 billion for Investments," Trump said in a post on his Truth Social platform, adding that the country would buy $100 billion in liquefied natural gas or other energy 15 per cent rate is below a 25 per cent tariff that Trump had threatened earlier, and was equivalent to deals with Japan and the European added that an additional unspecified "large sum of money" will be invested by Seoul."This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting," Trump said, offering congratulations to his South Korean counterpart for his "electoral success."South Korea's Finance Minister Koo Yun-cheol said Seoul's commitment to help the United States revive its shipbuilding industry was instrumental in reaching the deal."I believe MASGA made the greatest contribution to reaching today's agreement," Koo said at a news conference in Washington, referring to the "Make American Shipbuilding Great Again" proposal."Our world-class shipbuilding companies, equipped with the highest level of ship design and construction capabilities, are expected to help revive the US shipbuilding industry," he in South Korean shipbuilder Hanwha Ocean, which owns a shipyard in Philadelphia, soared more than 15 per cent on Thursday. The leaders' White House meeting will be their first since Lee assumed the presidency in a statement on Facebook, Lee called the deal "the first major trade challenge" since his administration took power, adding: "We have overcome a major hurdle." "Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that US tariffs on our exports are either lower than or equal to those imposed on our major trade competitors."
Sharjah 24
19 hours ago
- Business
- Sharjah 24
Trump says US to impose 15% tariff on South Korean goods
"South Korea will give to the United States $350 Billion Dollars for Investments," Trump said in a post on his Truth Social platform, adding that the country would buy $100 billion in liquefied natural gas or other energy products. The 15 percent rate is below a 25 percent tariff that Trump had threatened earlier, and was equivalent to deals with Japan and the European Union. Trump added that an additional unspecified "large sum of money" will be invested by Seoul. "This sum will be announced within the next two weeks when the President of South Korea, Lee Jae Myung, comes to the White House for a Bilateral Meeting," Trump said, offering congratulations to his South Korean counterpart for his "electoral success." South Korea's Finance Minister Koo Yun-cheol said Seoul's commitment to help the United States revive its shipbuilding industry was instrumental in reaching the deal. "I believe MASGA made the greatest contribution to reaching today's agreement," Koo said at a news conference in Washington, referring to the "Make American Shipbuilding Great Again" proposal. "Our world-class shipbuilding companies, equipped with the highest level of ship design and construction capabilities, are expected to help revive the US shipbuilding industry," he said. Shares in South Korean shipbuilder Hanwha Ocean, which owns a shipyard in Philadelphia, soared more than 15 percent Thursday. The leaders' White House meeting will be their first since Lee assumed the presidency in June. In a statement on Facebook, Lee called the deal "the first major trade challenge" since his administration took power, adding: "We have overcome a major hurdle." "Through this deal, the government has eliminated uncertainty surrounding export conditions and ensured that US tariffs on our exports are either lower than or equal to those imposed on our major trade competitors." Mixed reaction Lee was elected in a snap vote last month following the impeachment of predecessor Yoon Suk Yeol over his disastrous martial law declaration in December. The deal marks an early victory for Lee's tenure as head of the export-reliant economy, Asia's fourth biggest. "This agreement represents the convergence of US interests in revitalizing its manufacturing sector and our determination to strengthen Korean companies' competitiveness in the American market," Lee's statement continued. But there were mixed reactions in South Korea. Its six major business associations, including the Korea Chamber of Commerce, said in a joint statement: "We view this agreement as a critical milestone that will not only ease trade-related uncertainties but also pave the way for a significant strengthening of economic cooperation between the two countries. "With much of the external uncertainty now resolved, the Korean business community will redouble efforts to boost domestic investment and job creation." But a handful of civic groups, including farmers and labour organisations, protested at the US Embassy in central Seoul, opposing "Trump's madman strategy." Demonstrators held signs reading "No Trump! No King!" and pointed out that there may be additional negotiations when Lee meets Trump. "Trump's actions amount to excessive interference in our domestic affairs," said Park Sung-hoon, head of the Korean Apple Growers Association. Since returning to the White House in January, Trump has imposed a sweeping 10 percent tariff on trading partners -- with extra rates for dozens of economies set for August 1 -- alongside steeper tolls on steel, aluminium and autos. News of the deal with South Korea came as Trump on Wednesday imposed 25 percent tariffs on Indian goods and 50 percent on those from Brazil.
Korea Herald
19 hours ago
- Business
- Korea Herald
Seoul, Washington strike $450b deal to cap US tariffs at 15%
Agreement features $350b investment package, $100b energy imports, most-favored-nation status in key sectors South Korea clinched a last-minute trade deal with the United States on Thursday, capping a looming blanket tariff at 15 percent and averting a steeper 25 percent rate set to take effect Friday. In return, Seoul agreed to a $350 billion investment package aimed at deepening economic ties with Washington. The new 15 percent tariff rate, described as 'reciprocal,' aligns with terms recently accepted by Japan and the European Union. However, it marks a significant departure from the 2012 Korea-US Free Trade Agreement, effectively suspending the near-zero tariffs previously applied to key Korean exports. President Lee Jae Myung hailed the outcome as a 'major breakthrough,' saying it would remove uncertainty for Korean exporters and allow domestic firms to compete on an equal or stronger footing with global peers. 'This agreement aligns America's goal of manufacturing revival with Korea's ambition to expand its industrial competitiveness in the US market,' Lee wrote on Facebook. 'It will further deepen Korea-US industrial cooperation and strengthen our alliance.' Barely weeks into office, Seoul's new government scrambled to craft a concession package, starting at $100 billion and climbing toward Washington's $400 billion demand, as it fought to protect access to the US market that takes in 19 percent of Korea's exports. Of the $350 billion commitment, $150 billion will fund a Korea-led shipbuilding partnership, dubbed 'Make American Shipbuilding Great Again.' Finance Minister Koo Yun-cheol called the initiative 'the single most decisive factor' in securing the deal. 'With Korean shipbuilders recognized for world-class design and construction capabilities, the project is expected to unlock new growth momentum and position Korea as a core partner in reviving US industry,' Koo said. The remaining $200 billion, primarily in equity, loans and credit guarantees, will support industrial collaboration in strategic sectors where Korean firms have a competitive edge, including semiconductors, nuclear power, secondary batteries and biopharmaceuticals. 'To mitigate investment risk, the US government has pledged to take over output from supported projects, which will be screened for commercial viability and sound business rationale,' presidential policy chief Kim Yong-beom told reporters. Seoul also committed to purchasing $100 billion worth of LNG and other US energy products over the next four years. The presidential office emphasized that the final terms were carefully calibrated to Korea's advantage, particularly when compared to Japan's earlier trade deal with the US. Despite similar 2024 trade surpluses, $66 billion for Korea and $68.5 billion for Japan, Korea's total investment commitment came in well below Japan's $550 billion package. 'Excluding the $150 billion shipbuilding fund led by our private sector, Korea's public investment accounts for just 36 percent of Japan's,' Kim said. The deal also grants Korea most-favored-nation status in future US tariff decisions involving key sectors like semiconductors and pharmaceuticals, effectively shielding them from discriminatory hikes. In a win for Korea's agriculture sector, Seoul preserved protections on rice and beef, sensitive areas long targeted by Washington for further market opening. Several critical issues — including burden-sharing for US military presence in Korea, export controls on AI chips, and digital trade rules — were left out of the current deal and are expected to be addressed in future talks, possibly at a bilateral summit. The 50 percent item-specific tariffs on steel, aluminum and copper remain unchanged, as they were not part of the negotiations. A summit between President Lee and US President Donald Trump is being arranged and could take place within the next two weeks, according to presidential aides. The meeting is expected to reaffirm the agreement and lay the groundwork for broader economic cooperation.
Korea Herald
20 hours ago
- Business
- Korea Herald
Korea sails into US shipbuilding with $150b MASGA push
Hanwha, HD Hyundai to gain foothold in US naval market, expand MRO, LNG ship production Korean shipbuilders are looking to make the most of cooperation with the US, as the Korean government on Thursday pledged a $150 billion fund to support shipbuilding investments in the US. Korea's Deputy Prime Minister and Minister of Economy and Finance Koo Yoon-cheol touted the Make American Shipbuilding Great Again, or MASGA, project as making the biggest difference in the tariff deal struck this week with the Trump administration. 'We expect our shipbuilders, which have world-class ship design and building capabilities, will support the revival of the US shipbuilding sector, create new opportunities and lay the groundwork for growth,' said Koo in a press conference at the South Korean Embassy in Washington. Named after Trump's campaign slogan 'Make America Great Again,' the MASGA project will be carried out based on the needs of Korean shipbuilders, spanning the entire US shipbuilding industry -- setting up new shipyards, nurturing shipbuilding talent, reestablishing shipbuilding supply chains and conducting maintenance, repair and overhaul, or MRO, according to Koo. Stakeholders in the shipbuilding industry forecast the $150 billion Korea-US shipbuilding cooperation fund will help Korean shipbuilders expand their businesses in the US as the financial support package includes investments, loans and guarantees. 'Ultimately, the US market is about warships rather than commercial vessels,' said a shipbuilding industry official. 'The (US) warship market is huge. As (Korean shipbuilders) carry out MRO projects for the US Navy, they might be able to work with US partners to build military vessels for the US at American shipyards or even build them at Korean shipyards.' Korea's shipbuilding leaders -- Hanwha and HD Hyundai -- have already been at the forefront of the US shipbuilding industry's revival even before the tariff talks began. Hanwha acquired the Philly Shipyard last year and has landed three MRO contracts for US Navy ships so far. HD Hyundai partnered with the biggest American defense shipbuilder Huntington Ingalls Industries while linking up with US shipyard and vessel operator Edison Chouest Offshore to construct ships. 'Through the shipbuilding cooperation with the US, Korea can expect a range of practical benefits such as entering the US warship and commercial vessel market and expanding its presence there, strengthening its strategic position within supply chains, localizing in response to restrictions and securing a steady flow of orders,' said Hong Jin-hee, senior researcher at the Korea Institute for International Economic Policy. 'There are good chances that Korea will expand local production of high-value-added ships such as (liquefied natural gas carriers) and warships at US shipyards and gain traction for cooperative projects with the US Navy in the future.' The Center for Strategic & International Studies, a nonprofit Washington-based think tank, recently published a report saying it is a "no brainer" for the US to bolster cooperation with Korea in shipbuilding. 'South Korea has retained its cost-competitive edge even as its labor has grown more expensive alongside the development of its economy,' said CSIS. 'Advancements in automation and control systems within its shipbuilding industry have shifted the sector from labor-intensive to technology-driven.'
