Latest news with #US-set
Korea Herald
2 days ago
- Business
- Korea Herald
Korea pitches multibillion-dollar shipbuilding plan to US: reports
Seoul says MASGA details unconfirmed as talks with Washington continue Korea has proposed a multibillion-dollar project reportedly named Make American Shipbuilding Great Again, or MASGA, to the United States as Seoul makes an all-out effort to cut a better tariff deal with Washington ahead of the US-set deadline for tariff talks on Thursday, according to media reports on Monday. Citing multiple unnamed sources, the reports said Kim Jung-kwan, Korea's minister of trade, industry and energy, presented the MASGA project and Korea's vision for shipbuilding cooperation with the US during ministerial-level talks with US Commerce Secretary Howard Lutnick in New York on Friday. According to the reports, the MASGA proposal, named after US President Donald Trump's campaign slogan "Make America Great Again," offers a comprehensive package deal that includes large-scale investments in the US by Korean shipbuilders and financial support measures from the government such as loans and guarantees. The reports said the Korean government is considering participation in the MASGA project by state-run financial institutions such as the Export-Import Bank of Korea and the Korea Trade Insurance Corporation. They added that Lutnick, who is considered a key figure in finalizing the US tariff deal with Korea, responded positively to the proposal. However, the Ministry of Trade, Industry and Energy later said in a press release that the reported details of the MASGA proposal have not been confirmed as the negotiations are still ongoing, advising media outlets to take a careful approach when reporting on the trade talks between Seoul and Washington. In a press release on Saturday following the ministerial-level trade talks, Seoul's presidential office said it had reconfirmed strong US interest in shipbuilding cooperation, explaining that the two sides committed to working together on an agreement in the tariff negotiations. Korea's shipbuilding sector has been regarded as the country's unique leverage in the tariff talks with the US as its world-class capabilities can contribute to the Trump administration's goal of reviving American shipbuilding. Two of Korea's leading shipbuilding conglomerates -- HD Hyundai and Hanwha Group -- have already been ramping up their investments in the US and bolstering partnerships with American companies in the shipbuilding sector. HD Hyundai joined hands with US shipyard operator Edison Chouest Offshore to build medium-sized container vessels at the American company's shipyard by 2028. Hanwha Philly Shipyard, which was acquired by Hanwha Ocean and Hanwha System for $100 million last year, secured a contract to build a liquefied natural gas carrier, marking the first US-ordered, export-market-viable LNG carrier in nearly 50 years.
Mint
04-07-2025
- Business
- Mint
Vietnam's raw trade deal with the US isn't good news
Next Story Mint Editorial Board The US-Vietnam trade deal looks lopsided against the smaller country. This says something about Trump's approach that should make other US trade partners worry. The raw deal that Vietnam seems to have been lumped with has been met with dismay among observers expecting greater tariff symmetry. Gift this article For Vietnam, its latest trade deal with the US is a bitter-sweet outcome. While the country has managed to escape a 46% tariff that US President Donald Trump had threatened to impose on 'Liberation Day" this April, its US-bound exports will still face a 20% duty. For Vietnam, its latest trade deal with the US is a bitter-sweet outcome. While the country has managed to escape a 46% tariff that US President Donald Trump had threatened to impose on 'Liberation Day" this April, its US-bound exports will still face a 20% duty. Also Read: Open-book test: The art of dealing with Trump the deal-maker If cargo sent from Vietnam happens to be a trans-shipment of merchandise made elsewhere, then that tariff barrier would rise to 40%. This is a device to stop exporters from using its ports to game the US-set matrix of tariffs that vary from one country to another based on a puzzling formula. Meanwhile, under the deal, US exporters will get 'total access" to Vietnam's markets, as Trump said in a social media post. Also Read: Trump's tariffs: Turfed out but raring to return This has been interpreted to mean that Hanoi will impose no import duties on American goods. This is woefully lopsided against Vietnam. But then, given its dependence on exports, a breakdown of trade with the US would probably have been a worse outcome. The raw deal that Vietnam seems to have been lumped with has been met with dismay among observers expecting greater tariff symmetry. Clearly, no US trade partner can lower its guard while negotiating with it. That goes for India too. Topics You May Be Interested In Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
