The South Korean government delegation, including Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, held a briefing in Washington regarding the recent trade negotiations with the U.S. The negotiations took place two days before the U.S. implemented reciprocal tariffs, and during the talks, President Trump expressed his desire for rapid investment in the shipbuilding industry and his intention to meet with President Lee Jae-myung soon.
Koo emphasized that President Trump requested quick investments in the shipbuilding sector. To persuade the Trump administration, South Korea proposed the ‘MASGA (Make America’s Shipbuilding Great Again)’ project, which centers on extensive collaboration in the shipbuilding industry, and it was reported that Trump showed significant interest in this proposal.
After concluding discussions with U.S. Secretary of Commerce Howard Lutnick, the Korean delegation presented the finalized negotiation proposal to President Trump at the White House, engaging in about 30 minutes of discussions. Although Trump did not immediately approve the agreement, further negotiations took place regarding the investment amount.
South Korea committed to investing $150 billion in areas such as constructing new shipyards, training shipbuilding personnel, and rebuilding supply chains, in addition to a $200 billion investment in the U.S. The government believes that this will assist U.S. efforts while also providing new opportunities and growth for Korean companies with world-class shipbuilding technology.
Minister of Trade, Industry and Energy Kim Jung-kwan stated that this would greatly benefit the competitiveness of Korean companies, creating opportunities for the U.S. market amid high demand for shipbuilding-related services.
Additionally, an agreement was reached to ensure that South Korea would not face disadvantageous treatment compared to other countries concerning tariff imposition by the Trump administration, although a request to lower the 50% steel product tariff was not accepted.
Regarding agricultural markets, the South Korean government successfully defended against the U.S.’s demands for opening Korea’s rice and beef markets, despite strong pressure throughout the negotiation process.
President Trump announced plans to meet President Lee Jae-myung at the White House within two weeks and had initially suggested having a summit meeting as early as the next week. Trump also praised South Korea’s new government, highlighting their high evaluation.
Concluding the negotiations without including previously considered issues like defense spending increases and the Alaska LNG project, the delegation is set to return to Korea on the 31st.