Seoul, July 28
South Korea has proposed a multibillion-dollar shipbuilding investment package in the United States as part of ongoing negotiations to avert steep U.S. tariffs as the August 1 deadline for such a deal nears, government sources said on Monday, noting the proposal appears to have been well received.
According to the multiple sources, Industry Minister Kim Jung-kwan held talks with U.S. Commerce Secretary Howard Lutnick on Friday (local time) in New York, during which he presented the proposal, dubbed "Make American Shipbuilding Great Again" (MASGA).
The MASGA project, whose name is inspired by U.S. President Donald Trump's slogan "Make America Great Again" (MAGA), involves large-scale investments by South Korean private shipbuilders in the U.S. The package includes not only capital investment but also financial support, such as loans and guarantees backed by Korean institutions, reports news agency.
Public financial institutions, such as the state-run Export-Import Bank of Korea, are being considered as potential participants in providing financial support for the MASGA initiative, the source said.
Lutnick, who is seen as a key decision-maker in the bilateral tariff negotiations, reportedly responded positively to the proposal and expressed satisfaction with Seoul's offer.