U.S. Enlists Critical Asian Partner To Kickstart Shipbuilding At Home

The U.S. plans to lean on South Korea’s aid to help jump-start a lagging American shipbuilding industry that has struggled to play catch-up with China.

South Korea has expressed enthusiasm for helping the U.S. build more ships, so far having pledged $150 billion to revive American shipyards and much more ahead of President Lee Jae Myung’s Monday visit, according to the Wall Street Journal. China has been dominating the naval arms race and the commercial shipbuilding industries for the better part of a decade, with defense experts warning that America’s advanced Navy may no longer hold an outright advantage against China’s superior numbers.

Seoul officials believe that shipbuilding could be South Korea’s way out of looming tariffs from the U.S., according to the WSJ.

Korean officials have rallied around the slogan, “Make Shipbuilding Great Again,” with South Korean company Hanwha Ocean investing $100 million to acquire Hanwha Philly shipyard, according to the WSJ. HD Hyundai Heavy Industries, another South Korean shipbuilding company, is also considering a similar move to bring shipbuilding to American shores.

The $150 billion investment may also go towards purchasing shipyards, workforce training, supply chain considerations and other inputs, Seoul officials told the WSJ.

“South Korea can help shorten that timeline for the U.S., reducing the trial-and-error that would otherwise be wasted in the learning process,” Jeong Woo-maan, the company’s lead on planning naval business, told the WSJ. “We have a lot to offer.”