Korea-US Shipbuilding Cooperation Contributed Most to Agreement, "Essentially Our Business" (Comprehensive)

Deputy Prime Minister Koo Yoon-cheol: "Trump Requested Swift Promotion of Shipbuilding in the US"

"US Demanded Strong Expansion of Agricultural and Livestock Product Market Opening... No Further Opening After Persistent Explanations"

Deputy Prime Minister Koo Yoon-cheol Briefing on Korea-US Trade Agreement (Washington=Yonhap News) Correspondent Kim Dong-hyun = Koo Yoon-cheol, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is briefing on the results of the Korea-US trade negotiations in Washington on the 30th (local time). 2025.7.31 bluekey@yna.co.kr 

(Washington=Yonhap News) Correspondents Jo Jun-hyung, Hong Jung-gyu, Kim Dong-hyun = Koo Yoon-cheol, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, assessed on the 30th (local time) that the Korea-US shipbuilding cooperation 'MASGA (Make American Shipbuilding Great Again) Project' "contributed the most" to the conclusion of the trade negotiations.

Deputy Prime Minister Koo, who was the chief negotiator for the Korean side in the Korea-US trade negotiations, stated this at a briefing on the conclusion of the Korea-US trade negotiations held at the Korean Embassy in Washington D.C. on the same day. He said, "The most noteworthy aspect of today's agreement is the Korea-US shipbuilding cooperation package worth $150 billion (approximately 209 trillion won), namely the MASGA project."

Deputy Prime Minister Koo explained that the MASGA project "encompasses the construction of new shipyards in the U.S., training of shipbuilding workforce, rebuilding of the shipbuilding supply chain, shipbuilding, and maintenance, repair, and overhaul (MRO)."

He added that the MASGA project is "scheduled to proceed essentially as our business, based on the demand from our companies for the entire shipbuilding industry." He also stated, "We expect our shipbuilding companies, with their world-class ship design and construction capabilities, to help revitalize the U.S. shipbuilding industry, creating new opportunities and growth momentum."

He further relayed, "President Donald Trump also highly praised the capabilities of the Korean shipbuilding industry and requested that we do our utmost to expedite shipbuilding in the U.S. as quickly as possible."

Deputy Prime Minister Koo introduced, "The U.S. side strongly demanded a reduction in non-tariff barriers and an expansion of market opening for agricultural and livestock products, and President Trump also expressed interest by inquiring about Korea's quarantine procedures for fruits and vegetables. However, as a result of our negotiation team's persistent explanations, the U.S. side understood the sensitivity of our agriculture and agreed not to implement further market opening."

He stated, "Regarding non-tariff barriers, discussions on technical matters will continue, including improvements to quarantine procedures and the abolition of the upper limit for recognizing the equivalence of automotive safety standards. While a broad agreement has been reached today, detailed aspects need to be filled in through further consultations with the U.S. side."

Regarding the overall agreement, Deputy Prime Minister Koo self-assessed, "Through pragmatic diplomacy centered on national interests, we have achieved a mutually beneficial outcome where Korea-U.S. economic relations are deepened and upgraded within an acceptable level, while safeguarding what needs to be protected."

Korea and the U.S. reached a broad agreement on trade negotiations on this day, following a meeting between President Trump and the Korean delegation, including Deputy Prime Minister Koo Yoon-cheol, Minister of Trade, Industry and Energy Kim Jeong-kwan, and Deputy Minister for Trade and Investment Promotion Yeo Han-koo, at the White House.

The core of the agreement is to reduce the U.S.'s reciprocal tariffs on Korea from the existing 25% to 15%, in exchange for a total of $350 billion (approximately 487 trillion won) in investments to the U.S., including the $150 billion for the MASGA project and $200 billion for financial packages to support economic security areas such as critical minerals. Yonhap News