Pennsylvania’s Democratic Governor Josh Shapiro told reporters after the shipyard tour that the Republican president’s tariff policies were making it harder for South Korean companies and raising prices for American consumers.
“Understand, we didn’t have to have this tariff fight. Donald Trump pushed that button, put the tariffs in place. He drove up consumer costs,” Shapiro said, adding: “We want to grow our economy and attract more investment from Korea across all industries”.
Monday’s US-South Korea summit did little to settle ongoing details of the two countries’ tariff deal, but Lee agreed to increase South Korea’s own defence expenditures and play a bigger role in responding to the changing political situation in the region, his office said, without elaborating.
South Korea’s industry ministry said 11 non-binding agreements were signed between US and South Korean companies during Lee’s visit, in shipbuilding, nuclear energy, aerospace, gas and critical minerals.
In shipbuilding, HD Hyundai agreed with state-run Korea Development Bank and Cerberus Capital to create a multibillion-dollar joint investment fund aimed at strengthening the maritime capabilities of the US and its allies, including shipbuilding, marine logistics infrastructure, and advanced marine technology.
Samsung Heavy Industries agreed with Vigor Marine Group to partner in fields such as maintenance and repair of US Navy vessels, shipyard modernisation and joint ship construction.
A top South Korean official said on Monday the two countries had decided to establish a non-binding agreement to define the operation and structure of US$350 billion in investment funds agreed as part of their July tariff deal.
Source: CNA
