Big Take Trump Has a Shipbuilding Dream. Can South Korea Make It a Reality?
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Aug 27, 2025 In this discussion, Bloomberg reporter Weilun Soon shares insights from his visit to Hanwha Ocean shipyard in South Korea. He delves into the bustling South Korean shipbuilding industry and its significance in U.S.-South Korea trade relations. The podcast explores how a $150 billion investment could support U.S. shipbuilding ambitions while examining the emotional connections workers have to their creations. Weilun also highlights the competitive pressures from China and the complexities of naval collaboration amidst shifting global dynamics.
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Shipbuilding Is Deeply Labor Intensive
- Building large commercial ships is labor and time intensive, often taking up to two years.
- Workers treat ship launches as personal milestones because of the long, hands-on assembly process.
How Korea Built Its Shipbuilding Lead
- Korea rose to shipbuilding dominance via subsidies, imported tech, and export-focused growth from the 1970s to 2000.
- National security needs and export-driven economies helped build scale and skill in the sector.
China's Rapid Ascent After WTO Entry
- China overtook Korea rapidly after joining the WTO, expanding capacity from under 9% to the global lead within a decade.
- That shift transformed the competitive landscape and pressured Korean yards.