U.S. seeks South Korean investment in shipbuilding to counter China's naval capabilities.
The U.S. Navy's effectiveness in potential conflicts with China is threatened by the underperformance of the American shipbuilding industry, which struggles with delays and costs. To address this, the U.S. is seeking investment from allies like South Korea, exemplified by Hanwha Ocean's acquisition of a Philadelphia shipyard and a contract for vessel overhaul. Meanwhile, China's shipbuilding capacity dwarfs that of the U.S., significantly enhancing its naval capabilities.
September 21, 2024
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