Xinhua: Wang Yi speaks with South Korea's new foreign minister Cho Hyun via phone

Xinhua: Wang Yi speaks with South Korea's new foreign minister Cho Hyun via phone

South Korea is pushing for a shipbuilding partnership with the United States as a key proposal to avoid a 25% tariff rate. According to Yonhap News, South Korea has proposed a multibillion-dollar project dubbed "Make American Shipbuilding Great Again." The Industry Ministry of South Korea declined to comment on the details of the proposal [1].

The proposal comes as South Korea is under pressure to strike a trade deal with the U.S. before the Aug. 1 deadline, following Japan's agreement with Washington to lower the tariff rate to 15% [3]. South Korea aims to achieve a similar reduction in the tariff rate.

Meanwhile, Chinese Foreign Minister Wang Yi congratulated South Korea's new foreign minister, Cho Hyun, on his assumption of office. Wang noted that China and South Korea are friendly neighbors and strategic cooperative partners, emphasizing the growth of bilateral ties since the establishment of diplomatic relations [2].

References:
[1] https://www.japantimes.co.jp/business/2025/07/28/economy/south-korea-shipbuilding-us-trade/
[2] https://www.nampa.org/text/22692444
[3] https://asia.nikkei.com/Economy/Trade-war/Trump-tariffs/South-Korea-under-pressure-to-strike-US-tariff-agreement