The US labor union poses a challenge to China's shipbuilding industry, and South Korea wants to seize the opportunity to "overtake"

Global Times Comprehensive Report: "South Korean shipbuilding companies are seen as beneficiaries of the US China trade war." On the 17th, the Korean Times reported on this topic, stating that as the shipbuilding industry becomes a "new battlefield" for strategic competition between the US and China, they are becoming increasingly cautious and optimistic about South Korean shipbuilding industry's ability to increase its overall market share in the global market.

According to reports, on March 12th local time, the United Steelworkers (USW) and five other major labor union organizations submitted a petition formally requesting the Biden administration to conduct a trade investigation into China's "unreasonable and discriminatory" practices in the maritime, logistics, and shipbuilding industries. The petition urges the government to impose "port fees" on Chinese ships docked at US ports and establish a US Shipbuilding Revitalization Fund. In response, US President Biden has promised that the Office of the United States Trade Representative will strictly review petitions in accordance with the law.

The Korean Times reported that after Biden's "positive" response, the top five shipbuilding stocks in South Korea saw a significant increase. On the 14th, Samsung Heavy Industry's stock price surged by 13%, while Hanhua Ocean rose by 11%. South Korean Shipbuilding and Marine Engineering Corporation, Hyundai Heavy Industries, and Hyundai Oita Shipyard rose 5%, 8%, and 4% respectively. The exchange traded fund, which holds major South Korean shipbuilding stocks, also became one of the most profitable South Korean funds last week.