During the negotiations, Germany granted $4 billion in shipyard modernization subsidies to the former East German shipyards. South Korea approved close to a $1 billion bailout of its largest shipbuilder Daewoo. Other European countries continued to grant billions in subsidies to their shipbuilding industries to fill their order books.
Discussing international subsidies in the shipbuilding industry.
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We have an obligation to be problem solvers, now more than ever, given the tenuous nature of our times and the situation that we're in as a country.
What is needed is honest, fact-based discussion and a genuine bipartisan commitment to solutions.
Thank you. I will be a fast talker. And I want to thank all of you for your very impressive testimony.
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