South Korea to closely monitor uncertainties in shipping industry amid US tariffs. U.S. President Donald Trump’s protectionist trade policies, including new tariffs, may put \”downward pressure\” on shipping costs in the long run, negatively affecting the profitability of shipping firms. In 2024, the government reported 119 deaths from fishing boat accidents, sharply up by 41 from the previous year. The figure was the highest since 2014, when the corresponding tally stood at 133. In 2022, the two sides agreed to jointly operate the \”green shipping route,\” which aims to connect ports in South Korea’s southeastern cities of Busan and Ulsan, and ports in the state of Washington in 2027. The green shipping corridor refers to a route where vessels emit zero carbon by utilising nature-friendly technologies and non-carbon fuels. In 2027, the International Maritime Organisation plans to discuss with its member states charging shipping companies a carbon tax starting in 20 27. The government also plans to promote South Korean companies’ interests if the carbon tax is adopted globally, by working to minimize the tax levied per ton of carbon emissions.
