South Korea proposed a new shipbuilding partnership called "Make American Shipbuilding Great Again" to the US in a bid to avoid the imposition of a 25% tariff on its exports from Aug. 1, Bloomberg News reported Monday.

Although the value of the project was undisclosed, it is expected to be worth several billion dollars.

"We confirmed the US side's strong interest in the shipbuilding sector and the two countries agreed to work together to develop mutually acceptable terms that include shipbuilding cooperation," Seoul's presidential office said Saturday.

South Korea's finance and foreign ministers are scheduled to meet their US counterparts this week to reach a favorable trade deal before the deadline, according to the news outlet.

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