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Trump: USD6.6B Maryland Shipyard Will Be Biggest in US Since WWII
(MENAFN) President Donald Trump on Tuesday announced construction of what he called the largest new shipyard in the United States, a project backed by $3.7 billion from defense technology firm Anduril and $2.9 billion from the U.S. Navy.
"Today, we're officially launching the construction of the largest new shipyard in the United States" since World War II, Trump said at the site.
Trump framed the investment as a win for Maryland's largest city. "In a tremendous victory for our country and for the city of Baltimore, Anduril is investing $3.7 billion in a state-of-the-art shipyard that will be known forever as Arsenal-2," he said.
The yard is intended to turn out the Navy's next generation of submarines. "Right here in Sparrows Point, you'll build the next generation of American submarines, including autonomous subs, torpedo tubes, and critical components for our cutting-edge Virginia-class attack submarines," he added.
Beyond its $2.9 billion contribution, the Navy could place up to $21 billion in future purchases, Trump said. He also said the public would hold a stake in the facility. "American taxpayers will receive a 40% stake in the new shipyard," he added.
The president also announced a major boost to military spending, saying the U.S. defense budget will climb to $1.5 trillion this year. "I don't want to speak too early, but we broke the trillion mark, and we're going to be at 1.5," he said.
"Today, we're officially launching the construction of the largest new shipyard in the United States" since World War II, Trump said at the site.
Trump framed the investment as a win for Maryland's largest city. "In a tremendous victory for our country and for the city of Baltimore, Anduril is investing $3.7 billion in a state-of-the-art shipyard that will be known forever as Arsenal-2," he said.
The yard is intended to turn out the Navy's next generation of submarines. "Right here in Sparrows Point, you'll build the next generation of American submarines, including autonomous subs, torpedo tubes, and critical components for our cutting-edge Virginia-class attack submarines," he added.
Beyond its $2.9 billion contribution, the Navy could place up to $21 billion in future purchases, Trump said. He also said the public would hold a stake in the facility. "American taxpayers will receive a 40% stake in the new shipyard," he added.
The president also announced a major boost to military spending, saying the U.S. defense budget will climb to $1.5 trillion this year. "I don't want to speak too early, but we broke the trillion mark, and we're going to be at 1.5," he said.
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