HONG KONG — South Korea, a key ally of the United States in Asia, has faced challenges with President Donald Trump, particularly during tariff negotiations while the country lacked a permanent leader.

However, with the election of its new president, Lee Jae-myung, South Korea is presenting a promising proposal in upcoming talks with Trump on Monday. The plan, enticingly named “Make America Shipbuilding Great Again,” involves a $150 billion investment.

This initiative, often referred to by South Korean officials as MASGA, includes the establishment of new shipyards within the U.S., training for American shipbuilding professionals, and maintenance services for the U.S. Navy’s fleet.

The proposal is a central component of a recent trade agreement South Korea reached with Trump, who aims to rejuvenate the U.S. shipbuilding industry for both economic and national security purposes. The meeting with Lee is set to focus on trade and security, amid increasingly strained relations with China and North Korea.

The decline of the U.S. shipbuilding industry over the decades has left the country contributing less than 1% to the global market, according to the Rand national security think tank. In contrast, China leads with 50%, followed by South Korea at 30%, and Japan at 10%. South Korea’s expertise and resources could play a crucial role in revitalizing the American shipbuilding sector.

On Tuesday, Lee and possibly Trump will visit a Philadelphia shipyard acquired last year by the South Korean conglomerate Hanwha Group.

The shipbuilding plan is seen as both a strategic advantage and a symbolic victory for South Korea and the U.S., noted Eun A Jo, a postdoctoral fellow at Dartmouth College’s Dickey Center for International Understanding.

“I think it’s a smart move to try and secure influence in a critical American sector, while at the same time countering Chinese expansion in global maritime infrastructure,” she told NBC News in a phone interview Sunday.

No ‘bromance’ expected

The White House summit is an important opportunity for Lee to advocate South Korea’s interests with Trump after months of political instability created by former President Yoon Suk Yeol’s botched declaration of martial law.

Though Lee comes from a liberal party, he and Trump share much in common — both have been the subjects of assassination attempts, and both are more open to diplomacy with nuclear-armed North Korea than their predecessors.

But they have very different outlooks on political, economic and foreign policy, which could make the summit challenging, said Bae Jong-chan, president of Insight K, a private think tank in Seoul.

“One will not be able to expect bromance between President Lee and President Trump,” he said in a phone interview Monday.

The relationship has already been strained by Trump’s tariffs on South Korea, the world’s 10th-largest economy, which has a large trade surplus with the U.S.

Trump said last month that the U.S. tariff on South Korean imports would be 15%, down from the 25% he had threatened earlier. He said South Korea, which does not impose any tariffs on U.S. goods, managed to “buy down” the U.S. tariff by promising $450 billion in U.S. investment and energy purchases, including the $150 billion shipbuilding fund.

Jo said Lee is seeking to lock in the terms favorable to South Korea in the trade deal, which remains unwritten and largely unclear.

“I think he wants that to be firm and solid, to have at least some sense of predictability and stability in their economic relations,” she said.

More tricky are questions about South Korea’s longstanding security alliance with the U.S. and its position on China.

Trump wants South Korea to take more responsibility for its own defense, freeing up the almost 30,000 U.S. service members stationed there to focus more on containing China, Washington’s biggest strategic rival.

South Korea worries that such a shift could leave it more exposed to threats from North Korea, as well as increase the chances it could be drawn into a potential U.S.-China conflict over Taiwan, the island democracy Beijing claims as its territory.

Though Lee strongly supports the decades-old U.S.-South Korea alliance, he also has to balance relations with China, South Korea’s main trading partner.

On Sunday, a special envoy told Chinese Foreign Minister Wang Yi in Beijing that South Korea hopes to normalize relations with China after years of tension.

Lee has long been vocal about his reluctance to take sides between the U.S. and China, and his pragmatic approach to South Korea-China relations “is unlikely to sit comfortably with President Trump,” Bae said.

Lee makes U.S. his second stop

Before heading to Washington, Lee stopped in Tokyo for a summit with Prime Minister Shigeru Ishiba in his first foreign visit since being elected president in June.

“That was a very deliberate and strategic move,” Jo said, as the two U.S. allies seek leverage to protect themselves from Trump’s vicissitudes.

On his flight from Tokyo to Washington on Sunday, Lee told reporters he had asked Ishiba for details on Japan’s negotiations with the U.S., and that Ishiba had given “a lot of very friendly advice.”

Lee and Ishiba, whose countries have historically been at odds, agreed at their summit to improve bilateral ties so they can better coordinate with the U.S. against China and North Korea.

Despite interest from Washington and Seoul, North Korea has dismissed the idea of further denuclearization talks, saying Trump must accept it as a nuclear power. The Trump-Lee summit comes as the U.S. and South Korean militaries are holding annual joint exercises that North Korea condemns as a rehearsal for invasion.

Bae said Lee is “likely to walk away from the summit with detailed homework” on North Korea, tariffs, military cost-sharing and the role of U.S. troops in South Korea, among other issues.

If he “fails to deliver as President Trump sees fit,” Trump may protest by skipping the Asia-Pacific Economic Cooperation meeting South Korea is hosting this fall.

“MASGA cannot cover everything for President Lee in dealing with President Trump,” Bae said.

Jennifer Jett reported from Hong Kong, and Stella Kim from Los Angeles.