US President Donald Trump on Tuesday announced the construction of the largest new shipyard in the US at Sparrows Point in Maryland, with a $3.7 billion investment by defense technology company Anduril alongside a $2.9 billion contribution from the 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.
"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.
"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.
Trump said the US Navy is contributing an additional $2.9 billion to support the shipyard, with the possibility of $21 billion in future purchases.
"American taxpayers will receive a 40% stake in the new shipyard," he added.
Trump also said the US defense budget would rise 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.
