South Korea has proposed a multi-billion dollar shipbuilding project to the U.S. during trade talks, the Yonhap News Agency reported on Monday, citing unnamed sources.

The suggested project consists of a package that encompasses large-scale investments in the U.S. by private South Korean shipbuilders and financial support such as loans and guarantees to support them, Yonhap reported.

The project has been labeled "Make American Shipbuilding Great Again," or MASGA, Yonhap reported.