President Donald Trump has announced the creation of a new White House office dedicated to revitalizing the U.S. shipbuilding industry, aiming to boost both commercial and military vessel production.

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“We used to make so many ships. We don’t make them anymore very much, but we’re going to make them very fast, very soon,” Trump said during a joint session of Congress on Tuesday. He also promised special tax incentives to encourage domestic shipbuilding, calling it a strategic move to enhance national security.

In the same address, Trump shifted focus to U.S. influence over the Panama Canal, revealing that an American consortium, including BlackRock Inc., is acquiring control of ports at both ends of the canal. The deal follows Trump’s claims of Chinese interference in the crucial shipping passage.

“The Panama Canal was built by Americans, for Americans, not for others,” Trump stated, emphasizing the historical sacrifices made during its construction.