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APEC summit chair says Trump tariffs should be 'addressed' at event

Published: 20 Jul. 2025, 16:14 Updated: 20 Jul. 2025, 17:30

SK Group Chairman Chey Tae-won speaks to reporters during a press conference on July 17 in Gyeongju, North Gyeongsang, during the summer Korea Chamber of Commerce and Industry (KCCI) forum. [KCCI]

Chey Tae-won, 65, holds two titles. He is chairman of both the Korea Chamber of Commerce and Industry (KCCI), representing the business community, and SK Group, Korea’s second-largest conglomerate.

On Thursday, he spoke as both the KCCI chairman and SK chairman as he sat down for a news conference in Gyeongju, North Gyeongsang, on the preparations taking place for the upcoming Asia-Pacific Economic Cooperation (APEC) set to take place in October in the southern city.

“Even amendments to the Commercial Act, which I have long opposed, must be accepted if they are backed by the majority,” Chey told reporters, first as the KCCI chairman.

Then, as the SK chairman, he continued, “Even if it is a government-led RE100 industrial complex, energy prices must make sense for us to participate.”

Both the timing and location of the event were significant. The news came early in the Lee Jae Myung administration’s term, a critical period for defining relations between the government and the corporate community. The venue of Gyeongju, North Gyeongsang, is also where the upcoming Asia-Pacific Economic Cooperation (APEC) summit will take place in October. Chey spoke for more than an hour, covering current issues facing the business community, partnership with the Lee administration, APEC preparations and SK Group’s business agenda.

“If the majority believes it is necessary and passes it, we must accept it,” Chey said, addressing the recent passage of the Commercial Act revision by the National Assembly, which had faced business sector opposition during the previous administration.

SK chairman Chey Tae-won speaks to reporters during a press conference held on July 17 in Gyeongju, North Gyeongsang, during the summer Korea Chamber of Commerce and Industry (KCCI) forum. [KCCI]

However, he added that “There is no such thing as unconditional support or unconditional opposition. We will see how the revisions are implemented, and if serious problems arise, we will respond accordingly.”

On the “Yellow Envelope Bill,” a proposed amendment to the Trade Union and Labor Relations Adjustment Act pursued by the Lee administration, Chey said, “The government repeatedly emphasizes that it is pro-business. I don’t believe it would enact policies that harm businesses. However, I do hope things will move at a more gradual pace.”

He continued, “We won’t necessarily respond in a tit-for-tat manner. Even if we cooperate with government demands, we will try to negotiate trade-offs, such as through regulatory easing.”

Chey also expressed hopes for strong public-private partnerships, saying, “This is an era when public-private teamwork is essential. I hope President Lee becomes a leader who can lead such a team well.”

Regarding the administration’s flagship policy goal of making Korea one of the world’s top three AI powers, Chey said, “If we fail to revive manufacturing through AI, we could face a ‘lost decade’ like Japan. The government needs to help build the AI market.”

When asked whether SK plans to announce any large-scale investment, as is customary with the launch of a new government, Chey replied, “No. The government hasn’t even asked about such plans.”

President Lee Jae Myung holds as meeting on July 18 at the Government Complex in central Seoul. [PRESIDENTIAL OFFICE]

As chair of the APEC CEO Summit, Chey said, “The success of APEC is not determined by how many people it attracts,” adding, “Infrastructure preparations are proceeding smoothly so far. The key is whether we can prepare on the software side to ensure tangible outcomes.”

He continued, “It would be ideal if the so-called Trump tariffs issue could be addressed when the leaders gather at APEC. I will focus my power on facilitating scenes where attendees meet, negotiate, sign deals and make agreements at APEC."

Speaking as head of SK Group, Chey also addressed current issues involving the conglomerate.

“No one can know for certain,” he said, regarding concerns of oversupply of SK hynix’s high bandwidth memory. “The semiconductor chip cycle itself has changed in the AI era.”

On whether energy affiliates like SK Innovation will participate in RE100 industrial complexes, he said, “If we obsess over RE100 targets, it leads to strange decisions. Even Big Tech has given up on RE100,” adding, “Participation depends on whether the price is right.”

Regarding his eldest son, Choi In-geun, 30, leaving SK Innovation E&S for a consulting firm, Chey said, “I raised my children with a ‘free-range’ approach. People say he is receiving succession training elsewhere, but it was his own decision.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY KIM KI-HWAN [[email protected]]