Korean business leaders' presence in Washington plays crucial role in tariff deal success

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Korean business leaders' presence in Washington plays crucial role in tariff deal success

Published: 31 Jul. 2025, 16:34 Updated: 31 Jul. 2025, 16:52

Audio report: written by reporters, read by AI

Korea's most powerful business leaders flew to the United States earlier this week to show support in hammering out a high-stakes tariff deal. From left: Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Executive Chair Euisun Chung and Hanwha Group Vice Chairman Kim Dong-kwan [YONHAP, HANWHA]

When Korea sat down with the United States to hammer out a high-stakes tariff deal, it wasn’t just government officials at the table. Some of the country’s most powerful business leaders quietly flew in to tip the scales, ultimately securing a successful outcome in the negotiations.

Samsung Electronics Executive Chairman Lee Jae-yong, Hyundai Motor Executive Chair Euisun Chung and Hanwha Group Vice Chairman Kim Dong-kwan all traveled to the United States in recent days, lending their support to the government’s efforts.

The presidential office said close coordination between the government and major companies was instrumental in the successful conclusion of the talks.

“The Ministry of Trade, Industry and Energy, Ministry of Economy and Finance, Ministry of Foreign Affairs, Ministry of Agriculture, Food and Rural Affairs, the Office for Government Policy Coordination and the presidential office worked as one team,” Kim Yong-beom, director of national policy, said Thursday.

“Companies also actively cooperated by offering a wide range of ideas, particularly in key industries such as shipbuilding.”

Business leaders in the country’s core sectors — semiconductors, automobiles and shipbuilding — were credited with bolstering the final stages of negotiations by flying to the United States to show support.

According to industry sources, Hanwha Vice Chairman Kim arrived in Washington first on Monday, followed by Lee and Chung, who joined the lobbying efforts shortly afterward.

Kim reportedly discussed detailed investment plans for the Korean government’s proposed shipbuilding cooperation initiative with the United States, dubbed “MASGA,” or “Make American Shipbuilding Great Again.”

He was also available on a “hotline” throughout the talks, prepared to immediately respond to U.S. questions regarding Hanwha’s shipbuilding investments and cooperation models.

“Vice Chairman Kim’s active input and ideas regarding shipbuilding investments were a major asset to the tariff negotiations,” a government official said.

U.S. President Donald Trump listens during a news conference with India's Prime Minister Narendra Modi in the East Room of the White House, on Feb. 13, in Washington. [AP/YONHAP]

Samsung’s Lee canceled his scheduled attendance at Google Camp, a global business retreat in Italy, to fly to Washington on Tuesday. There, he reportedly tapped his extensive U.S. network to support Korea’s trade delegation.

Notably, Tesla’s recent announcement of a $16.5 billion deal with Samsung’s semiconductor foundry in Taylor, Texas, to produce advanced AI chips is believed to have played a meaningful role in the discussions on semiconductor investment.

Lee remained in the United States even after the trade deal was announced on Wednesday, reportedly meeting with local clients and reviewing potential investments.

Hyundai’s Chung, who was abroad on a business trip, rearranged his schedule to head directly to Washington. He is said to have bolstered the government’s negotiating power by leveraging connections through former U.S. Republican Rep. Drew Ferguson, now the head of Hyundai’s Washington office. Chung also maintained communications with U.S. lawmakers including House Speaker Mike Johnson, who represents Louisiana, where Hyundai has major investment plans worth $21 billion.

Ryu Jin, chairman of the Federation of Korean Industries and a well-known expert on U.S. affairs, also provided behind-the-scenes support by leveraging his extensive network with key figures in the U.S. Republican Party and other political circles.

Last week, he accompanied a Korean parliamentary delegation to Washington, holding meetings with U.S. lawmakers and think tank representatives. Separately, he met with U.S. government and congressional figures to emphasize Korea’s role as a key economic partner to the United States.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY PARK YOUNG-WOO,SHIM SEO-HYUN,CHOI SUN-EUL [[email protected]]