We also have Han Kang and Son Heung-min

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We also have Han Kang and Son Heung-min

Published: 16 Sep. 2025, 00:02

Audio report: written by reporters, read by AI

Suh Kyoung-ho

The author is an editorial writer at the JoongAng Ilbo.

“We may be a small country, but we are also a great one. The country of Shakespeare, Churchill, the Beatles, Sean Connery, Harry Potter, David Beckham’s right foot, and David Beckham’s left foot.”

This famous line comes from the 2003 film "Love Actually." The British prime minister, played by Hugh Grant, delivers it against an arrogant American president. The scene often comes to mind these days as Koreans fume over tariff negotiations with the United States.

Korean President Lee Jae Myung signs the guest book in the Roosevelt Room on Aug. 25 before a bilateral meeting with U.S. President Donald Trump. [THE WHITE HOUSE]

“On the surface, the talks may look rough, excessive, unreasonable and irrational, but the final conclusion will be a rational one,” President Lee Jae Myung said at a press conference marking his 100th day in office on Thursday.

“It is difficult to understand in a normal civilized country that Korea provides the capital while the United States takes 90 percent of the profits,” Kim Yong-beom, policy chief in the presidential office, said on July 31.

Such unusually strong words on foreign policy drew wide agreement. Even a retired economic official, known for caution, described Washington’s demands as “humiliating.” Many believe the United States is exploiting an ally and squeezing its economy, leaving Korea simmering with frustration.

The dispute centers on $350 billion in Korean investment in the United States. Seoul wants loans and guarantees included to lower the share of direct investment, while Washington insists on larger cash contributions. U.S. negotiators are pressing Korea to follow Japan’s example, where Tokyo resolved tariffs by writing what amounted to a blank check.

But investment is not charity. It must weigh risks and returns. Success requires entrepreneurial instinct, the willingness to gamble on uncertain ventures. Demanding that Korean companies simply provide funds while curtailing their initiative is not investment but donation.

Korean workers who had been detained by U.S. Immigration and Customs Enforcement authorities in Georgia walk out of the arrivals hall at Terminal 2 of Incheon International Airport on Yeongjong Island on Sept. 12. [JOINT PRESS CORPS]

The sums involved are enormous. The planned investment equals 72 percent of Korea’s national budget. Meeting U.S. demands would require 84 percent of Korea’s foreign reserves of $416.3 billion. That would strain foreign exchange markets. Korea can raise only $20 to $30 billion a year abroad.

Currency swaps are unlikely to ease the tension. The United States maintains permanent swap lines with the eurozone, Japan, the United Kingdom, Switzerland and Canada — economies with reserve currencies or major financial institutions. These lines provide liquidity when global markets face dollar shortages. Korea received temporary swaps during the 2008 financial crisis and again in 2020 amid the pandemic, but those were reciprocal measures to protect U.S. and global markets from spillover effects.

Nor is there any link between swaps and tariffs. Switzerland, despite a permanent swap line, faces 39 percent tariffs. Canada, also with a line, faces 35 percent. A swap would be useful, but is not decisive. If an investment is risky enough to require such support, it may be better not to pursue it. As Kim observed, Washington’s demands must be adjusted to the standards of a “normal civilized country.”

The next lines in "Love Actually" also resonate: “A friend who bullies you is no longer a friend. And since bullies only respond to strength, I shall be prepared to be much stronger.”

Of course, movies rarely become reality. In the harsh world of trade diplomacy, Korea cannot simply declare, “We also have Han Kang, 'KPop Demon Hunters' and Son Heung-min,” and walk away. Han Kang, winner of the 2016 Man Booker International Prize for "The Vegetarian," embodies Korea’s global literary standing. Son Heung-min, captain of the national soccer team, symbolizes athletic excellence. And new cultural exports like Netflix’s "KPop Demon Hunters" show the country’s creative influence stretching into new genres.

President Lee Jae Myung, right, speaks during a press conference to mark 100 days in office at the Blue House’s Yeongbingwan state guest house in central Seoul on Sept. 11. [PRESIDENTIAL OFFICE]

Still, the message is clear. After his experience in negotiations, President Lee remarked that he felt the need to strengthen national power. Facing uncertainty under President Donald Trump, Korea must stand firm on the principles of national interest. At the same time, it must reduce domestic uncertainty. That requires reflection on whether political decisions have created turbulence at home.

When fires burn abroad, the least a government can do is maintain stability within. Rallying confidence at home is as important as preparing for the next round of talks.

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.