South Korea can negotiate with US on tariffs, acting president says

On Thursday, South Korea’s Acting President Choi Sang-mok stated that the nation should successfully engage in tariff negotiations with President Donald Trump’s administration due to its significant investment in the United States.

“We possess offerings for the United States, as numerous firms, particularly in shipbuilding, are investing,” said Choi.

Choi stated during a parliamentary session, in response to lawmakers’ inquiries regarding the government’s reaction to U.S. tariffs, that South Korea’s investment in the United States over the past two years has surpassed that of any other nation.

Foreign direct investment in the U.S. totaled $57.54 billion across 2022 and 2023. Throughout the first three quarters of 2024, the Asian nation invested $16.27 billion, a decline of 26% compared to the same timeframe the previous year.

In a fact sheet, opens new tab published on Tuesday regarding Trump’s 25% tariffs on steel imports, the White House referenced a recent statement by Hyundai Steel (004020.KS), opens new tab indicating that the South Korean steel producer was contemplating constructing a facility in the U.S.

Inquired about the tariffs on steel imports, Choi mentioned that the government would engage in discussions with the Trump administration, even after Trump’s remarks stating there would be no exemptions and following Japan and Australia’s requests for one.

In an interview shortly after Trump’s presidential election win last November, South Korea’s trade minister mentioned that if Washington imposed higher tariffs, he expected domestic firms to increase their investments in the United States.