South Korean delegation meets U.S. commerce chief
A visiting South Korean business delegation described its meeting with newly appointed U.S. Secretary of Commerce Howard Lutnick as “productive,” following reports that discussions included potential $1 billion investments from each company in exchange for expedited regulatory benefits.
The delegation, led by SK Group Chairman Chey Tae-won—who also heads the Korea Chamber of Commerce and Industry—met with Lutnick in Washington to strengthen dialogue with the second Donald Trump administration, according to Yonhap News Agency.
Reports indicated that Lutnick encouraged South Korean firms to commit substantial investments, aligning with Trump’s strategy to attract foreign capital through a new fast-track approval process.
“Secretary Lutnick did not explicitly demand investments of over $1 billion but conveyed that companies investing more than $1 billion could receive various forms of support from the U.S. government,” one delegation member stated anonymously.
Another participant, also speaking on condition of anonymity, noted that Lutnick provided a clear overview of current U.S. trade policies.
“It was a productive session that helped us better understand U.S. trade policy,” he said.
Market analysts suggest that the meeting could impact South Korean companies’ investment strategies, especially as they navigate potential tariff hikes and changes to semiconductor subsidies under Trump’s second term.
Amid rising global trade uncertainties, companies are expected to evaluate multiple scenarios before committing to investments.
Several South Korean firms, including SK Group, have hinted at expanding their U.S. investments, particularly as trade tensions and protectionist policies under the Trump administration may create operational challenges.
Chey previously stated that SK Group could consider further investments in the U.S., provided that sufficient incentives are in place.
The meeting was scheduled at the last minute due to Lutnick’s confirmation process, which included a Senate approval vote and inauguration proceedings. It took place just three hours before Lutnick’s swearing-in ceremony.
