SEOUL (Reuters) – South Korea’s Acting President Choi Sang-mok said on Thursday the country should be able to negotiate with the administration of President Donald Trump on tariffs as its investment in the United States is sizeable.
“We have things to give to the United States, because many companies, such as those in the shipbuilding sector, are making investments,” Choi said.
South Korea’s investment in the United States in the last two years has been higher than that of any other country, Choi said, as he answered lawmakers’ questions about the government’s response to U.S. tariffs in a parliamentary session.
Foreign direct investment in the United States stood at a combined $57.54 billion during 2022 and 2023. During the first three quarters of 2024, the Asian country invested $16.27 billion, down 26% from the same period a year earlier.
In a fact sheet released on Tuesday about Trump’s 25% tariffs on steel imports, the White House cited a recent announcement by Hyundai Steel that the South Korean steelmaker was considering building a plant in the U.S.
Asked about the tariffs on steel imports, Choi said the government would consult with the Trump administration, despite Trump’s comments that there would be no exemptions and after Japan and Australia requested such an exemption.
Last November, South Korea’s trade minister said he saw domestic companies investing more in the United States if Washington introduced higher tariffs, in an interview with Reuters hours after Trump’s victory in the presidential election.
(Reporting by Ju-min Park, Writing by Jihoon Lee; Editing by Muralikumar Anantharaman and Bernadette Baum)
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