South Korea’s Acting President, Choi Sang-mok, on the 13th of February, 2025, emphasized the nation’s ability to negotiate with the administration of US President Donald Trump over tariffs, highlighting the significant scale of South Korea’s investments in the United States.
Speaking before lawmakers in a parliamentary session, Choi underscored South Korea’s strategic value to the US, citing major investments from industries like shipbuilding.
He stressed that the country has much to offer, reinforcing its economic ties with the United States.
Choi also revealed a striking fact South Korea’s investment in the US over the past two years has surpassed that of any other nation.
Reports indicate that foreign direct investment in the US totaled $57.54 billion in 2022 and 2023 combined, with South Korea playing a dominant role. However, during the first three quarters of 2024, the country’s investments in the US dropped by 26% from the previous year, amounting to $16.27 billion.
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Addressing concerns over tariffs on steel imports, Choi acknowledged Trump’s firm stance against exemptions, even after Japan and Australia sought leniency. Despite this, he reaffirmed that South Korea’s government remains committed to engaging the US administration in discussions.
Notably, in November 2023, South Korea’s trade minister had projected that domestic companies might increase their US investments should Washington implement higher tariffs, an expectation that now hangs in the balance amid ongoing trade negotiations.