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Chairpersons

South Korean Conglomerates Join Economic Delegation for Lee-Trump Summit

Strategic Insights

— 1 min read

Top executives from South Korea's major conglomerates, including SK Group, LG Group, and Hanwha Group, have joined the economic delegation for President Lee Jae Myung's upcoming summit with US President Donald Trump in Washington. The delegation includes Samsung Electronics Co. Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung, and other business leaders. The summit follows a recent trade deal that lowered US reciprocal tariffs on South Korean goods and secured significant investments in the US, including a $150 billion shipbuilding cooperation initiative.

Key Takeaways:

  • The economic delegation for the Lee-Trump summit includes top executives from South Korea's major conglomerates, including SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo, and Hanwha Group Vice Chairman Kim Dong-kwan.
  • The delegation will discuss the implementation of a recent trade deal that lowered US reciprocal tariffs on South Korean goods from 25% to 15% and secured significant investments in the US.
  • Hyundai Motor Group has announced a $21 billion investment in the US through 2028, including $8.6 billion in the automotive sector and $6.1 billion in steel, components, and logistics.
  • SK hynix Inc. is building a $3.87 billion memory packaging plant and advanced packaging R and D facility in West Lafayette, Indiana, to produce high bandwidth memory (HBM) chips for artificial intelligence applications.
  • LG Energy Solution Ltd. operates three battery cell plants in the US, located in Ohio, Tennessee, and Michigan, with additional facilities under construction in Michigan, Georgia, and Ohio through joint ventures with GM, Hyundai Motor Group, and Honda.
  • The summit will focus on the "Make American Shipbuilding Great Again" (MASGA) initiative, which aims to revive the US shipbuilding industry with significant investments.

Statistics:

  • $150 billion: investment pledged by South Korea for the "Make American Shipbuilding Great Again" (MASGA) initiative.
  • $21 billion: Hyundai Motor Group's investment in the US through 2028.
  • $3.87 billion: investment by SK hynix Inc. for a memory packaging plant and advanced packaging R and D facility in West Lafayette, Indiana.
  • 25%: initial US reciprocal tariffs on South Korean goods.
  • 15%: reduced US reciprocal tariffs on South Korean goods following the recent trade deal.
  • $350 billion: pledged investment by South Korea in the US.
  • $100 billion: pledged energy purchases by South Korea in the US.

Sources:

  • Yonhap News Agency (24 Aug 2025)

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