[Exclusive] "Trump Will Never Let Go of Korea... Cannot Neglect Korean Semiconductor Industry"

Mark Penn Stegwell Group CEO Interview in the US
Advised Close to Trump from 2019 to 2020

Trump's Plan for Reviving US Manufacturing, CSA and Semiconductor Subsidies Expected to Continue
On Tariff Policy: "Selective Tariffs Applied to Allies"
High Evaluation of Korean Industrial Competitiveness: "Will Lead the Robot Market"

Tensions worldwide are escalating as the inauguration of Donald Trump, the President-elect of the United States, approaches in one week. Mark Penn, CEO (70) of the Steagwell Group, who closely advised Trump from 2019 to 2020, told this publication on the 9th (local time) in Las Vegas, USA, "To revive American manufacturing, we will hold even tighter the hand extended by Korea." He expressed confidence that "the South Korea-US alliance will continue to be maintained even after President Trump's inauguration."

Mark Penn Stegwell, CEO. Photo by Bloomberg

CEO Penn is a versatile expert active in various fields such as economics, politics, industry, and public opinion polling in the United States. He joined President Trump's legal team during the 2019 impeachment crisis and participated in efforts to block the impeachment. In 2020, he consulted on the overall election campaign for President Trump. The Steagwell Group, where he serves as CEO, is a global marketing and communications group established in 2015.

CEO Penn said, "The American people expect President-elect Trump to revive American manufacturing along with tax cuts, deregulation, and expansion of rights," adding, "To meet these expectations, semiconductors will be actively examined." He continued, "Semiconductors are a market that will continue to grow, and the numerous processes involved in semiconductor production accompany manufacturing. For President-elect Trump, he cannot neglect Korea, which is active in the semiconductor industry."

Regarding the possibility of repealing the CHIPS Support Act (CSA), CEO Penn analyzed, "Currently, it is more likely to be maintained as is." Recently, President-elect Trump expressed a negative stance on the decision for major semiconductor companies worldwide, including Korean firms, to build factories in the U.S. and receive semiconductor subsidies from the Department of Commerce, arguing that support should shift from subsidies to tax-based forms. However, Penn believes this will not translate into actual action. He sees a higher likelihood that President-elect Trump will maintain promised subsidies to companies to build trust and revitalize manufacturing through semiconductor industry growth.

He said, "Currently, President-elect Trump's statements are viewing the semiconductor industry from a national security perspective," adding, "The U.S. wants to directly control overseas companies' semiconductor factories, and subsidies, which act like incentives, are a good means to that end."

Regarding the policy to impose universal tariffs of 10-20% after inauguration, CEO Penn predicted, "There will be exceptions for Korea, with which the U.S. has a close alliance." He further elaborated, "For national security and the revitalization of specific industries, some allied countries will be subject to 'selective tariffs' rather than indiscriminate and broad tariffs."

CEO Penn also highly evaluated Korea's current industrial competitiveness in the global market. He forecasted that Korea, along with the U.S., will lead in robotics, which has emerged as a new theme in future industries at CES 2025, the world's largest electronics and IT exhibition held at the Las Vegas Convention Center. He said, "I believe the U.S. currently holds the strongest position in the robotics industry, and Korean companies will also gain an advantage in the market," adding, "Europe and China are relatively likely to be left behind. Europe has many self-regulatory measures, and China's industrial growth is too rapid, making it vulnerable to collapse."