Chung Euisun Heads to Washington to Support Tariff Talks... Third Major Business Leader to Join

Full Support from Business Leaders for Korea-US Tariff Negotiations

Chung Euisun, Chairman of Hyundai Motor Group, is heading to the United States on the 30th to provide support for tariff negotiations with the US.

With the deadline for the Korea-US tariff negotiations expiring on August 1, he appears to have been urgently dispatched to support the Korean government's efforts in reducing automobile tariffs and other related negotiations. He is the third major business leader to do so, following Kim Dongkwan, Vice Chairman of Hanwha Group, and Lee Jaeyong, Chairman of Samsung Group.

Yonhap News Agency

According to the government, Chairman Chung will depart for Washington, D.C. this afternoon to join the US visit in order to support the ongoing last-minute tariff negotiations.

In March, Chairman Chung met with US President Donald Trump and announced an investment plan worth $21 billion, which included expanding Hyundai Motor Group's vehicle production in Georgia and building a new steel plant in Louisiana.

On July 14, he also had a private dinner meeting with President Lee Jaemyung. Kang Yujeong, spokesperson for the presidential office, explained, "President Lee listened to the opinions and concerns of each group chairman on various topics, including investment in the US, global trade, regional revitalization plans, investment in research and development (R&D), and strategies to respond to future societal changes."

Since April, a 25% tariff has been imposed on imported automobiles, but Japan and the European Union (EU), Korea's main competitors, have succeeded in reducing this to 15%. As a result, Chairman Chung's role is expected to become even more significant.

As top business leaders are stepping in to support the tariff negotiations, it is expected to add significant momentum to the upcoming negotiation process. Previously, Vice Chairman Kim Dongkwan departed for Washington on July 28 to work on concretizing the 'Make American Shipbuilding Great Again (MASGA)' project, a shipbuilding industry cooperation initiative proposed by Korea to the US.

The following day, on July 29, Lee Jaeyong, Chairman of Samsung Electronics, also followed suit. It is known that Chairman Lee plans to propose expanding semiconductor investments in the US and strengthening technological cooperation in advanced artificial intelligence (AI) semiconductor fields as part of Korea's negotiation strategy.