Golf Round with Japanese and Taiwanese Business Leaders
Positive Expectations for Tariff Negotiations
During a meeting with the heads of major Korean conglomerates, U.S. President Donald Trump expressed his gratitude for investments in the United States and actively encouraged further investment in the shipbuilding industry. By emphasizing that investments in the U.S. are part of ongoing economic cooperation between the two countries, observers believe this could have a positive effect on the concluding tariff negotiations between the two governments.
Convoy of President Donald Trump's vehicle leaving after a round of golf with heads of major Korean companies. On the 18th (local time), U.S. President Donald Trump was seen leaving his golf course, Trump International Golf Club, located in West Palm Beach, Florida, after finishing a round of golf with the heads of Korea's four major conglomerates and other Asian business leaders. In the back seat of the vehicle, a figure wearing a white hat, which President Trump usually wears during golf games, stands out. Photo by Yonhap News Agency
According to industry sources on October 20, Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, and Hanwha Group Vice Chairman Kim Dong-kwan met with President Trump during a golf gathering held in Florida, United States, on the 18th (local time).
A senior business official stated, "President Trump expressed his appreciation for the past and ongoing investment commitments by leading Korean companies in the United States," adding, "He also encouraged proactive investment by our country in major industries such as shipbuilding." The official continued, "President Trump said he looks forward to productive discussions with various leaders during his upcoming visit to Korea." Even though President Trump did not directly mention tariff issues, his remarks are interpreted as a positive signal for continued cooperation, recognizing the expansion of Korean companies' investments in the U.S. as a constructive step.
This gathering was organized to celebrate the 90th birthday of legendary South African golfer Gary Player, at President Trump's suggestion, with SoftBank Chairman Masayoshi Son inviting business leaders from Korea, Japan, and Taiwan. It is reported that the Korean executives did not play in the same group as President Trump. However, they apparently had ample opportunities for conversation before and after the game, as well as during breaks.
Industry insiders interpret President Trump's golf round with these business leaders as a way to check China while simultaneously delivering both messages of gratitude and pressure to major corporations. His comments of appreciation for increased investment are seen as a call for further expansion of production and employment in the U.S. This is viewed as a characteristic example of President Trump's pragmatic political approach and as a signal to maintain relationships amid an uncertain trade environment.
Chairman Lee is believed to have emphasized the importance of stabilizing the semiconductor supply chain and cooperation in artificial intelligence (AI), mentioning plans for local investments such as the semiconductor plant in Taylor, Texas.
Chairman Chey reportedly stressed the need for cooperation with the U.S., focusing on SK Group's ongoing investments in the country. SK Group is currently investing over 5 billion dollars in electric vehicle (EV) batteries, semiconductors, and eco-friendly sectors in the U.S., with SK Hynix in particular building a 3.9 billion dollar packaging plant in Indiana. Given that factors such as U.S. subsidy policies and semiconductor export controls could add uncertainty to the investment environment, it is believed that specific cooperation measures were discussed. Both Chairman Lee and Chairman Chey are also thought to have focused on collaboration for the large-scale AI infrastructure project "Stargate." Stargate is a project involving OpenAI, SoftBank, and Oracle, aiming to invest up to 500 billion dollars by 2029. With initial funding delayed, the need for participation by Korean companies has increased. Previously, OpenAI CEO Sam Altman requested cooperation from Samsung and SK, and both leaders reportedly responded positively.
Chairman Koo is said to have highlighted the importance of a stable investment environment by introducing achievements in employment and investment, such as the operation of joint battery plants in the U.S. Before heading to Florida, Chairman Chung reportedly visited the Hyundai Motor Group Metaplant America (HMGMA) in Savannah, Georgia, to inspect local production and employment. He is believed to have emphasized the group's achievements in U.S. production and job creation to President Trump. Vice Chairman Kim also reportedly stressed Hanwha Group's commitment to continued investment and cooperation in the U.S. shipbuilding industry. He may have also appealed for the creation of institutional frameworks and support to facilitate bilateral cooperation. Hanwha Group is a key player in the Korea-U.S. shipbuilding cooperation project "MASGA" (Make American Shipbuilding Great Again). Amid U.S.-China trade tensions, China recently placed five U.S. subsidiaries of Hanwha Ocean on its sanctions list. Despite such pressure, Vice Chairman Kim is seen as having reaffirmed his commitment to continued Korea-U.S. shipbuilding cooperation.
The business community expects that this meeting will have a positive impact on follow-up discussions regarding the Korea-U.S. tariff negotiations. The Korean government and the U.S. are currently in the final stages of coordinating issues such as maintaining high tariffs and sharing investment burdens. With the heads of domestic companies directly reaffirming their commitment to continued investment, there is speculation that the negotiation atmosphere may become more relaxed. An industry official said, "Companies have reaffirmed their willingness to invest in the U.S., and President Trump highly valued this," adding, "Expectations for a successful conclusion to the tariff negotiations have grown significantly." Many in and outside the business community view this meeting as an opportunity to build mutual trust in a private setting. A large company official commented, "It is significant that the heads of the conglomerates personally conveyed their commitment to investment and cooperation, independent of government-to-government negotiations," adding, "Since President Trump values 'relationships' over policy, this meeting was also an effort to foster a favorable perception of Korean companies." Another official noted, "A typical golf round lasts 5 to 6 hours, but this one reportedly lasted about 7 hours and 30 minutes, which suggests there was ample conversation and a positive atmosphere."
Of the five conglomerate leaders who attended the meeting, all but Chairman Chung reportedly returned to Korea immediately after the golf round. Chairman Chey is said to have returned quickly, considering his schedule related to the Asia-Pacific Economic Cooperation (APEC) summit at the end of this month. Chairman Son, who arranged the golf meeting with President Trump, is also expected to attend the APEC CEO Summit 2025 in Gyeongju next week.
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