US Cabinet Members Court Korean Companies: Treasury Secretary to Meet Conglomerate Leaders After Commerce Secretary [Gyeongju APEC]

U.S. Secretaries Hold Successive Meetings with Korean Business Leaders
Stalled Tariff Talks Spur Private Sector Engagement
Jensen Huang, Lee Jae-yong, and Chung Eui-sun to Meet on the 30th

On the occasion of the 2025 Asia-Pacific Economic Cooperation (APEC) Summit, the United States Secretary of Commerce and Secretary of the Treasury, who are visiting Korea, are actively seeking meetings with the heads of major Korean conglomerates. Although tariff negotiations between South Korea and the United States remain at an impasse, the U.S. administration is attempting to find a breakthrough in expanding private investment and economic cooperation by engaging in direct dialogue with Korean companies. In particular, the U.S. Embassy in Seoul is reportedly taking proactive steps to strengthen contact with major Korean corporations and to facilitate ministerial-level meetings.

According to business and government officials on the 29th, Howard Lutnick, the U.S. Secretary of Commerce, is scheduled to meet with Minister of Trade, Industry and Energy Kim Jeong-Kag and about 100 business leaders, including the heads of major Korean conglomerates, at the CEO Summit main event held in the meeting room of Gyeongju Arts Center later today. The meeting is expected to be attended by SK Group Chairman Chey Tae-won, who is hosting the CEO Summit, Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, Hanwha Group Vice Chairman Kim Dong-kwan, and HD Hyundai Group Chairman Chung Ki-sun, among others.

Scott Besent, United States Secretary of the Treasury, and Jamison Greer, United States Trade Representative (USTR), are holding a press conference at the Treasury Department in Washington DC on October 15 (local time). Photo by Yonhap News.

The U.S. government is expected to use this meeting as an opportunity to discuss plans for supply chain and advanced industry cooperation with Korean conglomerates. The U.S. Embassy in Seoul is also reportedly coordinating ministerial schedules and strengthening engagement with companies. An industry official stated, "The U.S. government is actively pursuing direct dialogue with major Korean companies to expand supply chain and advanced industry cooperation," adding, "It is clear that there is an intention to utilize the APEC CEO Summit as a practical channel for economic cooperation between the two countries."

Scott Besent, the U.S. Secretary of the Treasury, who is also visiting Korea for the APEC summit, is reportedly arranging a meeting with the heads of Korean conglomerates on the 30th. Secretary Besent is also expected to continue individual discussions with major group leaders to explore avenues for cooperation.

There is also speculation about the possibility of a separate dinner between the heads of Korean conglomerates and either U.S. President Donald Trump or Chinese President Xi Jinping, but it has been confirmed that such an event is not currently included in the official schedule.

Korean companies are considered key pillars in the restructuring of trade and defense cooperation directly linked to investment and supply chain reorganization in the United States, including the Korea-U.S. shipbuilding cooperation initiative "MASGA (Make American Shipbuilding Great Again)."

The U.S. secretaries are expected to meet with the heads of conglomerates to express their appreciation for the large-scale investment commitments made despite the difficulties in tariff negotiations, thereby fostering an atmosphere of cooperation between South Korea and the United States.

In a media interview on the 27th, Secretary Besent responded to a question about whether the tariff negotiations would be finalized at the "Wednesday (29th)" summit between the leaders of the two countries by saying, "I think not quite," indicating that the possibility of a final agreement between the two leaders remains uncertain. It has been reported that the two countries still have differences over the specific methods, amounts, schedules, and loss-sharing arrangements regarding the 350 billion dollar (approximately 501.24 trillion won) investment project.