[Gyeongju APEC] Korean Business Leaders All Smiles After News of Tariff Agreement

Chey Taewon, CEO Summit Chair: "Relieved by Tariff Agreement"
U.S.-Led Surprise Meeting of Major Korean Conglomerate Leaders
Tariff Deal Announcement Raises Hopes for Industrial Cooperation

"That's a relief."

Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry and Chairman of SK Group, who presided over the 2025 Asia-Pacific Economic Cooperation (APEC) CEO Summit, shared his thoughts on the conclusion of the tariff negotiations, expressing the significance of the outcome.

Samsung Electronics Chairman Lee Jae-yong is entering the Korea-US Business Roundtable held at Gyeongju Arts Center on the evening of the 29th. Photo by Hee-Jun Jang

Howard Lutnick, U.S. Secretary of Commerce, who has been leading the tariff negotiations, and the heads of major Korean conglomerates held a surprise meeting at the CEO Summit on the evening of the 29th. Although the atmosphere was largely driven by the United States, with pressure mounting for investment in the U.S., news of the successful conclusion of the negotiations at the end of the meeting raised expectations for industrial cooperation between the two countries.

According to the business community on the 30th, a meeting was arranged the previous evening at the invitation of Secretary Lutnick, bringing together the heads of the four major conglomerates and other key business leaders. At around 5:20 p.m., the Korea-U.S. Business Roundtable was held in a meeting room on the first floor of the Gyeongju Arts Center. Attendees included Lee Jaeyong, Chairman of Samsung Electronics; Chairman Chey; Chung Euisun, Chairman of Hyundai Motor Group; and Koo Kwangmo, Chairman of LG Group. Kim Dongkwan, Vice Chairman of Hanwha Group, and Chung Kisun, Chairman of HD Hyundai, who will be leading the MASGA (Make American Shipbuilding Great Again) project, were also present.

During the meeting, which lasted about an hour and a half, the U.S. side reportedly called for continued investment in the United States. An industry official explained, "There was so much caution that the opening remarks of the business leaders were revised repeatedly until just before the meeting. Since the tariff negotiations were still ongoing, sensitive remarks were avoided, and the event served as an opportunity to express their commitment to future investment." Chairman Chey also briefly commented, "Today, I am here to listen," before entering the conference room.

Howard Lutnick, U.S. Secretary of Commerce, is entering the Korea-U.S. Business Roundtable held at Gyeongju Arts Center on the evening of the 29th. Photo by Jang Heejun

The talks continued with a reception. About 100 participants from the Korean and U.S. industries moved to the fourth floor and engaged in informal conversations in a standing format, creating a relatively relaxed atmosphere. Since the U.S. side mainly invited companies investing in the United States, they expressed gratitude and the intention to maintain friendly cooperation.

As the 30-minute reception was coming to an end, news broke that the tariff negotiations had been concluded. The business leaders, who had entered the meeting with somewhat tense expressions, left the reception smiling or looking noticeably more relaxed.

Ryu Jin, Chairman of the Federation of Korean Industries, said as he left the arts center, "Secretary Lutnick said, 'It looks like things will go very well,' and shared many positive remarks. The atmosphere was so good that he spoke as if the deal was almost done." Chairman Chung Kisun commented, "It seems things will be even more favorable for promoting the MASGA project going forward."

This content was produced with the assistance of AI translation services.