Lee Jae-myung Visits Hyundai Motor Asan Plant... Discusses Solutions to Trump-Originated Tariff Bombardment

by Hwang Seoyul

by Lee Dongwoo

Published 20 Feb.2025 10:48(KST)

"Let's Establish a Joint Ruling-Opposition-Government Special Committee on Trade"

Amid the Trump administration's announcement of a 25% tariff on automobiles during its second term, Lee Jae-myung, leader of the Democratic Party of Korea, will visit Hyundai Motor Company's Asan plant to explore countermeasures against the tariff war triggered by Trump.

On the 20th at 10 a.m., Lee will visit Hyundai Motor's factory located in Asan, Chungnam, and tour the production line with Hyundai Motor President Lee Dong-seok and others. He plans to discuss ways to develop future technologies and enhance production capacity with industry officials. Han Min-soo, the spokesperson, stated, "We will hold a trade meeting with Hyundai Motor's management to discuss measures to reduce risks related to automobile exports, including tariffs."

On the same day, the Democratic Party delegation will include Moon Jin-seok, opposition floor leader of the National Assembly Land, Infrastructure and Transport Committee; Kim Won-i, opposition floor leader of the Industry, Trade, Energy, Small and Medium Business Committee; Assemblymen Bok Ki-wang and Lee Jae-gwan; spokesperson Lee Geon-tae; and Lee Hae-sik, chief secretary to the party leader. Hyundai Motor will be represented by President Lee and Vice President Lee Hang-soo, among others.

Lee Jae-myung, leader of the Democratic Party of Korea, is speaking at the on-site meeting titled "The Trump Era: The Korea-US Alliance and the Vision for the Shipbuilding Industry and K-Defense Industry," held on February 19, 2025, at the Korea Defense Industry Promotion Association in Mapo-gu, Seoul. Photo by Kim Hyun-min

The reason behind Lee's visit to Hyundai Motor's Asan plant is the significant impact that the tariff war initiated by the Trump administration's second term is expected to have on Korean companies' exports. In fact, on the 19th (local time), during a speech at the 'Future Investment Initiative Priority Summit' held in Miami, Florida, the Trump administration announced plans to impose tariffs on items including automobiles within a month. The anticipated tariff is at least 25%, and if the U.S. implements its trade policy as planned, Korea, whose automobile exports constitute the largest share of exports to the U.S., is expected to be hit directly.

On the previous day, on MBC's '100-Minute Debate,' Lee proposed once again the creation of a special parliamentary committee on trade that would enable the ruling and opposition parties and the government to jointly respond to the comprehensive tariff measures of the Trump administration's second term. He said, "Fortunately, President Trump does not seem to be paying close attention to the Korean Peninsula right now," and added, "We should not think that only we are at a disadvantage; we need to buy some time and have the ruling and opposition parties and the government work together for a joint response."

He also reiterated the need to prepare a supplementary budget to support key domestic industries. Lee stated, "If we do not focus on the current economy, we are headed for negative growth. There is no time to talk about distribution or fairness," and argued, "The government's fundamental role is to suppress economic activities when households and companies are overheated and to support them when they are weakened."