Washington: Hyundai Motor Group Executive Chair Euisun Chung is set to depart for the United States this week in what appears to be part of efforts to support ongoing trade talks between Seoul and Washington, government sources said Wednesday.
According to Yonhap News Agency, Chung is the second head of a major South Korean conglomerate to travel to the U.S. this week amid the ongoing last-minute tariff negotiations, following Samsung Electronics Co. Chairman Lee Jae-yong, who left a day earlier. A 25 percent tariff on imported vehicles imposed by U.S. President Donald Trump's administration took effect in early April. Japan and the European Union have since negotiated reductions to 15 percent ahead of the August 1 deadline. South Korea has yet to secure a similar deal.
In March, Hyundai Motor Group announced plans to invest $21 billion in the U.S. by 2028. The package includes $8.6 billion for the automotive sector and $6.1 billion for steel, components, and logistics. Samsung's Lee was expected to propose new semiconductor investment plans and artificial intelligence partnerships during his visit, potentially in support of the South Korean government in the high-stakes tariff negotiations.
Samsung previously announced a $37 billion plan to build new chip foundry facilities in Taylor, Texas, by 2030. The company also operates a chip factory in Austin, Texas. On Tuesday, Samsung unveiled a $16.5 billion deal to supply AI semiconductors to Tesla Inc., with production expected to begin next year at the Taylor plant.
Meanwhile, Hanwha Group Vice Chairman Kim Dong-kwan also left for the U.S. on Monday, possibly to support a project tentatively named "Make American Shipbuilding Great Again" (MASGA). The initiative, reportedly proposed to the Trump administration by South Korean trade negotiators, envisions major South Korean investments in the U.S. shipbuilding industry, aimed at revitalizing the sector amid growing competition from China.
Trump has emphasized the importance of reviving U.S. shipbuilding and partnering with allies, such as South Korea, a global leader in naval vessel construction. In April, U.S. Secretary of the Navy John Phelan visited Hanwha Ocean Co.'s shipyard in Geoje, about 330 kilometers south of Seoul, to discuss defense cooperation. That same month, Trump's eldest son, Donald Trump Jr., met with Kim in Seoul to explore potential partnerships.
These high-profile visits are seen as part of coordinated efforts to help South Korean negotiators secure a deal to lower tariffs in the last-minute talks.