Lee to Hold Summit with Trump on the 25th... Economic Delegation of Major Chaebols to Accompany

President Lee Jae-myung will hold a summit meeting with U.S. President Donald Trump in Washington, D.C. on the 25th. This meeting marks just 82 days since President Lee's inauguration.

Kang Yoo-jung, spokesperson for the Presidential Office, announced at a briefing on the 12th, "President Lee plans to visit the United States from the 24th to the 26th at the invitation of President Trump." Kang added, "The two leaders will discuss ways to develop the South Korea-U.S. alliance into a 'future-oriented comprehensive strategic alliance' in response to the evolving international security and economic landscape," and "while strengthening the steadfast South Korea-U.S. combined defense posture, they will also discuss measures for building peace on the Korean Peninsula and cooperating toward denuclearization."

Based on the tariff agreement reached at the end of last month, President Lee and President Trump are also set to discuss ways to strengthen economic cooperation and economic security partnerships, including in manufacturing sectors such as semiconductors, batteries, and shipbuilding. This visit to the United States is characterized as a 'working visit.' Unlike a state or official visit, this focuses on in-depth consultations between the leaders on mutually significant agendas without a welcoming ceremony, as explained by the Presidential Office. The office stated it will announce details of the summit at the White House, along with the working luncheon and other events, once finalized.

An economic delegation comprising CEOs of major chaebols is also expected to accompany the visit. Those most likely to join include Lee Jae-yong, Chairman of Samsung Electronics; Chey Tae-won, Chairman of SK Group (and Korea Chamber of Commerce and Industry); Chung Eui-sun, Chairman of Hyundai Motor Group; and Koo Kwang-mo, Chairman of LG Group, as well as Kim Dong-kwan, Vice Chairman of Hanwha Group; Chung Ki-sun, Senior Vice Chairman of HD Hyundai Group; and Ryu Jin, Chairman of the Federation of Korean Industries. These business leaders, who are active in the U.S. market, have been in behind-the-scenes communication with U.S. political and business circles to conclude this tariff agreement.

President Lee is highly likely to visit Hanwha Philly Shipyard in Philadelphia, which was acquired by Hanwha Group. Kang stated, "(A visit to the shipyard) is considered highly likely." Hanwha Philly Shipyard is regarded as a front-line base for 'MASGA (Make American Shipbuilding Great Again) Project,' which played a decisive role in tariff negotiations. On the 30th of last month, just before President Trump signed the tariff agreement, dozens of high-level U.S. government officials, including John Phelan, U.S. Secretary of the Navy, and Russell Vought, Director of the White House Office of Management and Budget, visited the shipyard.

After the completion of the South Korea-U.S. tariff negotiations at the end of last month, President Trump posted on SNS, "President Lee Jae-myung will announce an additional investment amount during his bilateral meeting at the White House within two weeks." However, given the many outstanding issues between the two countries, the summit was scheduled for the 25th. Analysts point out that President Trump’s statement of 'within two weeks' is more political rhetoric than a strict deadline, which he frequently uses. The New York Times reported, "Two weeks is President Trump's favorite unit of time." Kang commented, "It is difficult to see the 'within two weeks' as a definite deadline from President Trump, and it is better viewed as a date set through practical coordination during the preparatory process."

The Presidential Office, Ministry of Foreign Affairs, and Ministry of Trade, Industry and Energy are reportedly selecting summit topics and preparing responses for various scenarios. Modernization of the alliance, such as adjusting the role of U.S. Forces Korea, is expected to be a main agenda item. Elbridge Colby, U.S. Deputy Secretary of Defense for Policy, and Javier Brunson, Commander of U.S. Forces Korea, have consistently implied the possibility of reducing U.S. troops in Korea. Given President Trump's tendency toward spontaneous remarks, there is also the possibility that he may immediately demand further market opening for beef, rice, and other agricultural and livestock products during the summit.

According to Kyodo News and other sources, President Lee may visit Japan before heading to the U.S. and potentially hold a summit with Prime Minister Ishiba Shigeru. Kang stated, "There is a consensus on exploring the possibility of a summit meeting between the two countries’ leaders, such as resuming shuttle diplomacy, and various possibilities are being reviewed."

By Kim Hyung-kyu khk@hankyung.com