Chung Eui-sun Heads to Washington to Support Tariff Negotiations…Second Business Leader to Do So

Following Kim Dong-gwan and Lee Jae-yong, other business figures are also attending…Expected to bolster discussions on lowering auto tariffs

Chung Eui-sun, Chairman of Hyundai Motor Group [Yonhap News photo]

(Seoul=Yonhap News) Reporter Kim Bo-kyung, Lim Seong-ho, Hong Gyu-bin = Chung Eui-sun, Chairman of Hyundai Motor Group, will travel to the United States to bolster tariff negotiations with the U.S., which are entering a final push.

Following Samsung Electronics Chairman Lee Jae-yong, this is the second instance of a top business leader joining the efforts. A comprehensive mobilization of both government and private sectors is anticipated for the crucial tariff negotiations, with a deadline approaching on the first of next month.

According to government officials on the 30th, Chairman Chung is scheduled to depart for Washington D.C. on the afternoon of the same day.

Chairman Chung joins Hanwha Group Vice Chairman Kim Dong-gwan and Samsung Electronics Chairman Lee Jae-yong as the third business figure to travel to the U.S. to assist with the ongoing final discussions on tariff negotiations.

Previously, Vice Chairman Kim Dong-gwan departed for Washington on the 28th to finalize details of 'MASGA' (Make American Shipbuilding Great Again), a shipbuilding industry cooperation project proposed by South Korea to the U.S. The following day, the 29th, Samsung Electronics Chairman Lee Jae-yong, the top business leader in the nation, followed suit.

Chairman Lee is known to propose expanding U.S. investments in semiconductors and technological cooperation in advanced artificial intelligence (AI) semiconductors as a bargaining chip for South Korea.

With the addition of Chairman Chung, the head of the world's third-largest automaker and who previously announced large-scale local investments with the Trump administration, the South Korean tariff negotiation team's efforts are expected to receive significant support.

In March, Hyundai Motor Group announced a $21 billion investment plan, including expanding vehicle production in Georgia and constructing a new steel plant in Louisiana, during a meeting between Chairman Chung Eui-sun and then-President Trump.

Chairman Chung also had a private dinner with President Lee Jae-myung on the 14th. Kang Yoo-jeong, the presidential spokesperson, explained, "President Lee listened to the opinions and difficulties of the group chairmen on various fields, including U.S. investments, global trade, regional revitalization plans, R&D investments, and plans to respond to future society."

Especially, as South Korea's main competitors, Japan and the European Union (EU), have succeeded in lowering their import car tariffs to 15% from the current 25% imposed since April, Chairman Chung's role is expected to become even more significant.

It is also known that Hyundai Motor Group made the largest contribution to the initial '100 billion dollar + alpha' in direct investment promised by domestic companies to the government. Yonhap News