Particle.news
Download on the App Store
8 ARTICLES
·
1h ago

Lee Meets Conglomerate Leaders to Kick-Start U.S. Tariff Pact With Major Hiring, Investment Pledges

He vows deregulation to speed corporate execution of the tariff pact.

President Lee Jae Myung (4th from L) poses with (from L to R) Lee Hae-jin, Naver's board chairman; SK Group Chairman Chey Tae-won; Nvidia CEO Jensen Huang; Samsung Electronics Chairman Lee Jae-yong; and Hyundai Motor Group Executive Chair Euisun Chung, ahead of their meeting during the Asia-Pacific Economic Cooperation gathering in Gyeongju, South Korea, in this Oct. 31, 2025, file photo. (Yonhap)
This file photo, taken Oct. 31, 2025, shows South Korean President Lee Jae Myung (R) shaking hands with Hyundai Motor Group Executive Chair Euisun Chung before a meeting with Nvidia Corp. Chief Executive Officer (CEO) Jensen Huang during the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, 325 kilometers southeast of Seoul. (Yonhap)
President Lee Jae Myung (C) holds a meeting with leaders of major South Korean companies at the presidential office on Nov. 16, 2025, to discuss follow-up measures after the release of a joint fact sheet on bilateral trade and security agreements with the United States. (Yonhap)
President Lee Jae Myung presides over a meeting attended by leaders of major companies at the presidential office on Nov. 16, 2025. (Yonhap)

Overview

  • A joint fact sheet published two days earlier set out Seoul’s US$350 billion investment pledge in the U.S. in return for cutting U.S. tariffs to 15%, covering semiconductors, autos, defense and pharmaceuticals.
  • At the presidential office on Sunday, Lee gathered chiefs from Samsung, SK, Hyundai, LG, HD Hyundai and Hanwha to coordinate follow-up and urge swift adaptation to the new trade framework.
  • Lee promised to minimize barriers for companies through deregulatory support and rapid issue resolution, while urging firms to keep domestic investment strong.
  • Companies announced large-scale commitments: Samsung will hire 60,000 people annually in Korea for five years and expand facilities and R&D; SK outlined roughly 600 trillion won for its Yongin chip complex; Hyundai plans 125 trillion won in investment through 2030 and 10,000 hires next year; Hanwha earmarked 7 trillion won for its Philadelphia shipyard and 11 trillion won for Korean shipbuilding and defense.
  • Lee departs Monday on a 10-day trip to the United Arab Emirates, Egypt, South Africa and Turkey to advance investment, energy, technology and G20 priorities.