In a strategic move to bolster relations with the United States, South Korea's top four conglomeratesāSamsung, SK, Hyundai, and LGāare enhancing their engagement in anticipation of Donald Trump's return to the presidency in January 2025. Trump's election victory was confirmed on November 5, 2024, prompting these companies to take proactive steps to strengthen their ties with the U.S. [9d92f92b].
Samsung's Vice Chairman Lee Jae-yong, who previously met Trump in 2019, is expected to play a pivotal role in this initiative. Meanwhile, SK Group's Chairman Chey Tae-won sent a congratulatory letter to Trump on November 7, 2024, signaling a desire for continued collaboration [9d92f92b]. Hyundai's Chairman Chung Eui-sun has also been active in diplomatic outreach, recruiting former U.S. officials to facilitate discussions and partnerships [9d92f92b].
Additionally, LG Group's CEO Koo Kwang-mo appointed Joe Hagin, a former deputy chief of staff for Trump, to lead LG's Washington office, further emphasizing the conglomerate's commitment to maintaining strong connections with the incoming administration [9d92f92b].
In conjunction with these corporate efforts, South Korean President Yoon Suk Yeol announced the formation of finance, trade, and industry consultative bodies on November 10, 2024, to prepare for Trump's anticipated return. Yoon emphasized the need for thorough preparations due to potential shifts in U.S. policies affecting the global economy and security, particularly highlighting expected positive impacts on South Korea's shipbuilding and petrochemical sectors under Trump's energy policies [d804880e].
Yoon and Trump discussed collaboration in naval shipbuilding during a phone call, stressing the importance of maintaining strong deterrence against North Korea. The meeting also addressed defense cost-sharing and potential renegotiations of the agreement with the U.S., with observers predicting increased pressure on South Korea regarding its alliance responsibilities [d804880e]. Yoon is reportedly preparing for a potential golf meeting with Trump, aiming to strengthen personal ties [fb57c32a].
As Yoon prepares for upcoming discussions with Trump, he has highlighted the necessity for strong deterrence against North Korea and the implications of North Korea's denuclearization alongside the ongoing conflict in Ukraine [80471065]. This proactive approach reflects a concerted effort by South Korea to navigate the complexities of international trade and security in light of a changing U.S. administration, ensuring that national interests are safeguarded while fostering economic growth [52d7a318].