Why heads of Korea's top 4 businesses skipped Trump Jr. meeting

Donald Trump Jr., the eldest son of U.S. President Donald Trump, leaves Korea through Incheon International Airport, Wednesday. Joint Press Corps

As Donald Trump Jr., the eldest son of U.S. President Donald Trump, left Seoul without meeting the heads of Korea’s four largest conglomerates — Samsung, SK, Hyundai Motor and LG — the country’s business community is now paying close attention to the reasons behind their absence from what was described as an opportunity to strengthen ties with the U.S. administration.

During his two-day stay in Seoul from Tuesday to Wednesday, Trump Jr. met a dozen of Korea’s business leaders, including the owner family of Hanwha Group, Naver founder Lee Hae-jin, CJ Group Chairman Lee Jay-hyun and others. They reportedly explored ways to cushion the impact of U.S. tariff measures and business opportunities in the U.S.

However, Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Chung Euisun, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo did not appear at the Seoul hotel where Trump Jr. stayed during his meeting with other Korean business leaders. Chung confirmed that he was outside of Korea at the time of Trump Jr.’s visit.

Industry officials said that the absence appears to be “a strategic choice,” reflecting the conglomerates’ cautious responses to President Trump’s pressure to make greater investments in the U.S.

“It didn’t seem like there was a specific agenda (in the talks), and I’ve heard that the conversations were more about getting a general sense of the atmosphere, including vague discussions of mitigating tariff impacts and potential U.S. investments,” said a senior official from one conglomerate’s public affairs team.

“Trump Jr. holds no official title in the Trump administration, meaning the meetings were unofficial talks based on hopes that he would pass along a favorable impression to President Trump. That’s why many interpret this event as more of a project to boost Trump Jr.’s image than a meaningful policy discussion.”

Korea and the United States are currently in negotiations over Trump’s proposed “reciprocal” tariffs, and each of the top four conglomerates is facing pressure to invest more in the U.S.

President Trump said Wednesday (local time) that he heard that Samsung Electronics will construct “massive” facilities in the United States because of his tariffs, adding, “If we didn't do the tariffs, they wouldn't be doing that.”

During a televised event, the president also introduced CEOs of major companies, including Hyundai Motor CEO Jose Munoz, and expressed his gratitude for Hyundai Motor Group’s $21 billion investment plan, which the group’s Chairman Chung announced last month at the White House with Trump.

Despite the investments or plans for investment, the U.S. slapped a 25 percent tariff on all imported cars just two days after Chung’s announcement. Samsung and SK Groups are wary of possible changes in the subsidies they were promised in return for building semiconductor plants in the U.S., while the Trump administration’s tariff measures are likely to rattle consumer electronics supply chains for Samsung and LG.

Hyundai Motor CEO Jose Munoz waves as President Donald Trump speaks about investing in America in the White House, Wednesday (local time). AP-Yonhap

Against this backdrop, industry officials have been saying that lining up for a meeting with Trump Jr., who has no official role in the administration, could be perceived as overly deferential — especially when tariffs are effectively being used as leverage to push for greater U.S.-bound investment.

“The absence of the top four conglomerate leaders appears to be a strategic response to the current situation, in which the U.S. government is not only applying tariff pressure but also urging expanded investment, at a time when Korean firms are becoming increasingly cautious about making additional commitments in the U.S.,” said an industry official who specializes in U.S.-related public affairs.

“Companies that did choose to meet with Trump Jr. were largely those in more immediate need of business opportunities under the current administration. In contrast, the top four conglomerates already have a strong presence in the U.S. market, which may have led them to question whether the meeting was strategically necessary — or even appropriate — to appeal to someone who holds no official title in the administration.”

The four conglomerates refused to comment on Trump Jr.’s visit.