Korea, US expected to generate mutually satisfactory trade outcome: president

Lee Min-joo, presidential secretary for public relations, reads congratulatory remarks from President Lee Jae Myung during the Korea Times-AMCHAM Forum at Fairmont Ambassador Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

Korea and the United States will be able to achieve a “mutually satisfactory outcome” in their ongoing trade negotiations by expanding their bilateral alliance into diverse industrial areas, President Lee Jae Myung said in remarks delivered during the Korea Times-AMCHAM Forum, Tuesday.

“Korea and the U.S. are allies who face the critical task of deepening exchanges, cooperation and solidarity between the two countries amid rapidly evolving global dynamics, including challenges in the energy sector and international trade,” Lee said in his congratulatory remarks for the forum read by Lee Min-joo, presidential secretary for public relations.

His remarks came at a critical juncture when global supply chains are undergoing rapid changes following the January inauguration of U.S. President Donald Trump, whose trade protectionism has significantly impacted international economic relations.

Under the theme of “Strategic Proposals for Korea-U.S. Partnership,” the English newspaper co-hosted the event with the American Chamber of Commerce in Korea (AMCHAM) to help the two nations find solutions through bilateral trade talks and expand their alliance into more sectors.

The president underscored Korea’s firm willingness to widen its economic ties with the U.S. to navigate the global trade uncertainties.

“The Korean government will remain fully committed to doing its utmost to further strengthen Korea-U.S. economic cooperation, firmly anchored in our steadfast alliance,” Lee said. “I also believe that the two countries can reach mutually satisfactory solutions on tariff issues as well.”

Ambassadors read The Korea Times during the Korea Times-AMCHAM Forum at Fairmont Ambassador Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

Other key participants at the forum also echoed the need for both countries to tighten their strategic alliance to generate desirable trade outcomes.

Rep. Kwon Chil-seung from the ruling Democratic Party of Korea (DPK) picked Korea’s tech prowess in shipbuilding and chips as potential bargaining chips for the ongoing trade talks with the U.S.

“Trump mentioned Korea’s shipbuilding capability, and this is evidence that Korea is not simply a trade partner to the U.S., but a partner in security and technology, which require a broader range of collaboration for the future strategy-setting in the U.S.,” Kwon said.

Rep. Kwon Chil-seung of the ruling Democratic Party of Korea delivers a congratulatory speech for the Korea Times-AMCHAM Forum at Fairmont Ambassador Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

He also expressed optimism for the future of their bilateral trade relationship.

“Both countries have long forged countless partnerships in key strategic industries, such as semiconductors, artificial intelligence (AI), mobility and energy transition,” Kwon said. “Now is the crucial time for Seoul and Washington to design the new global economic order.”

Rep. Lee Un-ju, a DPK Supreme Council member, also emphasized the need to focus on the “strategic role” between the two countries, rather than simply labeling each other as countries with trade surpluses or deficits.

Rep. Lee Un-ju, left in the front row, a Supreme Council member of the ruling Democratic Party of Korea, shakes hands with German Ambassador Georg Schmidt during the Korea Times-AMCHAM Forum at Fairmont Ambassador Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

“Korea and the U.S. are capable of generating huge synergies when considering their industrial structure,” the lawmaker said. “Korea is a manufacturing powerhouse and offers excellent price competitiveness when compared with such countries as Germany and China.”

Korea Times Chairman Seung Myung-ho said that Korea should redesign the basic format of its industrial ties with the U.S.

“Korean companies face both opportunities and challenges in the process of the U.S.-led global supply chain restructuring,” Seung said. “Against this backdrop, redesigning the future of the Korea-U.S. economic partnership is not a simple diplomatic matter, but a key strategy for our survival and for sustainable growth of the next generation.”

Korea Times Chairman Seung Myung-ho delivers an opening speach during the Korea Times-AMCHAM Forum at Fairmont Ambassador Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

He advised both countries to expand the scope of their industrial partnerships with a focus on joint tech research.

“Any countries that dominate technologies will be able to take control of the global economy, so Korea and the U.S. should widen their joint research activities and expand manpower exchanges in each industry,” Seung said.

AMCHAM Chairman James Kim speaks during the Korea Times-AMCHAM Forum at Fairmont Ambassador Seoul, Tuesday. Korea Times photo by Shim Hyun-chul

AMCHAM Chairman James Kim said the ongoing tariff negotiations between the two countries will help reduce uncertainties for foreign companies operating in Korea.

“We just need to resolve regulations that are unique to Korea,” he said. “As the tariff discussion continues between the two countries, it will be important to reduce uncertainties in the businesses that are operating in Korea.”

The forum’s first session explored ways to future-proof the Korea-U.S. economic partnership while addressing pressing issues such as tariffs, technology and security. It featured panelists including former White House Chief of Staff Mick Mulvaney, General Motors Asia Pacific President and Managing Director Hector Villarreal, The GR Company founder and CEO Jakob Edberg and Kim Moo-hwan, executive vice president of the Energy Solution Business Division at SK Innovation.

The second session, moderated by KAIST professor Kim Joung-ho, focused on Korea’s business transformation for future growth. Panelists included LG AI Research product unit leader Jeon Ki-jeong, Wrtn Technologies co-founder Kim Tae-ho and Deloitte Consulting Korea Executive Director Jung Chang-mo.