The visit comes as the Trump administration signals plans to impose retaliatory tariffs on nations with value added tax (VAT) systems, a move that could affect South Korea’s 10 percent VAT rate relative to the United States’ 6.6 percent.
The delegation includes executives from South Korea’s 20 largest conglomerates, among them Cho Hyun-sang, vice chairman of HS Hyosung, and Kim Won-kyung, president of Samsung Electronics. Leading the group is Chey, who also serves as chairman of SK Group.
“We need you to thoroughly explain our investment achievements in the United States and explore opportunities for collaboration with the new administration,” South Korea’s acting president and finance minister, Choi Sang-mok, told the delegation during a dinner meeting on Sunday.
The mission aims to reinforce South Korea’s standing as a key investor in the United States, having funneled approximately $160 billion into greenfield projects since 2017, particularly in the automotive, semiconductor, and battery industries.
A gala dinner is planned for Wednesday at the Great Hall of the Thomas Jefferson Building, with roughly 150 guests expected, including members of Congress, state governors, and senior administration officials.
The business leaders will also meet with White House economic policymakers on Thursday to discuss cooperative initiatives, including increased imports of American energy, partnerships in shipbuilding, and the development of semiconductor supply chains.
Other South Korean business groups are also engaging with U.S. counterparts amid the evolving trade landscape.
The Korea International Trade Association is pursuing a “bottom-up” strategy, working with state governments where Korean firms have a significant presence to shape federal policy.
Meanwhile, the Federation of Korean Industries is preparing to host a U.S.-Korea investment forum next month and plans to dispatch its think tank chief to Washington to strengthen ties with American policymakers.
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