SEOUL (Reuters) -South Korean President Lee Jae Myung met on Tuesday the leaders of some of the country’s biggest conglomerates who will accompany Lee to Washington for his summit next week with U.S. President Donald Trump, Lee’s office said.
Lee and Trump will hold their first summit meeting on August 25 to discuss strengthening the countries’ alliance and economic security partnership, including advancing a partnership in the manufacturing sector based on a tariff deal reached last month, Lee’s office said previously.
Trump said last month the U.S. would charge a 15% tariff on South Korean imports as part of a deal to avoid even higher levies, while Seoul would invest $350 billion in his country.
Uncertainties remain, however, since there was no written agreement, including over how the fund might work in practice and whether defence costs are brought in given how Trump has long called for Seoul to pay more for the U.S. troop presence.
The business leaders meeting Lee on Tuesday represent industries seen as key to negotiations in advancing manufacturing ties with the U.S., coming from sectors such as chips, shipbuilding, automobiles, defence, pharmaceuticals and energy.
Samsung Electronics Chairman Jay Y. Lee, SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo and executives from businesses such as Hyundai Motor Group, Hanwha Group and others were due to attend the meeting ahead of the trip to Washington.
Lee is expected to thank the business leaders for their assistance in reaching the tariff deal with the U.S. and seek their continued help in detailed negotiations around the summit, the Yonhap News Agency reported.
(Reporting by Joyce LeeEditing by Ed Davies)
