South Korean trade minister anticipates increased U.S. investments if Trump imposes tariffs

South Korea's trade minister, Cheong In-kyo, stated that South Korean companies may increase investments in the U.S. if higher tariffs are imposed by the new administration under Donald Trump. This follows Trump's recent election victory. Cheong noted that ongoing investments could accelerate, particularly in the automotive sector, including electric vehicles. Last year, South Korean firms invested $27 billion in the U.S., the highest share since 1998. Despite concerns over potential tariffs, Cheong emphasized that U.S.-South Korea relations would likely remain stable. He also mentioned that South Korea's trade surplus with the U.S. reached a record $44.4 billion in 2023.