South Korea’s Acting President, Choi Sang-mok, has expressed confidence that his country can negotiate with the United States over tariffs, emphasizing that South Korea’s investments in the U.S. are significant.

Speaking at a parliamentary session on Thursday, Choi noted that South Korea has much to offer the U.S., particularly through major corporate investments in key industries such as shipbuilding. He highlighted that South Korean firms have been among the largest investors in the U.S. in recent years, with foreign direct investment (FDI) totaling $57.54 billion between 2022 and 2023.

During the first three quarters of 2024, South Korea’s investment in the U.S. reached $16.27 billion, though this represented a 26% decline compared to the same period in the previous year.

Addressing lawmakers’ concerns over U.S. trade policies, Choi stressed that his administration would engage in consultations with the Trump administration regarding tariffs on steel imports. His comments come despite Trump’s insistence that there would be no exemptions, even after requests from Japan and Australia.

Last November, South Korea’s trade minister indicated that domestic companies might increase their investments in the U.S. should Washington impose higher tariffs. However, the government now appears focused on securing negotiations to safeguard South Korea’s economic interests.