United States Commerce Secretary Howard Lutnick told a visiting South Korean economic delegation that each firm investing $1 billion each in the U.S. will receive “fast-track” benefits.
He made these remarks during a 30‑minute meeting on Feb. 21, the day after the delegation’s two‑day visit officially ended. The meeting was delayed a day because Lutnick abruptly canceled the previously scheduled meeting with the delegation.
During the meeting, Lutnick pressed the case for U.S. investments before a group of about 10 top executives, including SK Group Chairman Chey Tae‑won, who is also the head of the Korea Chamber of Commerce, along with executives from Samsung, Hyundai Motor, LG, Hanwha, HD Hyundai, and Korea Hydro & Nuclear Power. Lutnick, the former CEO of Cantor Fitzgerald, is a key figure in the Trump administration’s blunt-force tariff policy.
The push for U.S. investments comes as President Donald Trump ramps up pressure on a wide range of sectors, including automobiles, semiconductors, and steel, with higher tariffs and subsidy cuts. The delegation stressed that South Korean companies have “invested more than $160 billion in the United States over the past eight years, creating over 800,000 jobs.” The delegation did not disclose future investment plans.
The day the Korean economic delegation met Lutnick, President Trump unveiled plans to establish a “fast-track” process for high‑tech investments and pledged to expedite environmental reviews for any investment over $1 billion—a move some analysts linked to the delegation’s visit.
The Korean delegation’s attempts to secure meetings with senior U.S. officials at the White House proved challenging. The delegation led by the Korea Chamber of Commerce and Industry, including SK Chairman Chey Tae-won, visited the U.S. from Feb. 19 to 20.
The original two‑day visit had included a meeting with officials from the White House National Security Council (NSC) and a gala dinner hosted by the Korea Chamber of Commerce at the U.S. Congressional Library on the first day. A meeting with Lutnick and the Deputy Secretary of the Treasury was scheduled for the second day.
But Lutnick abruptly canceled the meeting, prompting the delegation to express “strong regret.” An industry insider familiar with the situation noted that some delegation members were disappointed that the U.S. treated its 70-year alliance in such a manner.
The meeting was rescheduled for the morning of the third day, but many delegation members had already departed for their following engagements. Only 10 of the original 26 members of the delegation attended the meeting. “The meeting was more of a courtesy to highlight Korea’s potential within the context of the 70-year U.S.-Korea alliance,” said a source from the delegation who requested anonymity.
At a press conference in Washington later that day, Chairman Chey commented on the visit. “The plan was to share information that would pique their interest, and in that respect, it was a success.” He added that U.S. investments, particularly in sectors such as artificial intelligence, could also offer opportunities for Korean firms.
