The U.S. is the second largest export destination for South Korea, with exports rising 10.5% year-on-year to $127.8 billion in 2024, reaching a new annual high for the seventh consecutive year.
On Monday, acting South Korean president Han Duck-soo reportedly said that Trump had "apparently" instructed his administration to conduct immediate tariff negotiations with South Korea, according to local media outlet Yonhap.
Daniel Yoo, head of the global investment department at Yuanta Securities, said the move was a "sovereign effort to boost the semiconductor industry," given that Seoul's efforts at shoring up its semiconductor sector were slower compared to other countries.
"Definitely, it is positive news to keep the #1 market share in the memory side of the semiconductor industry," Yoo added.