‘APEC 2025 Korea,’ an Opportunity to Conclude Korea-U.S. Tariff Negotiations, and Halt ‘U.S.-China Trade War’

President Lee Jae-myung shakes hands with Chinese President Xi Jinping prior to their summit talks at the Gyeongju National Museum on Nov. 1. (Photos on the courtesy of the Presidential Office)

APEC 2025 Korea, which took place over a four-day run in Gyeongju, successfully wrapped the APEC CEO Summit on Oct. 31.

The APEC CEO Summit, the biggest-ever, was held under the theme “Bridge, Business, Beyond,” brought together heads of state of APEC member countries, including U.S. President Donald trump, but also about 17,000 businessmen from around the world, such as NVIDIA CEO Jensen Huang.

Participants discussed core agenda items, such as supply chains, AI and digital transformation, and ways of promoting cooperation during the whole of the APEC period.

APEC 2025 Korea served as an opportunity for the United States to hold summit talks with China for the first time in six years. U.S. President Trump met with Chinese President Xi Jinping at Gimhae Airport, and both sides agreed to delay for one year additional tariffs imposed in the wake of the “U.S.-China trade war” and the execution of retaliatory steps.

President Lee Jae-myung holds summit talks with Chinese President Xi Jinping on the sidelines of the APEC 2025 Korea at the Gyeongju National Museum on Nov. 1.

The deal, contributing to easing the strained U.S.-China relations and uncertainties of the global economy, has been evaluated to be a “tariff ceasefire” during APEC 2025 Korea in Gyeongju.

In particular, during the APEC period, Korea and the United States reached a consensus on the details of tariff negotiations, albeit a formal deal was not signed.

In a closing ceremony on Oct. 31, Chairman Chey Tae-won of the Korea Chamber of Commerce and Industry, who chaired the APEC CEO Summit, said, “Global leaders have come together at one place at the APEC CEO Summit in Gyeongju to ponder the direction of solidarity and cooperation as well as innovation and work out solutions.”

He said APEC, a platform of execution and action, not a simple discussion venue, will contribute to the recovery of the global economy and ramping up inclusiveness through future related projects.

President Lee Jae-myung and APEC member country heads of state participate attend a ceremony to transfer the APEC chairmanship to Chinese President Xi Jinping, the chair of the APEC 2025 China, at Hwabaek International Convention Center in Gyeongju on Nov. 1.

A main topic during the early stage of the APEC CEO Summit was about the conclusion of Korea-U.S. tariff negotiations. At that time, tension prevailed amid uncertainties as both countries failed to iron out views on contentious issues, including the portion of cash among Korea’s U.S. investments until the holding of Korea-U.S. summit talks.

At a special speech at the APEC CEO Summit on arrival in Gyeongju on Oct. 29, U.S. President Trump called the name of Korea’s Minister of Trade, Industry and Resources, Kim Jung-kwan, evaluating him to be an “incredible man and a very tough” negotiator. U.S. President Trump’s comment hinted that the tariff negotiations were never easy for both sides, and the Korean side did not lose the upper hand.

The Korea-U.S. Business Roud Table, hosted by U.S. Commerce Secretary Howard William Lutnick, a key U.S. tariff negotiator, took place in the evening on the same day.

The event was an opportunity for the governments and business leaders of both countries, including Korean top-four conglomerate chairmen, to assemble in one place and discuss ways of promoting industry cooperation and investments.

Tension prevailed as outcomes of the tariff negotiations came out even before the start of the event, but the air turned amicable as the news circulated that both sides concluded the tariff negotiations in the middle of the event. U.S. Commerce Secretary Lutnick was seen hugging Korean MOTIR Minister Kim, hinting at a cozy atmosphere.

As tensions subsided in the wake of the conclusion of Korea-U.S. tariff negotiations, the fervor of the APEC CEO Summit began to spread to meetings of global business leaders.

Jensen Huang, CEO of Nvidia, takes the stage along with Lee Jae-yong, chairman of Samsung Electronics, and Chung Eui-sun, chairman of Hyundai Motor Group at “GeForce Gamer Festival,” celebrating the 25th anniversary of GeForce at the COEX plaza in Gangnam-gu, Seoul, on Oct. 30. (Photo: Nvidia)

In particular, the “Kkanbu chicken-and-beer meeting” among Nvidia CEO Huang, Samsung Electronics Chmn. Lee Jae-yong and Hyundai Motor Group Chmn. Chung Eui-sun on the night of Oct. 30 culminated in the public highlight, a sign of launching “AI alliance.”

Jensen Huang, CEO of Nvidia, the world’s first company to surpass a $5 trillion market capitalization, became a hot topic in South Korea during his first visit in 15 years.

His humble demeanor, a stark contrast to his past visits to Yongsan electronics market, has blended with his status as the “AI emperor,” creating a “Jensen Huang syndrome.”

On the evening of the 30th, he reached the peak of public attention by joining Lee Jae-yong, chairman of Samsung Electronics, and Chung Eui-sun, chairman of Hyundai Motor Group, for an “AI Kkanbu meeting” at a chicken restaurant in Samseong-dong, Seoul. The following day, he met with President Lee Jae-myung.

President Lee Jae-myung poses with Korean business leaders at Hwabaek International Convention Center in Gyeongju, the venue of APEC summit talks, on Oct. 31 prior to his meeting with Nvidia CEO Jensen Huang. Seen from left are Chmn. Lee Hae-jin of Naver’s Borad of Directors, SK Group Chmn. Chey Tae-won, CEO Huang, President Lee, Chmn. Lee Jay-yong of Samsung Electronics, and Chmn. Chung Eui-sun of Hyundai Motor Group.

CEO Jensen Huang also took the stage at a special session of the APEC CEO Summit held at the Gyeongju Arts Center on the 31st. Wearing a suit and green tie, instead of his trademark leather jacket, he began his speech by humorously recounting the previous day’s chicken-and-beer gathering.

“The Kkanbu chicken was delicious. I enjoyed a fun night of chicken and beer with my friends, and I think it’s the best way to experience Korea,” he said. “South Korea possesses software, manufacturing, and AI capabilities. How many countries in the world can boast all three?” he asked, highlighting Korea’s AI potential.

Expectations were high for CEO Huang’s speech even before his arrival to Korea. Huang drew keen attention from Koran industry circles by delivering his announcement before the closing day on Oct. 31.

The final act of the APEC CEO Summit was dominated by CEO Huang. In his speech, he divulged a plan to supply a combined 260,000 of GPUs to the government, Samsung Electronics, SK Group, Hyundai Motor Group and Naver Cloud, in what is dubbed “a historic partnership.”

The supply project, whose value stands at between about 10 trillion won to 14 trillion won, will enable Korea to secure a stable supply of the CPU chip, the brain of AI, which is now in short supply.

CEO Huang said now is a special period for Korea, which is the sole country in the world to have secured the three core capabilities — software, manufacturing and AI.

He added his willingness to build an AI ecosystem with Korean academic circles, startups and institutions like KAIST.

In his meeting with President Lee Jae-myung before delivering the speech, CEO Huang said e-Sport was born in Korea and stressed Korea’s close relations with Nvidia.