Vietnam, which emerged as a key beneficiary of U.S.-China trade tensions, is particularly vulnerable. Trump has repeatedly voiced frustration over the country’s growing trade surplus with the United States, a concern that could now put Vietnam in Washington’s crosshairs.
The U.S. trade deficit with Vietnam reached $102 billion in the first ten months of 2024, a nearly 20 percent increase from the same period in 2023, making it the third-largest trade surplus with the United States of any country.
In a statement issued in January, the State Department said Secretary of State Marco Rubio had “encouraged Vietnam to address trade imbalances” while also discussing regional concerns over China’s growing assertiveness.
South Korean companies have poured billions into Vietnam, making it one of their most critical overseas manufacturing hubs.
In 2023, Korean investments in Vietnam reached $7.06 billion, accounting for 18.5 percent of the country’s total foreign direct investment. Samsung Electronics remains Vietnam’s largest foreign investor, responsible for roughly 20 percent of the nation’s total exports.
Other major Korean firms with significant operations in Vietnam include LG Electronics, POSCO, Doosan Enerbility, Hyundai Motor, and Kia.
Guatemala, another key hub for Korean manufacturers, could also find itself in Washington’s sights.
South Korean apparel giants Sae-A Trading and Hansae operate large production bases in the country, which previously faced U.S. tariff threats during Trump’s first term as part of efforts to curb migration.
Trump has also suggested imposing tariffs on the European Union, raising further concerns for Korean businesses. However, industry analysts say the impact on Korean firms in Europe would likely be limited.
"Korean companies operating in the EU primarily export within the European region, so the direct impact should be minimal," said Cho Seong-dae, deputy general manager at the Korea International Trade Association.
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