President stresses 'commercial viability' in $350 bil. US investment talks

President Lee Jae Myung said Korea is continuing talks with the United States on its $350 billion investment plan and will pursue only projects with commercial viability. He said the main issues are how to recover the investment, share returns and cover losses, and that some terms in the talks led him to reopen discussions. Lee also said the government could be criticized for lacking safeguards when single-stock leveraged ETFs were launched, while regulators later tightened investor protection rules.

Korea previously agreed to channel $350 billion into strategic U.S. investments in exchange for lowering tariffs from around 25 percent to 15 percent.

The package consists of $200 billion for strategic industries and $150 billion for joint maritime and shipbuilding initiatives.

Lee said the government reopened discussions after his review found several terms that were hard to endorse, despite officials saying consensus had nearly been reached.

For single-stock leveraged ETFs tied to Samsung Electronics and SK hynix, regulators later imposed a 30 million won minimum deposit requirement and prior education and simulated trading rules.

Published Sep 18, 2026 3:34 pm KST

Lee acknowledges shortcomings in leveraged ETF launch while saying stock prices are unpredictable

President Lee Jae Myung looks at his notes as he listens to reporters’ questions during a press conference at Cheong Wa Dae, Friday. Yonhap

President Lee Jae Myung said Korea is continuing talks with the United States on the details of its $350 billion investment plans based on the principle that it will pursue only projects with “commercial viability.”

During a press conference on Friday, he said the overarching goal is to establish a mutually beneficial framework by thoroughly scrutinizing individual project returns, capital recovery mechanisms, revenue-sharing models and the allocation of potential losses.

“Managing the U.S. investment portfolio is an extraordinarily complex and demanding endeavor. From my standpoint, $350 billion represents taxpayers’ money,” Lee said.

The president said that he had demanded from the outset that the phrase “commercial viability” be included in the official accord. Following tough negotiations, Korea successfully secured the condition in the final text.

“It was an exceptionally tough struggle, as no other nation managed to include such a clause,” Lee noted. “However, once specific discussions on actual capital deployment began, new friction points emerged.”

Elaborating on the current status, he added, “Our mandate is to fund projects that make sound economic sense, which is also codified in our laws. The real friction points center on how to recover the investment, how to distribute the returns and how to deal with losses from underperforming projects.”

He further disclosed, “While officials suggested that a consensus had nearly been reached, my own review revealed several terms that were hard to endorse, prompting us to reopen discussions.”

This suggests that, contrary to views that working-level talks were practically finalized, key disagreements remain subject to further deliberation.

Lee reaffirmed that protecting the national interest remains a key principle throughout the investment process.

Previously, Seoul agreed to channel $350 billion into strategic U.S. investments in exchange for lowering tariffs from around 25 percent to 15 percent. The package consists of $200 billion earmarked for strategic industries and $150 billion designated for joint maritime and shipbuilding initiatives.

However, the two nations remain divided over financing methods, revenue-sharing structures and project timelines. While Washington is pushing for faster execution, Seoul is weighing project returns alongside the potential impact on domestic companies and foreign exchange market volatility.

Lee’s latest statements signal that Korea intends to ensure the commercial viability of investment projects and clear terms for recovering the funds before moving forward.

Addressing Washington’s pressure on domestic tech firms to construct semiconductor plants in the U.S., Lee also stated, “Because this directly intersects with corporate strategy and national industrial policy, we will respect industry perspectives while steering toward a pragmatic outcome that protects our national interest.”

Regarding the controversial approval process for single-stock leveraged exchange-traded funds (ETFs) tracking Samsung Electronics and SK hynix, Lee said he had not been fully briefed on the specific administrative steps behind their authorization, refraining from addressing claims that the products were effectively approved at a closed-door meeting at the presidential office.

He, however, acknowledged that the initial policy design had shortcomings.

Lee noted that while leveraged funds tracking individual domestic stocks were already trading on foreign exchanges such as Hong Kong, local retail investors were barred from buying them domestically. Thus, he maintained that the initial intent to introduce these instruments locally was fundamentally sound.

“It was also expected to help stabilize foreign exchange flows,” he said.

Complications arose when market sentiment turned downward following the product rollouts. Single-stock leveraged ETFs typically multiply an underlying stock’s daily return by two. While gains are amplified during rallies, downturns can also result in amplified losses.

“As the market turned, losses doubled. Investors who bought before the downturn saw their losses magnified,” Lee said.

Nonetheless, he implied that investor losses cannot be attributed entirely to regulatory policy. “Market movements and investment returns are fundamentally unpredictable.”

At the same time, he acknowledged some responsibility for the lack of adequate investor protection measures when the products were launched.

“The government could be criticized for failing to introduce safeguards in advance,” he said.

In response to mounting retail losses, financial regulators subsequently introduced stricter investor protection measures, raising entry barriers by imposing a 30 million won ($22,000) minimum deposit requirement and mandating prior education and simulated trading.

Lee said that market conditions have stabilized significantly following these corrective measures.

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李在明总统表示，韩国正继续与美国就其3500亿美元的投资计划进行谈判，并将只推进具有商业可行性的项目。他指出，主要问题在于如何收回投资、实现收益和弥补损失，而谈判中的一些条款促使他重启了磋商。李在明还表示，政府可能因在推出单只杠杆ETF时缺乏保障措施而受到批评，尽管监管机构后来收紧了投资者保护规则。

韩国此前同意向美国战略投资投入 3500 亿美元，以换取将关税从约 25% 降至 15%。

该方案包括2000亿美元用于战略产业，1500亿美元用于联合海事和造船项目。

李表示，尽管官员们声称已接近达成共识，但在他审查后发现一些条款难以接受，因此政府重新开启了讨论。

对于与三星电子和 SK 海力士挂钩的单只杠杆 ETF，监管机构后来规定了 3000 万韩元的最低存款要求以及事先教育和模拟交易规则。

发布于2026年9月18日下午3:34（韩国标准时间）

李承认杠杆ETF的推出存在不足，同时表示股票价格难以预测。

周五，韩国总统李在明在青瓦台举行的记者招待会上，一边听记者提问，一边查看笔记。（韩联社）

李在明总统表示，韩国将继续与美国就其3500亿美元投资计划的细节进行谈判，其原则是只推进具有“商业可行性”的项目。

他在周五的新闻发布会上表示，总体目标是通过彻底审查各个项目的回报、资本回收机制、收益分享模式和潜在损失的分配，建立一个互惠互利的框架。

李说：“管理美国投资组合是一项极其复杂且要求极高的工作。在我看来，这3500亿美元代表的是纳税人的钱。”

总统表示，他从一开始就要求在正式协议中加入“商业可行性”这一表述。经过艰苦的谈判，韩国最终成功地将这一条件写入了最终文本。

李指出：“这是一场异常艰难的斗争，因为没有其他国家能够加入这样的条款。然而，一旦开始就实际的资金部署进行具体讨论，新的摩擦点就出现了。”

他进一步阐述了现状，并补充道：“我们的职责是为那些具有合理经济意义的项目提供资金，这一点也已写入我们的法律。真正的症结在于如何收回投资、如何分配收益以及如何处理表现不佳的项目造成的损失。”

他进一步透露：“虽然官员们表示已接近达成共识，但我自己的审查发现其中一些条款难以接受，促使我们重新展开讨论。”

这表明，与工作层面会谈实际上已经结束的观点相反，关键分歧仍需进一步商讨。

李重申，维护国家利益仍然是整个投资过程中的一项关键原则。

此前，首尔同意向美国战略投资项目提供3500亿美元资金，以换取美国将关税从约25%降至15%。这笔资金包括2000亿美元用于战略产业，以及1500亿美元用于联合海事和造船项目。

然而，两国在融资方式、收益分成结构和项目时间表方面仍存在分歧。华盛顿方面力促加快项目进度，而首尔方面则在权衡项目回报、对国内企业的潜在影响以及外汇市场波动。

李的最新表态表明，韩国打算在推进投资项目之前，确保其商业可行性，并明确资金回收条款。

针对华盛顿方面向国内科技公司施压，要求其在美国建设半导体工厂，李表示：“由于这直接关系到企业战略和国家产业政策，我们将尊重行业意见，同时努力寻求务实的解决方案，以保护我们的国家利益。”

关于追踪三星电子和SK海力士的单只杠杆交易所交易基金（ETF）备受争议的审批流程，李显龙表示，他尚未完全了解其授权背后的具体行政步骤，因此拒绝回应有关这些产品实际上是在总统府闭门会议上获得批准的说法。

但他承认，最初的政策设计存在缺陷。

李指出，虽然追踪个股的杠杆基金已经在香港等海外交易所交易，但本地散户投资者却被禁止在本地购买。因此，他认为当初在本地引入这些工具的初衷是合理的。

他还说：“预计这也有助于稳定外汇流动。”

产品推出后，市场情绪转为下行，由此引发了一些复杂情况。单只杠杆ETF通常会将标的股票的每日收益乘以2。虽然上涨行情会放大收益，但下跌行情也会导致损失放大。

李说：“随着市场转向，损失翻了一番。在市场下跌前买入的投资者损失更加惨重。”

然而，他暗示投资者的损失不能完全归咎于监管政策。“市场走势和投资回报从根本上来说是不可预测的。”

与此同时，他也承认，在产品推出时缺乏足够的投资者保护措施，他对此负有一定责任。

他说：“政府可能会因为未能事先引入保障措施而受到批评。”

为了应对不断增加的零售损失，金融监管机构随后出台了更严格的投资者保护措施，提高了准入门槛，规定最低存款额为 3000 万韩元（22000 美元），并强制要求事先接受教育和进行模拟交易。

李表示，经过这些纠正措施，市场状况已显著趋于稳定。

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