Business · Companies · 4 hrs ago
U.S. envoy says American firms in South Korea deserve fair competition
U.S. Ambassador Michelle Steel called for fair competition for American companies in South Korea at a forum in Seoul.
Her remarks came a day after South Korea’s Fair Trade Commission announced fines against two major online businesses.
The regulator fined Coupang 300.8 billion won and Baemin operator Woowa Brothers 331.1 billion won for allegedly abusing their market power to limit competition.
Steel did not name Coupang, which is listed in the United States.
Washington has repeatedly raised concerns about South Korean rules and other actions that could affect U.S. companies operating there.
Steel also described the two countries as important economic partners, while a South Korean official stressed the need to maintain cooperation through political changes.
U.S. Ambassador Michelle Steel said American companies in South Korea deserve to compete on a level playing field.
She made the remarks at a forum in Seoul on Tuesday, a day after South Korea announced large fines against Coupang and Baemin.
Steel did not name Coupang, which is listed in the United States.
South Korea’s Fair Trade Commission accused the two companies of abusing their market dominance to limit competition.
Steel also highlighted South Korea’s defense-spending pledge and its planned investment in the United States.
- Who
- U.S. Ambassador Michelle Steel. South Korea’s Second Vice Foreign Minister Kim Jina also spoke at the forum.
- What
- Steel said American companies in South Korea deserve a level playing field. She also discussed defense spending and investment commitments.
- When
- Tuesday, Nov. 10, 2026. The antitrust regulator announced the fines on Monday.
- Where
- Seoul, South Korea, at a forum hosted by the Korea-U.S. Parliamentarians' Union.
- Why
- Steel said the remarks in the context of U.S. concerns about South Korean regulatory steps affecting American companies.
This story does not have two clearly opposing sides.
South Korea's Fair Trade Commission announced fines against Coupang and Woowa Brothers.
Michelle Steel spoke at a Seoul forum hosted by the Korea-U.S. Parliamentarians' Union.
- Coupang fine
- 300.8 billion won (US$223 million)
- Woowa Brothers fine
- 331.1 billion won
- South Korea defense-spending pledge
- 3.5 percent of GDP
- South Korea investment commitment to the U.S.
- US$350 billion
2 sources
What people are saying
American companies in Korea deserve to compete on a level playing field
We are not only security allies but indispensable economic partners
The true power of the alliance does not lie in the change of the political environment