Commentators have pointed to the “Trump Effect” for falling international student enrollment in the U.S. higher education sector. When taking a closer look at student mobility trends from South Korea, however, the facts and figures tell a different story. For the past two decades, South Korea has been consistently the third largest sender of international students to the United States. But the number of South Korean students who study in U.S. higher education had been steadily falling well before the more recent general declines in international student enrollment. What are the underlying causes of this concerning trend? And what are the implications for the United States when such a major contributor of international students wanes? This paper shows how internationalization efforts in the South Korean higher education sector have resulted in the reversal of domestic student outflow from South Korea to the United States that has major implications for bilateral relations between the two countries.