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South Korean President Lee Jae Myung told US Treasury Secretary Scott Bessent that trade talks should be “commercially rational”.
SEOUL - South Korean President Lee Jae Myung told US Treasury Secretary Scott Bessent that trade talks with the United States should be “commercially rational” and meet the interests of both countries, the President’s office said on Sept 25.
Mr Lee spoke to Mr Bessent at the United Nations on the sidelines of the General Assembly on Sept 25, his chief secretary for policy, Mr Kim Yong-beom, told a briefing in New York.
The meeting focused on the US$350 billion (S$451 billion) package of investment from South Korea that was agreed upon in principle between Mr Lee and US President Donald Trump at a summit in July as part of a deal to lower tariffs on South Korean goods, said Mr Kim.
“With regard to the investment package with the US, (Mr Lee) expressed hope that the discussions would progress based on commercial rationality and in a direction that serves the interests of both countries,” Mr Kim said.
He said South Korea’s economy and its foreign exchange market – which differs significantly from Japan’s – should be key factors in the ongoing talks on a final agreement.
Japan formalised a trade deal with the US earlier in September to lower tariffs on its exports. The agreement includes Japan investing US$550 billion in US projects.
Mr Lee has said that a similar arrangement involving large capital outflow to the US could destabilise the currency market and drain South Korea’s foreign reserves.
South Korea is seeking a foreign exchange swap with an unlimited credit line from the US to support any final trade agreement, Mr Kim said. South Korean officials have said Washington is reviewing the swap proposal. REUTERS
[SRC] https://www.straitstimes.com/asia/east-asia/south-koreas-lee-and-bessent-discuss-conditions-for-us-tariff-deal
