South Korea and the US discuss terms of a tariff agreement.

VTV.vn - Before South Korea, Japan finalized a trade agreement with the US earlier this month.

On September 24, the South Korean presidential office announced that President Lee Jae-myung had discussed the matter with U.S. Treasury Secretary Scott Bessent on the sidelines of the United Nations General Assembly, emphasizing that any tariff agreement between the two countries must be negotiated in a “commercially reasonable” manner and ensure the interests of both South Korea and the United States.

The meeting focused on the $350 billion investment package that the two leaders had agreed upon in July, as part of a strategy to reduce tariffs on South Korean exports. Kim Yong-beom, Chief of Staff for Policy to President Lee, said Seoul wants subsequent talks to be substantive and mutually beneficial.

Kim added that while Lee and Bessent were meeting, South Korean Finance Minister Koo Yun-cheol also had a separate conversation with US officials about the investment package and the proposed currency swap, although the South Korean side declined to disclose details.

Some experts speculate that the proposed currency swap is a way for Seoul to reduce pressure if it has to invest large amounts of capital in the US, avoiding directly using its foreign exchange reserves.

Earlier this month, Japan finalized a trade agreement with the United States, in which Tokyo committed to investing $550 billion in US projects in exchange for tariff reductions.

However, South Korea is concerned that a massive influx of investment into the US could cause the won to depreciate and reduce its foreign exchange reserves. In fact, in recent trading, the won surpassed the 1,400 won to 1 USD mark, its lowest level since mid-May.

Seoul is currently seeking an indefinite currency swap agreement from Washington to support the final negotiation process. The US side is still considering this proposal.

 

Source: https://vtv.vn/han-quoc-va-my-ban-dieu-kien-thoa-thuan-thue-quan-100250925091953151.htm