Secretary of the Treasury Scott Bessent met with South Korea's Deputy Prime Minister and Minister of Economy and Finance, Koo Yun Cheol, on January 12 in Washington. The meeting focused on recent economic trends in both countries, ongoing market developments, and preparations for an upcoming critical minerals ministerial meeting.
During their conversation, Secretary Bessent and Deputy Prime Minister Koo addressed the depreciation of the Korean won. According to Secretary Bessent, this currency movement did not reflect Korea’s strong economic fundamentals. He stated that "excess volatility in the foreign exchange market is undesirable," adding that Korea’s robust economic performance—particularly in industries important to the U.S.—positions it as a key partner for America in Asia.
The two officials also discussed progress on implementing President Donald Trump’s Korea Strategic Trade and Investment Deal. Secretary Bessent said, "its implementation should go smoothly." He further noted that "this deal will further deepen the U.S.-South Korea economic partnership and promote the revitalization of America’s industrial might."
