Washington has determined that Seoul does not engage in currency manipulation for trade benefits, according to South Korean officials. President Lee Jae Myung's spokesperson Kang Yu-jung announced the agreement during Sunday's press briefing. The Treasury Department previously placed South Korea on a monitoring list due to its trade surplus with America. Biden's administration added the country in November while Trump maintained the designation.
The currency determination remains separate from ongoing discussions about foreign exchange swaps linked to tariff negotiations. South Korea pledged $350 billion in investments during trade talks with the Trump administration. Finance Minister Koo Yun-cheol said Treasury Secretary Scott Bessent would review the swap request with other officials. President Lee warned that immediate payment demands could trigger an economic crisis similar to the 1997 financial collapse.
The currency determination remains separate from ongoing discussions about foreign exchange swaps linked to tariff negotiations. South Korea pledged $350 billion in investments during trade talks with the Trump administration. Finance Minister Koo Yun-cheol said Treasury Secretary Scott Bessent would review the swap request with other officials. President Lee warned that immediate payment demands could trigger an economic crisis similar to the 1997 financial collapse.
