Bessent says weak gained would not replicate Korea’s sturdy financial fundamentals

WASHINGTON — U.S. Treasury Secretary Scott Bessent has stated the current depreciation of the Korean gained was not in step with the Asian nation’s “sturdy” financial fundamentals, as he met with Seoul’s Finance Minister Koo Yun-cheol this week, the Treasury Division stated Wednesday.

Throughout the assembly with Koo on Monday, the secretary additionally underscored that “extra volatility” within the international alternate market is “undesirable,” it stated, amid rising considerations in Seoul concerning the Korean foreign money having fallen towards the U.S. greenback.

“Their dialogue addressed the current depreciation of the Korean gained, which the secretary famous was not in step with Korea’s sturdy financial fundamentals,” the division stated in a launch.

“Secretary Bessent emphasised that extra volatility within the international alternate market is undesirable, and reaffirmed that Korea’s sturdy financial efficiency, particularly in key industries that help America’s economic system, make it a important accomplice for the USA in Asia,” it added.

The 2 sides additionally mentioned the “full” and “trustworthy” implementation of a bilateral commerce and funding deal, below which South Korea has pledged to speculate US$350 billion in the USA, amongst different pledges, in return for the U.S.’ reducing of “reciprocal” tariffs on Korean merchandise to fifteen % from 25 %.

“The secretary expressed his view that its implementation ought to go easily,” the division stated. “Secretary Bessent highlighted that this deal will additional deepen the U.S.-South Korea financial partnership and promote the revitalization of America’s industrial would possibly.”

On Monday, Bessent and Koo attended a U.S.-hosted assembly of finance ministers that mentioned efforts to safe provide chains for important minerals amid Washington’s stepped-up efforts to counter China’s rising heft over very important assets.