Secretary Bessent Meets with South Korea’s Deputy PM Koo Yun Cheol
On January 12, Secretary of the Treasury Scott Bessent engaged in a significant meeting with Koo Yun Cheol, Deputy Prime Minister and Minister of Economy and Finance of South Korea. The meeting focused on critical economic issues and the timeline for a ministerial meeting regarding essential minerals.
Strengthening U.S.-South Korea Economic Ties
Bessent and Koo discussed various economic developments affecting both nations. A key point of discussion was the recent decline in the Korean won’s value, which Bessent noted did not reflect South Korea’s robust economic fundamentals.
Concerns Over Currency Volatility
Bessent voiced his concerns about excessive volatility in foreign exchange markets. He reaffirmed that South Korea’s strong performance in vital industries positions it as an essential economic partner for the United States.
Implementation of Strategic Trade Agreement
During the discussion, the two leaders also covered the implementation of President Donald Trump’s Korea Strategic Trade and Investment Deal. Bessent expressed optimism about the agreement’s progress and its potential to enhance U.S.-South Korea economic relations.
This agreement aims to revitalize America’s industrial sector while solidifying the partnership between the two nations.
- Date of Meeting: January 12
- Key Participants:
- Scott Bessent – Secretary of the Treasury
- Koo Yun Cheol – Deputy Prime Minister of South Korea
- Main Discussion Topics:
- Critical minerals ministerial meeting
- Economic developments in Korea and the U.S.
- Depreciation of the Korean won
- Implementation of Korea Strategic Trade and Investment Deal
Overall, the discussions highlighted both leaders’ commitment to strengthening the economic framework between the United States and South Korea.
