South Korean President Lee Jae Myung expressed confidence that ongoing negotiations with the United States over tariffs will result in a balanced solution, despite concerns about potential volatility in South Korea’s foreign exchange market.
In a statement released Tuesday by Lee’s office, the president addressed the issue during a meeting with U.S. congressional members in New York, where he is attending the United Nations General Assembly. He noted that discussions on tariffs have stirred unease in the currency market, but emphasized his belief that both nations will resolve the matter in a way that reflects commercial rationality.
The talks come as South Korea and the United States work to finalize a trade deal aimed at reducing import duties originally imposed under former U.S. President Donald Trump. According to Lee, the deal could involve a significant South Korean investment in the U.S., which may affect the nation’s foreign exchange reserves.
Lee stressed that while market instability is a possibility during the negotiation process, his administration is committed to safeguarding economic stability and ensuring that the agreement benefits both countries. He also highlighted the importance of strengthening trade relations with Washington to promote long-term growth and stability in South Korea’s economy.
The potential deal is seen as a pivotal step in reshaping bilateral trade ties, with investors closely monitoring developments amid global economic uncertainties. Market analysts suggest that a successful resolution could ease foreign exchange market pressures and reinforce investor confidence in South Korea’s economic outlook.
As discussions continue, Lee’s reassurances aim to maintain stability at home while signaling South Korea’s determination to secure fair trade terms with its largest ally.