Lee urges ‘commercial rationality’ in trade deal in meeting with U.S. treasury secretary

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Lee urges ‘commercial rationality’ in trade deal in meeting with U.S. treasury secretary

Published: 25 Sep. 2025, 08:29 Updated: 25 Sep. 2025, 18:31

SARAH KIM
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PARK EUN-JEE
[email protected]

Audio report: written by reporters, read by AI

Korean President Lee Jae Myung, right, chats with U.S. Treasury Secretary Scott Bessent at the Permanent Mission of the Republic of Korea to the United Nations in New York on Sept. 24. [JOINT PRESS CORPS]

Korean President Lee Jae Myung told U.S. Treasury Secretary Scott Bessent Wednesday in New York that he expects tariff negotiations with the United States to proceed in a direction that serves both countries' interests based on "commercial rationality."

Lee met with Bessent at the Permanent Mission of the Republic of Korea to the United Nations in New York to discuss the Korea-U.S. trade deal on the margins of the UN General Assembly, Kim Yong-beom, the presidential chief of staff for policy, said in a press briefing.

Lee conveyed that he hopes "discussions will progress in a direction based on commercial rationality that serves the interests of both countries," regarding the $350 billion investment package Korea pledged to the United States, Kim said.

Seoul and Washington have been ironing out the details of a trade agreement reached in late July, in which Korea pledged a $350 billion investment fund in return for reduced U.S. tariffs on Korean goods.

Lee stressed to Bessent that "close cooperation between the two countries in both security and economic aspects is crucial to maintaining and advancing the bilateral alliance," Kim said.

The president said that consultations on security are progressing well, "but productive consultations in the trade sector are also necessary."

Likewise, Lee highlighted that the trade agreement between the United States and Japan differs from that with Korea, pointing to the differences between Seoul and Tokyo in terms of economic scale, foreign exchange market and infrastructure.

Lee conveyed his hopes that such factors will be taken into account to ensure successful negotiations.

Korean President Lee Jae Myung, right, shakes hands with U.S. Treasury Secretary Scott Bessent at the Permanent Mission of the Republic of Korea to the United Nations in New York on Sept. 24. [JOINT PRESS CORPS]

Bessent was quoted as saying that the Korea-U.S. alliance is strong, and that while there may be temporary, short-term difficulties, they can certainly be overcome.

The secretary further said that U.S. President Donald Trump is well aware of Korea's importance to the United States and has emphasized that Korea is a "very important partner" in the shipbuilding sector, according to Kim.

Bessent noted the importance of Korea's investment cooperation in key strategic sectors such as shipbuilding, and said the United States is grateful for Korea's active support in this regard.

Bessent, who oversees foreign exchange markets, was also directly briefed on the Korea-U.S. currency swap issue, Kim said when asked by a reporter if there had been any progress on the issue.

On the sidelines, Finance Minister Koo Yun-cheol met with his U.S. counterpart in a follow-up discussion.

"Koo and U.S. Treasury Secretary Bessent held a separate meeting following President Lee’s reception, where they discussed a package of measures to boost investment in the United States, including a possible currency swap, as well as foreign exchange issues," the ministry said in a statement.

Bank of Korea Gov. Rhee Chang-yong visited the United States last month to speak at the IMF headquarters and had a brief meeting with Bessent, during which he conveyed Korea's position on the currency swap issue.

"Secretary Bessent was already well aware of the issue, and President Lee directly conveyed Korea's request for a currency swap today," Kim said. Bessent was said to have listened attentively and promised to discuss the matter with relevant departments.

Bessent was initially invited to the Korea Investment Summit scheduled for Thursday but was unable to attend due to commitments to Trump's itinerary, Kim said. In turn, Bessent requested to meet with Lee Wednesday to ask for Seoul's understanding.

BY SARAH KIM, PARK EUN-JEE [[email protected]]