Overview

• Foreign Minister Cho Hyun said a rough agreement on security has been reached, with potential commitments on higher defense spending and eased limits on spent-fuel reprocessing and uranium enrichment.
• Seoul intends to unveil the security elements before the APEC meeting in Gyeongju, and Cho said a Trump–Kim encounter during the visit cannot be ruled out.
• The United States is reviewing South Korea's request for a bilateral currency swap line, though Cho indicated expectations are low.
• The broader tariff-for-investment package tied to a US$350 billion pledge remains unresolved, and a presidential adviser said Washington has not yet responded to Seoul's latest proposals.
• National Security Adviser Wi Sung-lac said South Korea cannot pay US$350 billion upfront in cash, and President Lee Jae Myung announced an 8.2% increase to the 2026 defense budget.