Overview

• President Lee said current U.S. terms tied to a $350 billion investment could drain reserves and risk a crisis comparable to 1997 if enacted without safeguards.
• Seoul and Washington have only a verbal July framework linking tariff cuts to the $350 billion pledge, and the deal remains unsigned over how the funds would be handled.
• South Korea is pressing for a Federal Reserve swap line and other protections, noting its roughly $410–415 billion in reserves and contrasting its position with Japan’s existing swap and larger buffers.
• Working-level talks are stuck on investment structure and control, with Washington seeking more upfront cash and discretion over project selection while Seoul insists on loans, guarantees and clear commercial viability.
• Lee said the Georgia ICE raid that detained 300-plus Korean workers drew anger but would not damage the alliance, and he heads to New York for UNGA meetings that include planned U.S.–ROK–Japan talks, with no Trump meeting scheduled.