Overview
- South Korea’s finance minister Koo Yun-cheol met U.S. Treasury Secretary Scott Bessent in Washington during G20 meetings and both agreed to keep consulting on foreign-exchange trends.
- Both sides said sharp moves in the Korean won are undesirable as the currency has swung widely with higher oil prices tied to the U.S.-Israeli war with Iran.
- Bessent backed Seoul’s new special law that clears the way for a large investment pledge in the United States reported at about $350 billion.
- The two officials also discussed how to steady supply chains for key minerals, reflecting concern over inputs that feed batteries, chips, and other high-tech goods.
- Koo also met IMF chief Kristalina Georgieva, who said South Korea has fiscal room to respond to shocks and that its medium-term budget plans support stable management.