Overview
- President Donald Trump said the South Korean pledge is "up front," pointing to Japan’s $550 billion package as the model.
- President Lee Jae Myung told Treasury Secretary Scott Bessent that any deal must be commercially rational, with Seoul warning a cash withdrawal could risk a 1997-style crisis without a swap backstop.
- Key gaps persist over cash versus loans or guarantees, U.S. control of project selection, and profit-sharing terms, with reports citing Washington’s push for heavily U.S.-favored splits.
- The Wall Street Journal reported U.S. officials urged more cash and even a higher total closer to Japan’s, a claim Korean trade officials publicly denied receiving.
- Operational risks weigh on implementation after an ICE raid detained 317 Korean nationals at a Georgia battery-plant site, while markets flashed stress as the won briefly topped 1,400 per dollar and the Kospi slid 2.45% ahead of an APEC push for progress.