South Korean President Lee Jae-Myung, Kang Yu-Jung spokesman, announced that the United States does not manipulate the currency to reach the country’s trade superiority.
This announcement came after a press conference, at a press conference, both countries did not reach an agreement that Seoul did not qualify the criteria of labeling as a manipulator, which is a classification of the US Treasury department twice a year.
South Korean authorities are interested in Trump’s preliminary demand of $ 350 billion
In early November last year, President Joe Biden’s administration listed among the countries on the list of monitoring South Korea. Currency Manipulation Due to the major current account account and significant trade surplus with the US.
Coincidentally, when Donald Trump took office, he added South Korea to this list in June.
Since 2015, Washington has been obliged to take healing measures against US trade partners who cannot solve problems related to the expulsion of currency and trade surplus with the United States.
Regarding the South Korean-US Trade Agreement, South Korean Authorities announced The trade agreement is indifferent to the conversations about Trump’s tariff negotiations on the country’s products.
A South Korean government official Koo Yun-Cheol, who served as Minister of Economy and Finance, focused on the situation. According to the Minister of Finance, President Lee said that US Treasury Secretary Scott Bessent needed a foreign exchange exchange to support the $ 350 billion investment promised during South Korea’s tariff negotiations.
Regarding the situation, Koo stressed that Bessent consulted other US officials and will soon update South Korea in his debate.
That day, Wi Sung-Lac, TSouth Korean National Security Director said that Seoul will not pay $ 350 billion of prior preparations, as Trump has recently suggested. This warned that the country would face a similar crisis in 1997 at the beginning of this month if the President Lee met the government without securing US demands.
In addition, KOO said that the United States Trade Secretary Howard Lutnick has not received any information about a Wall Street Journal report that claims that the investment of $ 350 billion is discussing.
The US does not accept that the big trade partner manipulated the currencies
Previously, the US Treasury Ministry admitted that none of the US major trade partners did not manipulate currencies in four quarters that ended in December. This confirmed that the US did not manipulate the currencies of South Korea, a large trade partner.
However, the department stressed that it will add nine countries to the monitoring list. This included recently added Germany, China, Japan, South Korea, Singapore, Taiwan, Vietnam and Ireland and Switzerland. The other seven countries that were already included were watched as Biden’s administration instructed in November.
This announcement marked the first currency report and the final currency report in six months since Donald Trump took off.
For the currency report of November, he stressed that none of the US major trade partners manipulated their currencies within 12 months until June 2024. In particular, there was no claim reported about money manipulation during Biden’s four -year period.
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