Readout from Secretary Bessent’s meeting with Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol, South Korea

WASHINGTON – On Monday, January 12, Secretary of the Treasury Scott Bessent met with Deputy Prime Minister and Minister of Economy and Finance Koo Yun Cheol of South Korea to discuss the critical minerals ministerial meeting and ongoing market developments.Secretary Bessent and Deputy Prime Minister Koo discussed economic developments in Korea and the United States, as well as ways to strengthen the economic ties between our two great nations. Their discussion addressed the recent depreciation of the Korean won, which the Secretary noted was not in line with Korea’s strong economic fundamentals. Secretary Bessent emphasized that excess volatility in the foreign exchange market is undesirable, and reaffirmed that Korea’s strong economic performance, especially in key industries that support America’s economy, make it a critical partner for the United States in Asia.Secretary Bessent and Deputy Prime Minister Koo discussed the full and faithful implementation of President Donald Trump’s historic