U.S. Treasury Secretary: ‘Won’s weakness not consistent with South Korea’s strong fundamentals’

U.S. Treasury Secretary Scott Bessent said the South Korean won’s recent sharp depreciation is not in line with the fundamentals of the Korean economy.

In a post on X on the 14th (local time), Bessent said he met with Deputy Prime Minister Koo Yun-cheol on the 12th to discuss recent market developments in South Korea, adding that they shared the view that the won’s recent decline is not consistent with the country’s solid economic fundamentals. He also said South Korea is delivering impressive performance across key industries that underpin the U.S. economy, calling it a highly important partner for the United States in Asia.

Bessent also discussed with Koo steps to implement bilateral trade and investment agreements. According to the U.S. Treasury Department, Bessent said implementation should proceed smoothly and that the agreements will further deepen the economic partnership between the United States and South Korea.

Koo recently visited the United States to attend the G7 Finance Ministers’ Meeting on Critical Minerals in Washington, D.C., where he met with Bessent. The two were reported to have exchanged views on South Korea-U.S. economic developments and ways to strengthen economic ties.