US-Korea Relations
South Korea and US agree to swiftly launch working groups on summit agreements
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South Korea and the United States have agreed to swiftly launch working groups to implement recent summit agreements, including nuclear-powered submarines and civil uranium enrichment rights. In their first high-level follow-up talks, both sides emphasized advancing trade, investment, and security cooperation. The agreement builds on the joint fact sheet from August and October summits.
South Korea's ruling Democratic Party and main opposition People Power Party agreed to expedite passage of a special US investment bill in the national interest. The legislation, aimed at implementing a trade deal with the United States, is set for a vote in a plenary session on March 12. The agreement comes amid threats from US President Donald Trump to raise tariffs on Korean goods.
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U.S. Treasury Secretary Scott Bessent stated that the recent depreciation of the Korean won does not align with South Korea's strong economic fundamentals. During a meeting this week with Seoul's Finance Minister Koo Yun-cheol, he emphasized that excess volatility in the foreign exchange market is undesirable. The two sides discussed the full implementation of a bilateral trade and investment agreement.