Seoul: The South Korean government announced on Thursday that discussions on exchange rates were not part of the trade negotiations with the United States, which led to a last-minute agreement to reduce proposed tariffs.

According to Yonhap News Agency, a South Korean delegation reached an agreement with the administration of U.S. President Donald Trump to lower planned "reciprocal" tariffs on South Korean goods to 15 percent, down from the initially proposed 25 percent.

"There were no direct discussions regarding the exchange rate in the trade talks with President Trump today," Finance Ministry spokesperson Kang Young-kyu stated. Kang noted that currency-related issues are being managed separately through ongoing consultations between the financial authorities of the two nations.

Finance Minister Koo Yun-cheol, who is currently leading the South Korean delegation, is scheduled to meet with U.S. Treasury Secretary Scott Bessent in Washington on Thursday, as confirmed by the ministry.