Seoul: The presidential office announced that South Korea and the United States have engaged in discussions regarding the potential designation of Seoul as a currency manipulator. This follows recent comments by Finance Minister Koo Yun-cheol about the completion of foreign exchange (FX) talks between the two countries.

According to Yonhap News Agency, upon his return from the United States, Koo informed reporters that the FX negotiations between South Korea and the U.S. have concluded, with an announcement on the results expected soon. His statements have led to speculation about possible progress in South Korea's request to establish a currency swap line with the U.S., a move intended to mitigate the impact of South Korea's significant investment in the U.S. on the FX market.

Presidential spokesperson Kang Yu-jung clarified that the FX negotiations mentioned by Koo were separate from discussions focusing on tariffs. Kang stated that while the U.S. is reviewing other countries for possible inclusion on its currency manipulator list, it has not deemed South Korea to be one.

In June, the United States retained South Korea on a list of nations requiring monitoring of their FX policies, citing a trade and current account surplus with the U.S. While South Korea has not been labeled a currency manipulator, it has remained on the monitoring list since November 2024.

Regarding ongoing tariff negotiations, Kang noted that the South Korean government continues to prioritize national interests in its discussions with the U.S. The trade talks have seen limited progress on Seoul's $350 billion investment commitment, which is tied to reducing U.S. tariffs on Korean products from 25 percent to 15 percent.