Tensions Rise Amid South Korea-US Tariff Talks Impacting Forex Market
South Korean President Lee Jae Myung, while attending a UN General Assembly meeting in New York, expressed concerns about ongoing tariff negotiations with the US. The talks aim to reduce import duties introduced by Donald Trump, potentially affecting South Korea's foreign exchange reserves due to a significant U.S. investment.
- Country:
- South Korea
South Korean President Lee Jae Myung has highlighted the potential repercussions of ongoing negotiations with the United States concerning tariffs, as reported by Yonhap news agency. The discussions have raised concerns within the foreign exchange market.
Currently in New York for the United Nations General Assembly, President Lee's agenda includes finalizing a trade agreement aimed at reducing import duties that were set by former President Donald Trump. The success of these talks could have significant economic implications.
President Lee pointed out that a massive investment from South Korea in the United States, planned as part of the agreement, could adversely impact the country's foreign exchange reserves, intensifying the financial stakes of the deal.
(With inputs from agencies.)
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