US, Korea Focusing on Structure of $350 Billion Deal, Not Swap

South Korea and the US are focusing on the structure of a $350 billion investment pledge by Seoul, rather than a currency swap, according to Finance Minister Koo Yun Cheol.

Officials in Washington including Treasury Secretary Scott Bessent now see the potential for a shock to Seoul’s foreign-exchange market from an “upfront” deployment of funds, Koo told Bloomberg TV in an interview on Wednesday that also touched on weakness in the Korean won stemming from the unfinished deal, car tariffs and AI technology.