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Seoul, Washington Expected to Discuss Currency Swap during Tariff Negotiations

Written: 2025-10-16 15:02:56Updated: 2025-10-16 16:41:46

Seoul, Washington Expected to Discuss Currency Swap during Tariff Negotiations

Photo : YONHAP News

A delegation of senior Seoul officials heading to Washington for follow-up tariff negotiations with the United States will visit the White House budget office on Thursday, local time, as part of efforts to finalize a trade deal.

Kim Yong-beom, the top office's director of national policy, and Industry Minister Kim Jung-kwan will first visit the Office of Management and Budget(OMB) after they arrive in Washington.

They will be joined by Minister of Strategy and Finance Koo Yun-cheol, who is already in the U.S. capital for the G20 Finance Ministers and Central Bank Governors Meeting and the World Bank Group-IMF Annual Meetings.
 
The OMB assists the U.S. president with policy, budget, management and regulatory objectives and to fulfill the agency’s statutory responsibilities.

The move by the South Korean officials appears to be a strategic measure to communicate with President Donald Trump from all directions to swiftly finalize a trade deal.

The structure of the 350 billion U.S. dollar investment Seoul committed to Washington in the two sides' July trade deal is still under negotiation.

Seoul proposed an unlimited currency swap line to mitigate any possible shock to the Korean economy and foreign exchange reserves, as well as a potential investment in Korean won.

Observers say the outcome of the negotiations may come down to the extent to which the U.S. side will accept a currency swap.

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