South Korea not judged as currency manipulator by US, claims Seoul

The South Korean presidential office said Sunday that the US has not judged South Korea to be a currency manipulator, the Seoul-based Yonhap News reported.

The presidential office announced that South Korea and the US have discussed the potential for Seoul to be labeled a currency manipulator.

The announcement came following Finance Minister Koo Yun-cheol's comments about the conclusion of foreign exchange (FX) talks between the two allies.

On returning from the US, Koo told reporters Saturday that FX negotiations with the US had been completed and the outcome would be announced soon.

His remarks sparked speculation of progress on Seoul’s push for a currency swap line with the US, a move intended to ease possible FX market impacts from South Korea’s major investment in the US.

However, presidential spokeswoman Kang Yu-jung clarified that the FX talks Koo mentioned were separate from those related to tariffs.

"The US has determined whether or not to put some other countries on its list of currency manipulators. Regarding this, it's believed that it has not judged South Korea to be a currency manipulator," Kang said.

In June, the US maintained South Korea on its monitoring list due to its trade and current account surplus. Though not labeled a currency manipulator, South Korea has remained on the list since November 2024.

Regarding the ongoing tariff discussions, Kang said negotiations are continuing with national interest as the priority.

In July, Seoul and Washington agreed in principle to a deal, under which the US reduced the tariff on imports from South Korea from 25% to 15% in exchange for Seoul’s commitment to invest $350 billion in the US.

But the two sides remain deadlocked over how the investment fund will be structured. Without a deal, South Korean imports could again face the 25% tariff.