Washington: U.S. Treasury Secretary Scott Bessent said Wednesday that South Korea and the United States can resolve their differences over how to implement Seoul’s US$350 billion investment pledge, noting that he expects “something” to come “in the next 10 days.”

According to Yonhap News Agency, Bessent made the remarks during a press meeting, responding to a question about whether the two countries can bridge their gaps over Korea’s investment package, which was pledged as part of a bilateral framework trade deal struck in July. Bessent expressed confidence in resolving the differences, stating, “I’m sure the differences can be resolved. We are in discussion now, and I would expect something in the next 10 days.”

When asked if the U.S. can provide a currency swap arrangement as requested by South Korea, Bessent clarified that currency swap issues are not under the purview of his department. “The Treasury (Department) does not provide a currency swap … That is the Federal Reserve,” he said. He further men
tioned, “If I were the Federal Reserve chair, and I’m not, Korea would already have a currency swap facility as with Singapore,” but did not elaborate on why he mentioned the Singapore case.

In March 2020, the Monetary Authority of Singapore announced the establishment of a $60 billion swap facility with the U.S. central bank. During trade negotiations with Washington, Seoul has demanded financial safeguards, such as a currency swap arrangement, out of concern that Korea’s massive direct cash investment, as initially demanded by the U.S., could trigger a crisis akin to the Asian financial meltdown in the late 1990s.

During a CNBC forum earlier in the day, Bessent said that the U.S. is about to “finish up” trade negotiations with Korea, noting that the two sides are ironing out the details as “the devil is in the details.” Negotiations between Seoul and Washington are expected to accelerate this week as top Seoul officials are set to visit the U.S. capital.

Finance Minister Koo Yun-cheol is also expected to
meet with Bessent as he plans to attend meetings of the Group of 20 finance ministers, and the annual gatherings of the International Monetary Fund and World Bank in Washington this week. Kim Yong-bum, South Korea’s presidential chief of staff for policy, and Industry Minister Kim Jung-kwan are set to visit Washington for talks with U.S. Commerce Secretary Howard Lutnick.