Lee calls for ‘commercially rational’ tariff solution in talks with US treasury chief

President Lee Jae Myung talks with U.S. Treasury Secretary Scott Bessent at the Permanent Mission of the Republic of Korea to the United Nations in New York, Wednesday (local time). Joint Press Corps

NEW YORK — President Lee Jae Myung and U.S. Treasury Secretary Scott Bessent met Wednesday (local time) to tackle persistent hurdles in bilateral tariff negotiations, a central challenge to the economic relationship between the two allies.

According to the presidential office, Lee expressed his commitment to a pragmatic resolution, saying he hopes the negotiations will proceed in a "commercially rational" way that serves the interests of both countries.

The 30-minute meeting, held in New York on the sidelines of Lee’s United Nations visit, marked their second encounter, following initial talks during the Korea-U.S. summit with President Donald Trump in August.

“The Korea-U.S. relationship is very important as an alliance, and close cooperation between the two countries is crucial not only for security but also for economic ties, which are essential for sustaining and developing the alliance,” Lee was quoted as saying by Kim Yong-beom, chief presidential secretary for policy, during a briefing in New York.

The Korean president went on to emphasize that while cooperation in the field of national security is progressing well, “it is also necessary to have constructive consultations in the trade sector.”

President Lee Jae Myung shakes hands with U.S. Treasury Secretary Scott Bessent at the Permanent Mission of the Republic of Korea to the United Nations in New York, Wednesday (local time). Joint Press Corps

Addressing the ongoing talks over Korea’s $350 billion investment package in the United States, Lee said he hopes negotiations will proceed “in a commercially rational way that serves the interests of both countries.”

Lee noted that while Washington and Tokyo had recently reached a tariff agreement, Korea differs from Japan in both economic scale and foreign exchange market infrastructure, adding that he hoped negotiations could advance “with these differences in mind.”

In response, Bessent reaffirmed the strength of the Korea-U.S. alliance, acknowledging that while temporary or short-term difficulties may arise, they can “certainly be overcome.”

Bessent also recalled Trump’s remarks underscoring Korea’s importance, quoting him as saying that “the United States fully recognizes Korea’s significance and views it as a key partner in the shipbuilding sector.”

He further noted that “considerable progress” had been made in bilateral trade negotiations, adding that he carefully listened to Lee’s comments on U.S.-bound investment cooperation and would ensure the matter is “thoroughly discussed internally.”