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President Lee Jae-myung takes a sip of water while presiding over a U.N. Security Council open debate at U.N. headquarters in New York on September 24. / Source: Yonhap News

President Lee Jae-myung met U.S. Treasury Secretary Scott Bessent in New York on September 24 (local time), stressing that Korea’s economic structure and market conditions differ significantly from Japan’s and should be factored into ongoing negotiations over Seoul’s planned $350 billion investment package in the United States.

According to the presidential office, Lee explained Korea’s stance directly to Bessent, Washington’s top foreign exchange policymaker, marking what officials described as a “critical turning point” in the tariff and investment talks. The 30-minute meeting took place at Korea’s U.N. mission.

Policy chief Kim Yong-beom told reporters, “Because President Lee himself laid out these points in detail to Secretary Bessent, this meeting will serve as a decisive watershed in the $350 billion investment package negotiations.”

The negotiations have been deadlocked as the U.S. has pressed for most of the investment to be made in cash contributions, while Korea has countered by requesting an unlimited won–dollar currency swap line — a proposal Washington has so far resisted. Kim’s comments suggested some progress may have been made during the latest meeting.

Lee underscored that the Korea–U.S. alliance is “vital not only for security but also for economic cooperation,” adding that commercial rationality must guide investment decisions so they align with the interests of both countries.

Secretary Bessent reaffirmed the strength of the alliance, saying, “There may be temporary challenges, but they can be overcome.” He praised Korea’s role in shipbuilding, a sector Washington has designated as strategic, and noted that President Donald Trump himself has emphasized Korea as an “indispensable partner” in that field. Bessent added that he had “listened carefully” to Lee’s views and would ensure they are fully considered in U.S. internal discussions.

This was Lee’s second meeting with Bessent, following their encounter in Washington last month on the sidelines of the Korea–U.S. summit.