South Korea President Lee, meeting U.S. Treasury Bessent,

• Says tariff talks should be ‘commercially rational’ and benefit both countries’ interests
• Wants U.S. to keep in mind South Korea’s FX market is not the same as Japan’s
• Says South Korea will face a financial crisis if it agrees to US demands on USD 350bln investments

Bessent:

• US-South Korea alliance is strong, difficulties can be overcome

The US and SK are in disagreement about demands for a USD 350bn investment from SK. Keep an eye on this.

On another matter, Bessent has certainly become the more rational, cogent face of what many are now referring to as the Bessent/Trump administration. Bessent does not need to be told to watch his back.