FX.co ★ SK Won Extends Fall on US Trade Policy Uncertainty

On Monday, the South Korean won depreciated to approximately 1,365 against the dollar, marking its fourth consecutive session of decline. This downturn comes amid increasing uncertainty surrounding U.S. trade policies, as tariffs on South Korean exports remain unresolved. The administration of President Donald Trump is anticipated to dispatch letters to several trade partners on Monday, detailing prospective new and elevated tariffs that are scheduled to be implemented on August 1. Treasury Secretary Scott Bessent has indicated that nations without finalized agreements by then will be subjected to the tariff rates initially outlined on April 2. In response to these potential punitive actions, South Korea is intensifying its diplomatic efforts. Following a visit to Washington by Trade Minister Yeo Han-koo on July 6, President Lee Jae-myung's national security adviser, Wi Sung-lac, is also set to travel to the U.S. this week for discussions with Secretary of State Marco Rubio. Wi noted that the consultations have reached a critical stage, prompting Seoul to reinforce its diplomatic initiative.