FX.co ★ South Korean Won Slips as Tariff Deadline Nears

The South Korean won weakened to approximately 1,384 per dollar on Tuesday, following a period of steadiness over the previous two sessions. This downturn is attributed to a decline in risk sentiment amid elevated uncertainty, with just ten days remaining before the August 1 tariff deadline. On July 22, Finance Minister Koo Yun-cheol announced that he, along with Trade Minister Yeo Han-koo, will travel to Washington for a high-level "2+2" meeting with US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer. The meeting, slated for Friday, aims to address unresolved issues concerning the proposed US tariff measures. Additionally, First Vice Industry Minister Moon Shin-hak highlighted ongoing efforts to conclude negotiations and minimize risks to export-driven sectors, which are highly sensitive to external policy changes. Nonetheless, the looming deadline and lack of significant progress to date continue to exert negative pressure on the won.