FX.co ★ South Korean Won Stabilizes

On Tuesday, the South Korean won stabilized at approximately 1,470 against the US dollar, halting a sharp decline experienced over the previous two days. This stabilization came as market sentiment improved following a signal from US President Donald Trump of his willingness to engage in tariff discussions with various countries, including South Korea. Trump had recently announced a 25% reciprocal tariff on South Korea, alongside a 46% levy on Vietnam, where numerous major South Korean enterprises maintain significant manufacturing facilities. In light of these developments, South Korean Trade Minister Cheong In-kyo remarked on Tuesday that the government is considering a variety of strategies to augment imports from the US, such as increasing LNG purchases, as he traveled to Washington to conduct discussions about the US tariffs. Politically, South Korea has provisionally scheduled its presidential election for June 3, following the removal of President Yoon Suk Yeol last week, subsequent to his brief imposition of martial law.