South Korean Foreign Minister Cho Hyun on Monday stated that the U.S. has presented a new proposal related to Seoul’s pledged $350 billion investment. He added that South Korea is currently reviewing the revised offer, indicating potential progress in the previously stalled tariff talks.

“The $350 billion investment initially proposed by the U.S. included loans and loan guarantees, but it was later revised to consist solely of direct investment,” Cho informed lawmakers during a session of the National Assembly’s Foreign Affairs and Unification Committee.

South Korea has offered an unlimited currency swap line in response to the U.S. demand, aiming to mitigate the possible significant effects that a direct investment of this scale might have on its domestic economy and foreign exchange market.

The currency swap line has become a contentious issue in ongoing trade talks, following the broader tariff deal reached in July.

In addition, Seoul is pushing for a fair limit on the share of its direct investment in the U.S., along with assurances that it will have input in choosing investment targets based on their commercial feasibility.

Cho stated that Seoul will keep working to push the tariff negotiations forward before the upcoming bilateral meeting between South Korean President Lee Jae Myung and U.S. President Donald Trump at the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, Korea, later this month.

Meanwhile, South Korean Finance Minister Koo Yoon-cheol is scheduled to hold talks with U.S. Treasury Secretary Scott Bessent in Washington this week, marking their second bilateral meeting within a month after earlier discussions in New York. During Monday’s session of the National Assembly’s Strategy and Finance Committee, Koo confirmed that negotiations with the U.S. are in progress to finalize the meeting with Bessent.

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