Treasury

Jan. 30 (Asia Today) — South Korea’s presidential office said Friday that financial authorities are in close communication with the U.S. Treasury Department after Washington redesignated South Korea on its foreign exchange monitoring list.

The office said the Treasury reaffirmed in its latest currency report that the recent weakening of the won was not consistent with South Korea’s economic fundamentals.

At the same time, the office said it understood the redesignation was made in a “mechanical” way based on the Treasury’s evaluation criteria.

South Korea was removed from the monitoring list in November 2023 after being listed since April 2016, but was added back in November 2024 and remained on the list in the latest report, according to the office and South Korean media reports.

The Treasury cited South Korea’s sharply larger current account surplus and its expanded goods and services surplus with the United States as reasons it continues to warrant monitoring, the report said.

In the January report, the Treasury said its monitoring list includes 10 economies: China, Japan, South Korea, Taiwan, Singapore, Thailand, Vietnam, Germany, Ireland and Switzerland.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260130010013828

United States Secretary of the Treasury Scott Bessent speaks as US President Donald J Trump participates in a Cabinet meeting in the Cabinet Room of the White House in Washington, DC on Thursday, January 29, 2026. Photo by Aaron Schwartz/UPI | License Photo

Jan. 29 (Asia Today) — U.S. Treasury Secretary Scott Bessent said Tuesday that Washington does not recognize any trade agreement with South Korea unless it is ratified by the South Korean National Assembly, reaffirming that higher tariffs would remain in place until legislative approval is secured.

In an interview with CNBC, Bessent said the absence of parliamentary ratification meant no valid agreement existed between the two countries.

“Because the South Korean National Assembly has not passed the trade agreement, there is no trade agreement with South Korea until they approve it,” Bessent said, repeatedly emphasizing the need for lawmakers to ratify the deal.

Asked whether South Korea would face 25% tariffs until ratification, Bessent replied, “I think that helps move the situation forward,” a comment widely interpreted as signaling tariff pressure aimed at accelerating legislative action.

His remarks clarified the backdrop to Donald Trump’s announcement Sunday that the United States planned to raise reciprocal tariffs on South Korean exports, including automobiles, timber and pharmaceuticals, from 15% to 25%.

In a post on Truth Social, Trump said the South Korean legislature had failed to enact what he described as a “historic trade agreement.” No executive order or formal notice has yet been issued to implement the tariff increase.

Trump later suggested negotiations could still resolve the issue, saying Monday that Washington would “work with South Korea to find a solution.”

Pressure from the Trump administration has extended beyond tariffs. The Wall Street Journal reported that Washington has raised concerns over South Korea’s regulatory treatment of U.S. technology companies. According to the report, J.D. Vance told South Korean Prime Minister Kim Min-seok during a White House meeting last week that the administration wanted meaningful de-escalation in how U.S. tech firms are regulated.

South Korea has fully mobilized its trade channels to assess Washington’s intentions. Trade Minister Kim Jeong-kwan is scheduled to travel to Washington later Tuesday after completing meetings in Canada, where he is expected to meet U.S. Commerce Secretary Howard Lutnick. Trade Negotiations Commissioner Yeo Han-koo also plans consultations with the U.S. trade representative.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260129010013312

Jan. 26 (UPI) — Treasury Secretary Scott Bessent announced Monday that the department canceled all contracts with consulting firm Booz Allen Hamilton because of a data leak that included President Donald Trump‘s tax returns.

The department has 31 contracts with Booz Allen for a total of $4.8 million in annual spending and $21 million in total obligations, a press release said.

“President Trump has entrusted his cabinet to root out waste, fraud, and abuse, and canceling these contracts is an essential step to increasing Americans’ trust in government,” Bessent said in a statement.

Between 2018 and 2020, a Booz Allen employee, Charles Edward Littlejohn, “stole and leaked the confidential tax returns and return information of hundreds of thousands of taxpayers.”

The breach affected about 406,000 taxpayers, including Trump, Amazon founder Jeff Bezos and Tesla CEO Elon Musk.

“Booz Allen failed to implement adequate safeguards to protect sensitive data, including the confidential taxpayer information it had access to through its contracts with the Internal Revenue Service,” Bessent said.

Littlejohn pleaded guilty in October 2023 to one charge of disclosure of tax return information and was sentenced to five years in prison. He admitted to leaking Trump’s tax information to The New York Times and leaking other tax information to ProPublica.

Booz Allen’s stock price dipped by 8% on the news, CNBC reported.