U.S. Treasury Secretary Bessent Visits South Korea Before China Trip for Trump-Xi Summit

U.S. Treasury Secretary Scott Bessent is expected to visit South Korea next week for talks with senior officials in Seoul before heading to China to prepare for a summit between President Donald Trump and Chinese President Xi Jinping. Bessent is likely to arrive in Seoul on Wednesday for a single-day visit, according to diplomatic sources.

The secretary is expected to discuss the foreign exchange market as well as a range of economic and financial issues of mutual interest. The trip follows reports that Bessent will make a three-day visit to Japan starting Monday. There he is expected to meet with the country's prime minister and central bank governor.

April, Bessent noted requests for permanent swap lines from the United Arab Emirates and other economies weathering the Iran war. Swap lines, typically deployed in emergencies, enable currency exchanges between central banks to prevent global dollar shortages.

The requests will test Federal Reserve independence as officials weigh longer-term arrangements beyond temporary emergency facilities. Recent comments from Kevin Warsh, President Trump’s nominee to lead the Federal Reserve, signal his willingness to collaborate with the Treasury on international issues.

Top U.S. and Chinese officials have held talks in advance of the leaders' meeting. Bessent previously stated that a South Korea-U.S. critical minerals framework has been finalized. Finance chiefs from both countries have shared the view that excessive volatility in the Korean won is not desirable.

The sequence of stops reflects ongoing efforts to manage economic and financial ties across Asia amid the Iran conflict and its spillover effects on global markets. The visits come as central banks and treasuries monitor currency stability and liquidity needs tied to the war.