Their meeting on the sidelines of the UN General Assembly came about a month after the two met during Lee's visit to Washington for his first bilateral talks with U.S. President Donald Trump.
Lee emphasized that trade talks should be "in line with the interests of the two countries," as close cooperation in both security and economic areas is crucial for maintaining the bilateral alliance between Seoul and Washington, his chief secretary for policy Kim Yong-beom told reporters during a press briefing, quoting him as saying.
In response, Bessent said that the two sides may face temporary or short-term difficulties in negotiations, but they will "fully overcome" them, as the bilateral alliance is strong.
Praising South Korea as an "important trade partner" once again, he highlighted the importance of bilateral cooperation in sectors like shipbuilding.
Lee also explained that South Korea's foreign exchange reserves, market structure, and other economic infrastructures, which significantly differ from Japan's, should be taken into account in the ongoing trade talks which include Seoul's massive US$350 billion investment pledge to Washington.
Earlier, in an interview with Reuters, Lee warned that without currency swap deals with the U.S., Trump's demand for a cash investment could lead to a repeat of the 1997 Asian financial crisis.
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