AsianFin -- South Korean President Lee Jae Myung acknowledged that ongoing negotiations with the United States over tariffs have sparked concerns in the country’s foreign exchange market, but he expressed confidence that a mutually acceptable solution will be reached, his office said Tuesday.

Lee made the remarks during a meeting with members of the U.S. Congress on Monday in New York, where he is attending the United Nations General Assembly, according to a statement from the presidential office.

“President Lee said there is concern that instability can arise in South Korea’s foreign exchange market during the course of tariff negotiations with the U.S., but the two sides will be able to find a solution that ensures commercial rationality,” the statement read.

South Korea and the U.S. are currently negotiating a trade agreement aimed at reducing import duties imposed under former President Donald Trump’s administration. The discussions are part of broader efforts to stabilize bilateral trade and address tensions in key sectors, including automotive and technology goods.