"Ruling Bloc Dismissed Concerns as Extreme,
Responded Complacently"
"On the 25th, the won-dollar exchange rate surpassed 1,400 won, and during after-hours trading on the 26th, it soared to 1,410 won. The main reason behind this sharp rise in the exchange rate is the uncertainty surrounding trade diplomacy."
Lee Junseok, Representative of the Reform New Party, criticized the uncertainty of trade diplomacy in relation to the exchange rate surpassing 1,400 won through his Facebook page on the 26th. He stated, "If negotiations with the United States are difficult, the government should communicate honestly with the opposition parties and utilize bipartisan diplomatic experts." He added, "The government should make use of excellent national resources in Korea-U.S. diplomacy that can be recommended by the opposition parties."
He also referred to a remark made by President Lee Jaemyung during the last presidential election debate, in which Lee said, "Why are you being so extreme?" Lee Junseok criticized, "The unpredictability and unconventional nature of President Trump were facts that we all had to consider, but the current ruling bloc dismissed these concerns as 'extreme' and responded complacently, which has led to the current crisis."
He pointed out, "Experts warn that if Korea accepts the cash investment method demanded by the United States, the exchange rate could rise to 1,600 won, which would approach the level of a foreign exchange crisis."
Regarding the recent trade negotiations with the United States, he said, "I wonder how much of what was conveyed to the public was actually true," and added, "The reality shows that the concerns were not extreme, but rather that the optimism was complacent."
Lee cited the example of Konishi Yukinaga and Shen Weijing during the Japanese invasions of Korea, saying, "Marketing the negotiations as 'too successful' and then later claiming it would have been disastrous to give in to all their demands is, from the U.S. perspective, a double play reminiscent of Konishi-promising investment in the U.S. and then suddenly backing out, as if 'we said we would give, and they actually thought we would.' For the public, it is nothing more than 'hotel diplomacy,' where no money actually flowed to the U.S., but pro-government YouTubers were energized for a while."
Meanwhile, the won-dollar exchange rate surpassed the 1,410 won mark during trading on this day, reaching its highest level in four months.
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