S.KOREA-U.S. LEADERS SHARE BRIEF TALK

[Anchor Lead]

The Korea-U.S. summit that was to be held on the sidelines of the U.N. general assembly has been cancelled. The two leaders spoke briefly for just 48 seconds. The presidential office says they discussed the U.S. Inflation Reduction Act and currency exchange rates.

[Pkg]

President Yoon was invited belatedly to a fund-raising event for eradicating infectious diseases organized by U.S. President Joe Biden. The two met after the event. After multiple adjustments, they spoke briefly for about 48 seconds instead of holding a full-blown summit. Yoon and Biden also met at a welcome dinner hosted by the American leader. According to the top office, Yoon conveyed concerns over the Inflation Reduction Act during the brief encounters.

[Soundbite] Kim Sung-han(Nat'l security advisor) : "Pres. Biden said he's well aware of S. Korea’s concerns and would continue serious bilateral discussions."

The presidential office added the two leaders had agreed to cooperate closely to implement liquidity facilities if that's needed to stabilize financial markets, as the won-dollar exchange rate soars. This means a currency swap could be utilized. The presidential office says the word "implement" used this time goes a step further from the word "cooperate" mentioned in the May summit agreement. Regarding the cancellation of a bilateral summit, the presidential office says the so-called Plan B was executed because President Biden's schedule changed suddenly. It added that the two leaders had instructed their national security offices to deliberate bilateral issues such as the Inflation Reduction Act in advance, and confirmed their stances during their brief meeting. However, the White House did not mentioned the Inflation Reduction Act and only said that economic security issues such as supply chain disruptions were discussed. This further exposes differences in the way Washington and Seoul view the Inflation Reduction Act.