A translation: Hideyoshi died (and the war between the Ming and Japan stopped), and all of our troops (Ming troops) had been pulled out, and then Korea came to fear Japan exceedingly and came to consider establishing a good relationship with Japan, but on the other hand, Korea feared that the establishment of diplomatic relations might anger the Ming.
（訳；秀吉が死に（明と日本は停戦したため）、我が軍（明の軍隊）が全て撤退すると、朝鮮は日本を甚だしく恐れ、日本と友好関係を結びたいと考えたが、その一方で（日本と国交を結ぶことで）明の機嫌を損ねるのではないかと恐れた）。