Seoul's trade hopes dim after delay in key US tariff meeting
The delay, caused by a conflict in U.S. Treasury Secretary Scott Bessent's calendar, forced South Korean Finance Minister Koo-Cheol to cancel his flight to Washington just an hour before departure. Talks between Bessent, Koo, and their top trade envoys—dubbed the "2+2" meeting—will be rescheduled, but no new date has been announced.
The unexpected shift has cast uncertainty over Seoul's ability to secure a last-minute reprieve from the tariffs, which could significantly impact key South Korean exports if they take effect on August 1.
"It might be difficult to reschedule 2+2 again before August 1, so the best we can do is for the trade chief Yeo to request an extension of the tariff exemption," said Heo Yoon, a professor of international trade at Sogang University.
Markets reacted to the delay. South Korea's KOSPI index pared early gains, closing up just 0.7 percent as shares of automakers and parts suppliers declined. Hyundai Motor fell as much as 1.8 percent.
Washington has not offered further details for the postponement, but U.S. officials are juggling parallel negotiations with China in Sweden and the European Union back home—as they race to finalize multiple trade deals ahead of August.
Despite the setback, South Korea's Minister for Trade Yeo Han-koo and Industry Minister Kim Jung-kwan remain in Washington, continuing lower-level discussions with U.S. officials, including a meeting with U.S. Trade Representative Jamieson Greer.
The delay comes just days after Japan struck its own deal with the U.S., committing to increased market access for American agricultural and auto products and a US$550 billion investment and loan package. That agreement has raised the pressure on Seoul to deliver something similar.
Analysts say the involvement of multiple high-ranking South Korean officials in Washington suggests the two sides were nearing the contours of a broad trade package, potentially covering sectors from autos to agriculture.
South Korean access to the U.S. market is seen as essential for deepening industrial ties between the two countries, especially in advanced manufacturing.
Yonhap News Agency reported that Seoul is preparing a proposal for a $100 billion U.S.-focused investment plan involving major conglomerates such as Samsung and Hyundai. President Lee Jae Myung recently met with Hyundai's Executive Chair Euisun Chung and LG Group Chairman Koo Kwang-mo to discuss their American ventures, and meet Samsung Chairman Jay Y. Lee on, according to local media.
Meanwhile, Seoul is also weighing participation in a proposed $44 billion natural gas pipeline in Alaska, an infrastructure project championed by President Trump.
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As part of her "America at Work" listening tour, Secretary Chavez-DeRemer has traveled across the country to meet with American businesses and workers to identify the skills and training programs our country needs to power the economy. Her stop in Valley County, Idaho, demonstrates her ongoing commitment to understanding the labor needs of Idaho's rural workforce and underscores how the Stibnite Gold Project can fuel the region's economic success. About Perpetua Resources and the Stibnite Gold Project Perpetua Resources Corp., through its wholly owned subsidiaries, is focused on the exploration, site restoration and redevelopment of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by the Stibnite Gold Project. The Stibnite Gold Project is one of the highest-grade, open pit gold deposits in the United States and is designed to apply a modern, responsible mining approach to restore an abandoned mine site and produce both gold and the only mined source of antimony in the United States. Antimony trisulfide from Stibnite is the only known domestic reserves of antimony that can meet U.S. defense needs for many small arms, munitions, and missile types. FORWARD-LOOKING INFORMATION Investors should be aware that the Stibnite Gold Project's designation as a Transparency Project does not imply endorsement of or support for the project by the federal government, or create a presumption that the Project will be approved, favorably reviewed by any agency, or receive federal funding. The designation of a project as a Transparency Project may be reconsidered based on updated information. Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding expected benefits from the Project, including providing a domestic source of antimony, local employment opportunities, national defense benefits and environmental benefits; expected benefits from the Stibnite Launch Program and other educational and training initiatives; and the number and nature of jobs expected to be created. In certain cases, Forward-Looking Information can be identified by the use of words and phrases or variations of such words and phrases or statements such as "anticipate", "expect", "plan", "likely", "believe", "intend", "forecast", "project", "estimate", "potential", "could", "may", "will", "would" or "should". Forward-Looking Information in this news release are based on certain material assumptions and involve, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Perpetua Resources to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include those factors discussed in Perpetua Resources' public filings with the U.S. Securities and Exchange Commission (the "SEC") and its Canadian disclosure record. Although Perpetua Resources has attempted to identify important factors that could affect Perpetua Resources and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. For further information on these and other risks and uncertainties that may affect the Company's business, see the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's filings with the SEC, including Perpetua's Annual Report on Form 10-K filed with the SEC on March 19, 2025 and subsequent filings on Form 10-Q and Form 8-K, which are available at and with the Canadian securities regulators, which are available at Except as required by law, Perpetua Resources does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. SOURCE Perpetua Resources Corp.
