US President Donald Trump unveiled plans on Wednesday for South Korea to invest some $200 billion in US projects, but Seoul quickly suggested one key element, a $54 billion pipeline for an LNG project in Alaska, was not yet set in stone.
The announcement from the White House amounted to the first set of major projects under a broader $350 billion strategic investment package South Korea made as part of a trade agreement with Washington last year. The package included $150 billion for shipbuilding and $200 billion for strategic investments.
“Thanks to the agreements my administration has secured with the Republic of Korea, they will invest up to $200 billion,” Trump said from the Oval Office.
He said the investment would include the construction of eight large-scale nuclear power plants, a natural gas pipeline and a 6-gigawatt power generation facility in Texas.
The announcement is the latest in a series of economic and investment deals Trump is highlighting ahead of November’s midterm elections, as he seeks to reinforce his economic record amid voter concerns over the Iran war and high gasoline prices.
The pipeline project could carry political significance in Alaska, where Republican Senator Dan Sullivan faces a competitive reelection race against Democrat Mary Peltola. Sullivan attended Wednesday’s announcement.
South Korea’s government, however, said the pipeline project would only go forward if certain commercial and legal conditions are met. Seoul confirmed other elements of Trump’s announcement, saying it would invest $22.3 billion in a Texas gas power project to power AI data centers, as well as $120 billion to build eight nuclear reactors.
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