WASHINGTON — President Donald Trump is set to announce South Korea's investment projects in the United States on the 30th, local time, and the package includes $54 billion (about 73 trillion won) for an Alaska liquefied natural gas development project, foreign news outlets reported. That differs from the South Korean government's position, which has classified the Alaska project as a matter for future discussion, and controversy is expected if the U.S. announcement goes ahead as described. Analysts also see it as a clear sign of Trump's urgency as he fights for every Senate seat in the November midterm elections.
Bloomberg, citing multiple sources, reported on the 29th that Trump is expected to unveil a $200 billion (about 270 trillion won) Korean investment plan at the White House, and that the announcement will include $54 billion for the Alaska LNG development project. Reuters, citing multiple U.S. government officials, also reported that $54 billion would be invested in the Alaska LNG project.
Announcement at 4:30 a.m. Tomorrow: Lutnick and Alaska Candidates to Attend
The White House said Trump will make the announcement with Commerce Secretary Howard Lutnick at 3:30 p.m. on the 30th (4:30 a.m. on Oct. 1 Korea time), and the Korean investment package is expected to be disclosed then. Bloomberg reported that Interior Secretary Doug Burgum, Republican Sen. Dan Sullivan of Alaska, who is running in the midterms, Republican Rep. Nick Begich and Republican Gov. Mike Dunleavy will also attend. On the Korean side, it is unclear who will be present, as Minister of Trade, Industry and Energy Kim Jung-kwan and other senior officials involved in the negotiations are all in South Korea.
A Korean commitment of $54 billion to Alaska LNG would depart from the government's existing position. Seoul recently reported to the National Assembly that it would pursue construction of the Encinal combined-cycle gas power plant in Texas as the first project under its U.S. investment program, while classifying construction of eight large nuclear reactors in the United States and the Alaska LNG development project as matters for future discussion.
Observers Saw Investment Deal as a Midterm Card From the Start
The fact that specific figures are being cited without an agreement with the South Korean government reflects Trump's calculation that he can use Korean investment as a midterm election card. The strategy is to tout tangible numbers to win over Alaska voters. In fact, since the Korea-U.S. investment talks last year, many in Washington's diplomatic community expected Trump would ultimately use Korean investment as a midterm card. On the 28th, Trump also announced that Mesabi Metallics, an affiliate of India's Essar Group, plans to build a $15 billion steel mill in the battleground state of Iowa.
Under the current midterm landscape, Democrats are widely expected to retake the House, while many observers say Republicans will hold the Senate. Recently, however, Democratic candidates have gained ground in polls, and some now see the possibility that Democrats could also win a Senate majority.
In Alaska, incumbent Sullivan is seeking reelection. An average of four recent polls shows Democratic candidate Mary Peltola at 46.5% and Sullivan at 45.0%, giving Peltola a narrow lead. According to the betting site Kalshi, the probability of a Democratic win stood at 71% as of the 30th, far above the 29% for Republicans.
Gasoline at $26 a Gallon in Remote Alaska as Voter Mood Sours
Alaska has traditionally been a Republican stronghold, but sentiment has been shifting. In August, gasoline prices in Shungnak, a community in northwestern Alaska, climbed to $26.82 a gallon (about 3.8 liters). That was more than 6.5 times the U.S. national average at the time of $4.10. The area must have supplies flown in by air, but fuel prices across Alaska have risen and voter sentiment has cooled. Alaska's average gasoline price now stands at $5.06 a gallon, sharply higher than $3.96 a year earlier and above the national average of $4.46. Diesel is at $6.62, up from $4.10 a year ago.
Separately, the U.S. State Department, in its 2026 investment climate report on South Korea, newly identified "aggressive regulatory enforcement, including intrusive audits and investigations" as a structural barrier to investment. The language is seen as reflecting the controversy surrounding Coupang.
