Trump announces US$200bn South Korean energy investment package

US President Donald Trump has announced about US$200bn in planned South Korean energy investments in the United States, including liquefied natural gas, nuclear power and gas-fired electricity projects. The package includes US$54bn for a long-discussed Alaska LNG project, more than US$100bn in longer-term nuclear investments and a US$22.3bn natural-gas power project in Texas. Trump said the commitments would strengthen American energy supply chains and the US partnership with South Korea.

South Korea had agreed under a July 2025 trade deal to invest US$350bn in the United States and increase purchases of US energy. The agreement set a 15 per cent tariff on South Korean goods entering the US. The Alaska project would involve a 1,300-kilometre pipeline carrying gas from the North Slope to a liquefaction facility near Anchorage for export to Asia.

The proposal has faced questions over costs and demand, while analysts said it would enter an already crowded LNG market. The Texas facility would provide 6,472 megawatts to data centres at a site in Encinal and is expected to be fully operational by 2032. The nuclear component includes US$100bn for construction and US$20bn in contingency reserves, with US$10bn expected to become available by the end of the year.

Trump promoted the investments alongside Alaska Senator Dan Sullivan, who faces a competitive re-election contest. The announcements come as voters express dissatisfaction with living costs and the US economy before November’s midterm elections. Experts also warned of a labour shortage.

An industry report said the US could face 1.7 million skilled-trade vacancies through 2035, while current training programmes produce only 55 workers for every 100 needed.