South Korean lawmaker says Trump due to announce US investment details on Friday
US president Donald Trump and South Korean president Lee Jae Myung agreed on a US$350 billion investment commitment in return for a 15% tariff cap on Korean imports.
South Korean lawmaker Yoon Hu-duk claimed during a questioning session of South Korea’s finance minister nominee, Lee Hyoung-il, that U.S. President Donald Trump was scheduled to reveal details of South Korea’s proposed $350 billion investment in the United States on Friday. Yoon inquired about the specifics of projects being discussed under Seoul’s investment commitment. Lee confirmed that the matter was still under consultation and would be addressed once discussions were completed.
Yoon also highlighted that previously reported projects included a gas project in Texas, construction of eight nuclear reactors, an Alaskan liquefied natural gas scheme, reprocessing of approximately 4,000 tons of nuclear material, and carbon capture initiatives. Lee declined to disclose further details about the bilateral talks.
Although South Korea has not confirmed any details about the negotiations, a source familiar with the matter stated that the Ministry of Industry briefed DP lawmakers in the previous week. Local media outlets have reported on the scope of some of the projects.
Industry Minister Kim Jung-kwan mentioned on Sunday that the two countries were near an agreement on many issues, but cautioned that several matters remained unresolved. Yoon's office affirmed that the government did not confirm the details Yoon had raised, thus they could not be verified. The Ministry of Industry also declined to comment. The White House and the U.S. embassy in Seoul did not provide immediate responses to requests for comment.
The U.S.-South Korea trade agreement signed last October stipulated that South Korea would invest $350 billion in U.S. manufacturing in exchange for capped tariffs on Korean imports at 15%. Out of this amount, $150 billion was allocated for shipbuilding. However, the implementation of this agreement has faced delays, leading Trump to threaten South Korea with increased tariffs earlier this year.
Finance minister nominee Lee stated that the government aimed to adhere to the $200 billion investment ceiling and was negotiating accordingly. An opposition party lawmaker, Bae June-young, highlighted that parliament committees were expected to receive briefings on Thursday concerning the planned U.S. investments.
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