South Korean lawmaker says Trump due to announce US investment details on Friday

SEOUL: A South Korean lawmaker has claimed US President Donald Trump is scheduled to reveal details of Seoul's planned US$350 billion investment in the United States on Friday, during a grilling of the country's finance minister nominee. Yoon Hu-duk, a Democrat lawmaker, made the assertion while questioning Lee Hyoung-il about the projects under Seoul's proposed investment commitment.

Lee stated that the matter was still under consultation and he would comment once discussions concluded. Yoon also mentioned that the projects include a gas project in Texas, the construction of eight nuclear reactors, an Alaskan liquefied natural gas scheme, reprocessing of nuclear material, and carbon capture. He did not disclose how he acquired this information.

South Korea has not confirmed any details about the negotiations, but a source with direct knowledge suggested the industry ministry had briefed DP lawmakers recently. Local media have also reported on the scope of some projects. The US$350 billion investment deal, reached last October, required South Korea to invest in US manufacturing in exchange for Washington capping tariffs on Korean imports at 15%.

Of the total, US$150 billion was reserved for shipbuilding. Implementation of the deal has faced delays, prompting Trump to threaten higher tariffs on South Korean goods. Finance minister nominee Lee was asked if the scale of the projects might surpass Seoul's agreed-upon US$200 billion investment cap, to which he affirmed that the government would adhere to the limit and negotiate accordingly.

An opposition party lawmaker mentioned that parliament committees would receive briefing on the planned US investments on Thursday.