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

Seoul: A South Korean lawmaker claimed on Tuesday that US President Donald Trump would disclose details of Seoul's intended US investment on Friday. Yoon Hu-duk, representing the ruling Democratic Party, made this statement during questioning of Lee Hyoung-il, the nominee for finance minister. Lee confirmed that the matter was still under discussion and expressed that he would comment once consultations were completed.

Yoon also mentioned that reported projects included a gas project in Texas, construction of eight nuclear reactors, an Alaskan liquefied natural gas scheme, the reprocessing of 4,000 tonnes of nuclear material, and carbon capture initiatives. However, Lee declined to disclose details of the bilateral negotiations. South Korea has not confirmed any specifics regarding these talks, but an insider said the Ministry of Industry briefed DP lawmakers last week.

Media outlets have also reported on the nature of some projects. The industry minister stated in September that both sides were nearing an agreement on numerous matters, yet warned that several issues remained unresolved. Yoon's claims could not be verified by his office, which stated that the government had not confirmed the details.

The Ministry of Industry also declined to comment, while the US embassy in Seoul and the White House did not provide immediate responses to inquiries for comment. The US-South Korea trade agreement, signed in October, committed South Korea to investing $350 billion in US manufacturing in exchange for a cap on tariffs on Korean imports at 15%.

Of that, $150 billion was set aside for shipbuilding. Implementation has faced delays, leading to Trump's threat of higher tariffs. Finance Minister nominee Lee affirmed that the government would adhere to the $200 billion investment ceiling and was negotiating accordingly. An opposition lawmaker stated that parliamentary committees would receive briefings on Thursday about the planned US investments.