President Donald Trump is pressuring South Korea to invest in the Alaska liquefied natural gas (LNG) development project, stating that if an agreement is not reached, he will charge South Korea more. He also claimed that South Korea would invest $8.4 billion in oil-related projects, although the specifics of the project and South Korea's agreement have not been confirmed.
During a press conference at the White House on October 2, Trump responded to a question about South Korea not finalizing its investment in the Alaska LNG project, saying, "If they don’t want to, that’s fine with me. I can charge them more." He added, "If we don’t reach an agreement soon, tell them I will double the charges."
According to Yonhap News, Trump did not specify what additional charges he would impose. However, it is interpreted that he hinted at increasing burdens in areas such as tariffs if South Korea does not participate in the Alaska LNG project.
Earlier, on September 30, Trump announced South Korea's first major investment project in the U.S. at the White House, mentioning the $50 billion Alaska LNG development project. However, the South Korean government has stated that the project is still under review and that it has not confirmed participation.
Trump also made additional claims regarding South Korea's investment in the U.S. On the same day, he expressed on social media platform Truth Social, "I am pleased to announce that negotiations with South Korea are continuing to improve," referring to an $8.4 billion investment in an enhanced oil recovery (EOR) project. This suggests that South Korea is expected to invest $8.4 billion in that project.
EOR is a technique that involves injecting carbon dioxide and other substances into oil fields to increase internal pressure and boost oil production. However, Trump did not disclose specific details about the project or its location in his post. The status of South Korea's investment agreement remains unconfirmed based on his statements.
Trump emphasized that increasing oil and gas production supports U.S. energy dominance and global energy security. By mentioning both the Alaska LNG project and the oil production enhancement project, he highlighted the achievements of South Korean investments in the U.S.
Some analysts interpret this announcement as targeting the upcoming U.S. midterm elections. According to Yonhap News, when Trump announced the Alaska LNG project, he included Dan Sullivan, the Republican Senate candidate from Alaska, to rally support. Reuters analyzed this investment announcement as part of a series of economic and investment agreements that Trump is emphasizing amid voter dissatisfaction over the war in Iran and high gasoline prices.
Regardless of whether South Korea reaches an actual investment agreement, Trump's public mention of the investment scale and the potential for increased costs on unagreed projects raises questions about the impact on U.S.-South Korea investment negotiations.
* This article has been translated by AI.
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