South Korea and Taiwan Mobilized for U.S. Midterms... Trump Highlights Alaska LNG Investment

Trump Speaks at Alaska Rally in Support of Sullivan
"South Korea to Invest $50 Billion in Alaska
Taiwan to Buy 30% of Natural Gas for 20 Years"

South Korean Government: "Only if Commercially Viable"
Taiwan's Position on "Finalized Investment" Unclear
U.S. Poll: "Trump Prioritizes Personal Interests"

U.S. President Donald Trump once again said South Korea would invest in the Alaska liquefied natural gas (LNG) development project. He also said the Taiwanese government had agreed to invest $4.4 billion (approximately KRW 6 trillion) in the Alaska LNG project. Critics say that, as Republicans urgently seek to rally their supporters ahead of the midterm elections, Trump is drawing on investment plans from foreign allies whose investment amounts have yet to be finalized and presenting them as political achievements.

"South Korea to Invest $50 Billion in Alaska"

U.S. President Donald Trump speaks at a campaign rally at the Curtis D. Menard Memorial Sports Center in Wasilla, Alaska, on the 13th (local time). AFP-Yonhap News Agency

At around 8:30 p.m. on Oct. 13 (local time), President Trump said at a campaign rally in support of U.S. Senator Dan Sullivan in Wasilla, Alaska, "South Korea has agreed to invest $50 billion (approximately KRW 67 trillion) in Alaska," praising Sullivan by adding, "Senator Sullivan helped make it happen." Trump also said of Taiwan, "They made a lot of money," and announced that it had "agreed to purchase 30% of the natural gas supplied through the pipeline over the next 20 years and invest $4.4 billion in project development." He was accompanied that day by Commerce Secretary Howard Lutnick and Interior Secretary Doug Burgum, among others.

The White House had also touted South Korea's investment in the United States in exaggerated terms. Before Trump's visit to Alaska, new White House spokesperson Katie Zacharia, speaking at her first official briefing that day, outlined the administration's investment-attraction efforts and mentioned South Korea's energy investment plans in the United States. "President Trump also unveiled a South Korean energy investment package worth up to $200 billion in the United States," she said, calling it an "incredible deal."

Spokesperson Zacharia also laid out specific projects in detail. "This includes up to $120 billion to build eight large-scale nuclear power plants," she said. "There is also $54 billion for the Alaska LNG pipeline and terminal to supply fuel to Pacific Rim countries and sell it to allies, as well as $22.3 billion for 6-gigawatt (GW) natural gas power generation facilities in Texas."

The South Korean government has made clear that it has not decided whether to invest in the Alaska LNG project. After President Trump announced South Korea's $54 billion investment plan at the White House on Sept. 30, Minister of Trade, Industry and Energy Kim Jung Kwan made clear that South Korea would not pursue the project unless it was commercially viable. South Korea's position is that it will decide whether to participate after reviewing the project's commercial viability and investment terms.

Trump's speech that day put Taiwan in a position similar to South Korea's. Bloomberg reported that it was unclear whether the Taiwanese government had agreed to the terms related to Trump's remarks, including the $4.4 billion in project development investment. Taiwan's state-owned energy company CPC signed a letter of intent (LOI) to purchase LNG and invest with the Alaska Gasline Development Corporation (AGDC) in March last year. At the time, the parties agreed to consider the possibility of an equity investment and the purchase of 6 million tons of LNG annually for 20 years, but the LOI was not legally binding.

All-Out Effort to Gain the Upper Hand in Alaska

U.S. President Donald Trump campaigning in Alaska on the 13th (local time). Reuters-Yonhap.

Analysts say President Trump's emphasis on South Korean and Taiwanese investment plans that day reflected his determination to secure a victory in Alaska ahead of the midterm elections. Senator Sullivan is seeking reelection on Nov. 3 and is locked in a close race against Mary Peltola, a former Democratic member of the U.S. House of Representatives. Alaska is considered a traditional Republican stronghold, or "red state," but has emerged as a battleground where Republicans cannot take victory for granted in this election.

The Washington Post (WP) noted that President Trump flew 3,400 miles (approximately 5,472 km) from Washington, D.C., to Wasilla that day to help Senator Sullivan, saying, "It shows how urgently Republicans need to rally their core supporters to retain their Senate majority."

Wasilla, where President Trump spoke, is one of Alaska's more conservative areas. It is also the hometown of former Alaska Governor Sarah Palin, who styled herself as the godmother of the Tea Party, the hardline conservative movement within the Republican Party.

Republicans appear focused on defending traditional strongholds, including Alaska and Texas, where Democratic candidates are threatening Republican incumbents. The party has effectively halted its support for Senate races in North Carolina and Georgia, having concluded that it would be difficult to defeat the Democratic candidates there.

President Trump has visited Texas three times over the past month, and Vice President J.D. Vance also returned to the state that day to support Republican candidate Ken Paxton, who is struggling against Democrat James Talarico. Speaking to reporters on his way to Texas, Vance acknowledged that Republicans were struggling, saying, "We know we're swimming upstream," but added, "We're going against historical trends." Historically, U.S. midterm elections have ended up as a "graveyard for the party in power."

President Trump's political standing has weakened. A recent poll also found that many Americans believe he puts personal interests ahead of the national interest. According to a survey released that day, Oct. 13, by the Associated Press and the University of Chicago's National Opinion Research Center (NORC), more than half of U.S. adults said that since taking office, President Trump has prioritized the business interests of himself and his close associates over the national interest. Even among Republicans, 55% said Trump places considerable emphasis on his personal business interests. More than 40% of respondents said Trump had committed illegal acts in pursuit of personal gain while in office, while 18% said he had acted unethically, though not illegally. The survey was conducted among more than 2,000 U.S. adults in late September.

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