President Donald Trump is expected to announce a plan Wednesday afternoon for South Korea to invest $54 billion to build a natural gas pipeline in Alaska, according to a White House official.
It is part of a broader South Korean investment of $200 billion under the US-Korea trade and investment agreement announced last year. The money will also go toward eight large-scale nuclear plants and a power facility in Texas. South Korea pledged a total of $350 billion in the trade and investment deal.
The Pipeline
The Alaska gas pipeline would stretch more than 800 miles, connecting Alaska’s North Slope to a natural gas export terminal in southern Alaska. The official said it would lower energy prices for Alaskans by providing a reliable supply of natural gas.
In a statement, White House spokesperson Taylor Rogers said the energy infrastructure investments “deliver on [Trump’s] day one promises to unleash American energy, unlock Alaska’s extraordinary resource potential, and accelerate America’s nuclear energy renaissance.”
Other Developments
Senate Democrats block data center bill: Senate Democrats blocked legislation Wednesday aimed at protecting consumers from paying higher prices when new data centers are built in their communities. The vote was 57-43, short of the 60 needed to break a filibuster.
Fed renovation watchdog finds no criminality: The Federal Reserve’s independent watchdog said Wednesday it found no reasonable grounds to believe there was a violation of federal law in a multibillion-dollar renovation project that drew criticism from Trump. But the central bank’s board “had not effectively executed” a contract and its cost-management provisions, according to a 120-page report.
US ends ISIS mission in Iraq: The last American troops assigned to fight ISIS in Iraq pulled out of the country today, ending the mission that dismantled the extremists’ self-declared caliphate but raising fears about what might fill the vacuum as the Iran war grinds on.
California billionaire tax poll: A plurality of likely California voters support a proposal on the state’s November ballot that would impose a one-time wealth tax on the richest Californians, but the measure is still short of majority support, according to a new poll. In the poll, 48% said they would vote “yes,” while 38% said “no,” and 14% were undecided.
Senate committee advances surgeon general nominee: Dr. Nicole Saphier, Trump’s third nominee for surgeon general, moved a step closer to confirmation after a Senate committee voted 12-11 to advance her nomination.
The Bottom Line
Trump is expected to announce a $54 billion South Korean investment in an Alaska natural gas pipeline, part of a broader $200 billion energy deal. Other developments include Senate Democrats blocking a data center bill, a watchdog finding no criminality in a Fed renovation, the US ending its ISIS mission in Iraq, and a California poll showing plurality support for a billionaire tax.
My Opinion
Trump is announcing a $54 billion South Korean investment in an Alaska gas pipeline. He will call it a victory. He will say it proves his trade deals are working. He will take credit for jobs, for energy independence, for standing up to China. And some of that may even be true.
But here is what the announcement actually reveals. The United States is relying on foreign capital to build its own energy infrastructure. South Korea is investing $54 billion in Alaska because the US cannot or will not fund it alone. That is not a triumph of American energy dominance. It is a sign of how far the country has drifted from the idea that it can build things for itself.
The deal may lower energy prices for Alaskans. It may create jobs. It may strengthen the US-Korea alliance. But it also ties American energy security to decisions made in Seoul. If South Korea’s priorities change, or its economy falters, or its politics shift, the pipeline could stall. That is not sovereignty. That is dependence with a different flag.
Trump wants to be seen as the president who unleashes American energy. But a pipeline built with South Korean money is not American energy. It is American land, American resources, and foreign capital with the profits flowing in both directions. The announcement will be framed as strength. The reality is more complicated.
