Washington: A senior official from U.S. President Donald Trump's administration announced Thursday that South Korea's investment projects in the United States will be unveiled "over the coming weeks." The announcement was made during a telephonic press briefing focused on recent tariff announcements, where the official also highlighted a Japan-funded project for constructing a gas-fired power plant near Portsmouth, Ohio.
According to Yonhap News Agency, the senior official referenced the Japan-financed project as an example, stating, "You saw ... for instance, the first deal with Portsmouth, which was US$33 billion." The official indicated that similar announcements related to South Korea's investments are forthcoming, signaling progress in joint efforts by South Korea and the U.S. to select the first investment project under Seoul's commitment to investing $350 billion in the U.S.
Under the trade and investment deal established last year, South Korea committed to a $350 billion investment in the U.S., with an annual cap of $20 billion, in exchange for the Trump administration lowering its "reciprocal" tariffs on South Korea from 25 percent to 15 percent. Efforts to implement this investment pledge gained momentum after the South Korean National Assembly passed a special bill aimed at facilitating investments in the U.S.
A U.S. official has welcomed the passage of this bill as a "positive step" toward implementing the trade deal between the two countries, highlighting the collaborative progress being made in fulfilling the investment commitments.