Trump will unveil $54 billion in South Korean investment in Alaska, site of a tight Senate race

WASHINGTON (AP) — President Donald Trump is expected to announce on Wednesday plans for South Korea to invest roughly $54 billion in a project to export natural gas from Alaska , a proposal long backed by Republican Sen. Dan Sullivan, who's in a competitive reelection contest there.

The investment would mark the second time this week that the Republican president has sought to highlight the promise of foreign investment made possible by his administration's trade policy in states where Republican Senate candidates are in tight election campaigns. He made a similar announcement on Monday in the Oval Office for a massive steel plant in Iowa .

The Alaska investment comes from pledges made as part of a 2025 trade deal with South Korea , which included promises of $350 billion in U.S. investments in exchange for lower U.S. tariffs on South Korean cars, auto parts and other products.

The announcement, first reported by Bloomberg, was confirmed by the White House on Wednesday.

Sullivan, who has been a persistent advocate for the Alaska natural gas project and has encouraged South Korean investment, is a two-term senator facing a competitive challenge from Democrat Mary Peltola, a former congresswoman.

Trump on Monday announced plans for a $15 billion steel plant to be built in Iowa by a Minnesota company owned by an Indian industrial conglomerate.

In Iowa, Republican Rep. Ashley Hinson is in a close U.S. Senate contest with Democratic state Rep. Josh Turek for the seat being vacated by retiring two-term Republican Joni Ernst. Hinson spoke in the Oval Office during the announcement.

Alaska and Iowa, where Trump won comfortably each time he has run for president, are among the states where Democrats are targeting Republican-held Senate seats in the 2026 midterm elections, less than five weeks away.

Democrats need to gain a net of four seats in the 100-member Senate to overtake Republicans in the majority.

Trump's announcements come as voters express concern about near-record fuel prices related to the unresolved war with Iran and as majority Republicans in Congress are facing voters dissatisfied with Trump's handling of the economy.

In a late-July poll from The Associated Press-NORC Center for Public Affairs Research , only about one-third of Americans approved of Trump’s handling of the economy, and about 7 in 10 described the economy as poor.