U.S. President Donald Trump said on March 4 that his administration was advancing a major natural gas pipeline project in Alaska, attracting investment interest from Japan, South Korea, and other nations.
“My administration is also working on a gigantic natural gas pipeline in Alaska, among the largest in the world, where Japan, South Korea, and other nations want to be our partner with investments of trillions of dollars each,” Trump said in a joint address to Congress, without providing details. “It will truly be spectacular.”
Trump added that later in the week, he would take “historic action” to expand domestic production of critical minerals and rare earth elements.
The Alaska oil and gas development project has been a key initiative for Trump and a potential area of U.S.-South Korea cooperation. South Korean Trade Minister Ahn Duk-geun recently visited the United States to establish a working group on energy projects, including LNG development. Seoul is exploring increased U.S. energy imports as a way to reduce its trade surplus with Washington.
Alaska Governor Michael Dunleavy and Senator Dan Sullivan, a Republican representing the state, have sought opportunities to expand LNG exports to South Korean officials. Japan has also signaled interest, with Prime Minister Shigeru Ishiba pledging investment in the Alaska LNG pipeline during a February summit with Trump.
Trump also took aim at what he described as unfair trade practices, claiming that South Korea imposes tariffs on U.S. goods at four times the rate the United States imposes on South Korea.
“Countless other nations charge us tremendously higher tariffs than we charge them,” he said. “South Korea’s average tariff is four times higher. Think of that—four times higher. And we give so much help militarily and in so many other ways to South Korea. But that’s what happens. This is happening by friend and foe.”
Trump reiterated his plan to introduce reciprocal tariffs starting April 2.
“This system is not fair to the United States and never was,” he said. “So on April 2—I wanted to make it April 1, but I didn’t want to be accused of April Fools’ Day—we are going to do it. Whatever tariffs they impose on us, we will impose on them. That’s reciprocal.”
It was unclear on what basis Trump claimed South Korea imposes higher tariffs, as the two countries have a free trade agreement (FTA) that eliminates most duties on goods. His remarks may have referred to non-tariff barriers such as value-added taxes or exchange rate policies. It was also unclear how his proposed reciprocal tariffs would be implemented under the existing trade deal.
Trump used his address to tout his administration’s accomplishments, declaring the start of a new era for the United States.
“Six weeks ago, I stood beneath the dome of this Capitol and proclaimed the dawn of the golden age of America,” he said. “From that moment on, it has been nothing but swift and unrelenting action to usher in the greatest and most successful era in the history of our country.”
“I return to this chamber tonight to report that America’s momentum is back. Our spirit is back. Our pride is back. Our confidence is back,” he added.
Trump said he had signed nearly 100 executive orders and taken more than 400 executive actions since taking office.
“The people elected me to do the job, and I’m doing it,” he said.
