U.S. President Donald Trump held a news conference on the first anniversary of his second-term inauguration and touted his economic record. He officially said he would put massive investment funds secured from Korea and Japan into an Alaska natural gas development project. The move is seen as an attempt to push an America-first agenda by using allied capital.
At a White House briefing on the 20th, local time, President Trump said, "We secured an unprecedented level of funds by clinching trade deals with Korea and Japan." He added, "We have launched the Alaska pipeline project to export natural gas to Asia."
The core of the announcement is the U.S.-bound investment pledged by Korea and Japan. Korea lowered mutual tariff rates from 25% to 15% in exchange for $350 billion (about 518 trillion won) in investment, while Japan did so for $550 billion. Of Korea's investment, $150 billion will go to shipbuilding. The remaining $200 billion will be used in areas such as energy, semiconductors, and AI that advance the national security interests of both countries.
The Alaska liquefied natural gas (LNG) development project is one of President Trump's priority initiatives. It is a large-scale project to transport natural gas extracted from the North Slope of Alaska through a 1,300-kilometer pipeline and then liquefy it for supply. The initial project cost alone comes to $45 billion. Until now, the Korean side has been cautious about participation, citing business viability. But with President Trump directly naming this project as a destination for the investment funds, there is concern that Korea's preferences may not be reflected.
At the news conference, President Trump also did not back down on his intent to purchase Greenland, a move that has stirred controversy in the international community. Asked about the possibility of acquisition, he left room by saying, "We'll see." He argued the plan would benefit everyone, including NATO (North Atlantic Treaty Organization). He then kept up pressure on international organizations. President Trump suggested that the "Board of Peace," his own concept, could replace the role of the UN (United Nations).
At home in the United States, he took aim at the U.S. Supreme Court. He urged the Court to "recognize the legality of the tariff policy." He said, "Thanks to tariffs, the largest number of auto plants in history is being built in the United States," stressing the legitimacy of imposing tariffs based on the International Emergency Economic Powers Act (IEEPA).
President Trump raised the pressure by saying he is preparing other legal tools beyond tariffs. The signal is that he will keep up all-around pressure on allies and adversaries alike to reduce the trade deficit.
Throughout the 80-minute briefing, President Trump held a booklet of his accomplishments and touted his record. But local media reactions were chilly. The New York Times pointed out that President Trump profited greatly by using the presidency. The Wall Street Journal defined the Greenland and tariff issues as tools to badger allies.