Commodities
South Korea Bets Big on Texas Gas Plant Amid Trade Deal Frenzy
South Korea has agreed to invest $22.3 billion in a gas-fired power plant in Texas as part of its trade deal with the Trump administration.
The investment, which marks South Korea's first under the trade deal, will have a capacity of 6.3 GW and supply power to data centers in the state.
As part of the agreement, Seoul has pledged to invest $350 billion in the United States, with some of the money potentially going towards a nuclear power plant project or Alaska LNG.
The trade deal was reached after President Trump imposed a 15% tariff on imports from South Korea in July last year, which could have been as high as 25% without the agreement.