Trump and Lee Jae Myung Hail Progress on $350 Billion Investment Deal
The US-South Korea investment and trade agreement has finally shown some progress after over a year of negotiations. President Donald Trump and South Korean President Lee Jae Myung met at the UN General Assembly in New York on September 22 and announced 'significant progress' on implementing their $350 billion bilateral deal.
The centerpiece of the agreement is a massive $22.3 billion gas-fired power plant in Encinal, Texas, designed to generate 6.3 gigawatts of electricity for AI data centers and semiconductor manufacturing facilities. This project is the first to move from concept to construction under the framework agreed upon by both countries in July 2025.
The deal was initially met with skepticism in South Korea, where critics questioned its commercial viability and the scale of financial commitment required. However, after passing legislation on March 12, 2026, South Korea's parliament cleared a major hurdle, allowing the agreement to move forward.