President Donald Trump will announce on Wednesday that South Korea will invest about $54 billion in an Alaska natural gas project.

The White House confirmed the plan.

Bloomberg reported it first.

The project has been important to Republican Sen. Dan Sullivan for a long time.

He is in a close race for reelection in Alaska.

The money comes from a 2025 trade deal with South Korea.

That deal promised $350 billion in U.S. investments.

In return, the U.S. would lower tariffs on South Korean cars, auto parts and other products.

The Alaska project includes a pipeline that is 807 miles long.

It goes from the North Slope to a liquefied natural gas export terminal in southern Alaska.

The White House said the project will lower energy costs for people in the state.

It will give them a steady supply.

This is the second time this week that Trump has talked about foreign investment in a state with a close Republican Senate race.

On Monday, he announced a $15 billion steel plant in Iowa.

A Minnesota company will build it.

That company is owned by an Indian conglomerate.

Republican Rep. Ashley Hinson is running for Senate in Iowa.

She spoke at that event in the Oval Office.

Alaska and Iowa are states where Democrats are trying to win Republican Senate seats in the 2026 midterms.

The midterms are now less than five weeks away.

Democrats need to win four more seats than Republicans to take the Senate majority.

The announcements come as voters worry about fuel prices.

Prices are near record highs because of the war with Iran, which is not over.

A poll in late July found that only about one-third of Americans approved of how Trump is handling the economy.