President Donald Trump is expected to announce Wednesday that South Korea will invest roughly $54 billion in an Alaska natural gas export project.

The White House confirmed the plan, which Bloomberg first reported.

The project is a long-time priority for Republican Sen. Dan Sullivan.

He faces a competitive reelection race in Alaska.

The investment comes from pledges in a 2025 trade deal with South Korea.

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

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

The Alaska project includes an 807-mile pipeline from the North Slope.

It would run to a liquefied natural gas export terminal in southern Alaska.

The White House said it will eventually lower energy costs for state residents by providing a reliable supply.

It is the second time this week Trump has highlighted foreign investment in a state with a tight Republican Senate race.

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

It will be built by a Minnesota company owned by an Indian conglomerate.

Republican Rep. Ashley Hinson, who is running for Senate in Iowa, spoke at that Oval Office event.

Alaska and Iowa are among the states where Democrats are targeting Republican-held Senate seats in the 2026 midterms.

Those elections are now less than five weeks away.

Democrats need a net gain of four seats to take the Senate majority.

The announcements come as voters worry about near-record fuel prices tied to the unresolved war with Iran.

A late-July poll found only about one-third of Americans approved of Trump's handling of the economy.