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

The White House confirmed the plan.

Bloomberg first reported it.

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

He faces a competitive reelection race in Alaska.

The investment comes from promises in 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 an 807-mile pipeline.

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

The White House said it will lower energy costs for state residents over time.

It will provide a reliable supply.

This 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.

A Minnesota company owned by an Indian conglomerate will build it.

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

She spoke at that Oval Office event.

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

The 2026 midterms 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.

These prices are 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.