The US and South Korea have yet to work out details of a deal committing Seoul to investing in the Alaska LNG export facility and in the US shipbuilding capacity.
US president Donald Trump, who hosted his South Korea counterpart Lee Jae-myung at the White House Monday, touted the planned 20mn t/yr Alaska LNG export project and South Korea's anticipated support for it — even though Trump described it as "having to do with the oil".
"We're dealing with South Korea, as you know, and Alaska," Trump said. "And we're going to be making a deal, a joint venture with South Korea. Japan is involved also, very strongly involved."
LNG developer Glenfarne's estimated $44bn project is still in the process of selecting strategic partners, with Trump tying the tariff agreements he negotiated with Tokyo and Seoul to their backing for the Alaska LNG facility.
Another aspect of the US-South Korea deal, Seoul's pledge to establish a $150bn shipbuilding fund, appears to be at a preliminary stage as well.
"There is a renaissance taking place not only in the [US] shipbuilding sector, but also in the manufacturing industry, and I hope that Korea can be a part of that renaissance," Lee told Trump.
The trade deal Trump negotiated on 31 July — effectively sidelining an existing free trade agreement between the two countries — set tariffs on US imports from South Korea at 15pc.
"Shipbuilding is a tough one to start, but we'll be doing that," Trump said. "Now, with that being said, we make the best submarines anywhere in the world."
"WHAT IS GOING ON?"
Trump, hours ahead of the summit Monday, took to his social media platform to ask "WHAT IS GOING ON IN SOUTH KOREA?" and accuse Seoul of carrying out "a Purge or a Revolution".
Trump, in remarks to reporters prior to Lee's arrival, claimed that Lee's government carried out "vicious raids" in churches and that "they even went into our military base and got information."
Lee during the meeting with Trump denied that the US military base in South Korea was raided. "It hasn't been long since Korea has overcome the political turmoil", Lee said. Lee was referencing the abortive coup attempt in December by former president Yoon Suk Yeol and subsequent prosecution of leading South Korean politicians and military officials accused of facilitating the attempt to usurp the national parliament's authority.
Lee, a left-wing politician who previously campaigned against joint South Korea-Japan-US naval exercises and called for improving relations with Beijing, has not significantly alter Seoul's foreign relations since taking office in June. Lee met Japan's prime minister Shigeru Ishiba in Tokyo over the weekend, prior to visiting Washington.
"The trilateral cooperation among Korea, the US and Japan is very important, and better Korea-Japan relations are also important for the Korea-US relationship as well," Lee told Trump.
But Trump told Lee that they should visit Beijing together to meet with Chinese president Xi Jinping.
"It was sort of meant jokingly, but if you want, you can go," Trump told Lee. "If you want to go, I'm going to get special permission."
"I would like to go together with President Trump," Lee said.
