Trump touts still-uncertain US economic projects
By the AFREEQUE newsroom, based on Business Day (South Africa)
Donald Trump is highlighting several factories, energy infrastructure projects and job creation to support Republican candidates ahead of the November elections. Several projects remain uncertain, however, including a $54 billion South Korean investment in an Alaskan pipeline, according to a Reuters investigation.
Donald Trump is highlighting several US industrial and energy projects to defend his economic record ahead of the midterm elections, although several announced investments remain uncertain or will not produce results for several years, according to a Reuters review published by Business Day.
The US president cites a liquefied natural gas pipeline in Alaska, a steelworks in Iowa, a power plant in Texas, a pharmaceutical project in Kentucky and a quartz mine in North Carolina. The announced $54 billion South Korean investment in the Alaska pipeline has not been confirmed: Seoul says no decision has yet been made on the amount or even on its participation, according to Reuters.
Mesabi Metallics, which is behind the Iowa steel complex, plans to begin production in 2030. Quartz producer Sibelco, for its part, says its agreement concerning North Carolina remains subject to further negotiations. The financing, timetable and permits for the Texas power plant also remain uncertain.
The announcements come as inflation exceeds wage growth and rising energy prices weigh on US households. Todd Tucker, director of industrial policy at the Roosevelt Institute, described Donald Trump's messaging as “theatrical” ahead of the vote, according to Reuters.
