South Korea's first investment project in the U.S. under the bilateral tariff agreement signed in 2025 is expected to close soon, pending further negotiations, Yonhap News reported Sunday, citing Industry Minister Kim Jung-kwan.
Kim spoke to the news agency at the Incheon International Airport while making his way back from the U.S. after meeting with U.S. officials, which included Commerce Secretary Howard Lutnick.
South Korea aims to finalize and potentially announce the agreement later this week. The investment project is part of the country's $350 billion investment commitment made in exchange for lowering U.S. reciprocal tariffs to 15% from 25%. Potential destinations comprise a large gas-fired power plant in Texas and a nuclear power project, the report said.