'Want lower tariffs? Pay up,' Trump says, again citing $150B South Korea pledge

President Donald Trump on Tuesday (local time) doubled down on his claim that he had demanded South Korea pay a price in exchange for lower tariffs — remarks made at a campaign rally ahead of the midterm elections that analysts say were aimed at showcasing the economic results of his tariff policy.

Speaking to supporters at the Sparrows Point defense shipyard in Baltimore, Maryland, Trump said South Korea had "recently given us $150 billion," adding that "all of that money goes into shipbuilding. That was their way of getting their tariffs reduced."

"They want to get their tariffs lowered," he said. "I said, 'To do that, you're going to have to pay.'"

Trump also said Hanwha, a South Korean company, "is investing billions of dollars to revive the historic shipyard in Philadelphia" — describing it as "a very big, very old shipyard."

The remarks referred to MASGA — Make American Shipbuilding Great Again — a South Korea-US shipbuilding cooperation project under which South Korea has committed $150 billion of a total $350 billion in US investment pledged as part of a bilateral trade agreement, with the $150 billion earmarked specifically for the shipbuilding sector.

The comments are widely interpreted as Trump framing South Korea's US investment commitments — made in exchange for lower tariff rates under his country-specific tariff regime — as a personal economic achievement. They can also be read as continued pressure on Seoul to follow through on its pledges, following the announcement of US-bound investment projects on Sept. 30, including the Alaska LNG project.

The Trump administration has announced a gas-fired power plant in Encinal, Texas, as the first project under the remaining $200 billion in pledged investment. A plan to build eight large nuclear power plants across the United States is also in the works. Commerce Secretary Howard Lutnick named specific states including Ohio and North Carolina at the time of the announcement, though the South Korean government said the locations have not yet been finalized. While Trump presented the Alaska LNG project as a done deal, Seoul said it had only agreed to begin discussions on the matter — a position reflected in the joint fact sheet released by both sides, which listed the Alaska LNG project as a subject under review.

After South Korea pushed back on the Alaska LNG project's status, Trump said Friday, "Tell them if they don't make a deal soon, I'll double" the amount being charged.

Analysts say Trump's repeated references to the Alaska LNG project as a fait accompli reflect his desire to promote the effects of his tariff policy ahead of the midterms. Alaska is one of the competitive battleground states in the midterm elections, and observers say he is presenting the investment as finalized to boost his electoral prospects there.