U.S. Companies Commit $2 Billion to South Korean Energy and Chips

Four U.S. companies—Air Products, Axcelis, Corning, and Pacifico Energy—have committed a combined $2 billion to invest in South Korea's industrial infrastructure. The investments target semiconductor gas facilities, ion implantation systems, advanced glass materials, and a 3.2-gigawatt offshore wind project in southwest South Korea.

These commitments arrive as Howard Lutnick, the U.S. Commerce Secretary, warns of a "targeted, thoughtful tariff policy" on semiconductor imports. Lutnick stated that companies failing to build facilities within the United States should "expect to pay to enter the greatest market in the world." In response, Seoul and Washington are currently discussing South Korean semiconductor investments within the U.S.

While economic cooperation is advancing, a Seoul official noted that negotiations regarding national security issues have stalled, specifically concerning South Korea's plan to build nuclear-powered submarines.