By Jacob Bogage and Jarrett Renshaw
WASHINGTON, Oct 29 (Reuters) – US President Donald Trump has touted billions of dollars in new factories, energy projects and jobs while campaigning for Republicans in competitive races before the November election, but several projects remain uncertain or years from delivering economic benefits, a Reuters review found.
Stop after stop, Trump has pointed to the projects as evidence that his economic policies are paying off, including an Alaska LNG pipeline, an Iowa steel mill, a Texas power plant, a Kentucky pharmaceutical project and a North Carolina quartz mine.
US presidents typically spend the final stretch before the midterms highlighting legislative victories and their economic records. Trump has gone further, dangling cash payments, federal investments and other benefits, some explicitly tied to Republican victories.
It is a bet that voters will reward Republicans at the ballot box, even as many remain frustrated by the cost of living, Reuters/Ipsos opinion polls show.
But some of the projects Trump is promoting are far from done deals, the companies and governments involved said.
After Trump heralded a $54 billion South Korean investment for the Alaska pipeline in late September, part of a broader $200 billion pledge, Seoul said no decision had been made on whether to invest or how much.
Financing and the construction timeline for the Texas power plant, included in the South Korean package, also remain uncertain, according to South Korean media reports citing unresolved questions over ownership, power-purchase agreements and permitting.
Mesabi Metallics, the company behind the Iowa steel complex, said production would not begin until 2030. Sibelco, the quartz producer involved in the North Carolina project, said its agreement was still subject to “further negotiations.”
The announcements underscore Republicans’ urgency to show economic progress before Tuesday’s elections, especially around jobs and energy prices. Inflation has begun to outpace wages just as voters cast ballots, while rising energy prices from the US-Iran war are straining household budgets.
“It starts to feel pretty theatrical when you’re this close to an election and you’ve spent the last year and a half creating chaos with your tariff policies,” said Todd Tucker, director of industrial policy and trade at the left-leaning Roosevelt Institute. “It’s crucial for the country that these investments work out, so it’s tragic that we’d be throwing fake Monopoly money across the country in the days before an election.”
Taylor Rogers, a White House spokeswoman, said Trump has been leading “an aggressive, pro-growth economic and energy dominance agenda” since he returned to office.
“The president has a proven record of securing historic investment, creating high-paying jobs, and bringing manufacturing back to the United States,” Rogers said.
CAMPAIGN PROMISES
Beyond the investment announcements, Trump has made election-year promises of payments and policy changes, some tied to Republican wins.
One of the most high-profile was Trump’s September 9 promise of a $5,000 “dividend” to all US adults if Republicans retain control of Congress, a proposal that would require congressional approval and has gained little traction among lawmakers.
He also promised to allow year-round sales of corn-derived E15 fuel if voters re-elect US Senator Roger Marshall, a Kansas Republican. Marshall faces an unexpectedly close race against Democrat Adam Hamilton in a state that hasn’t sent a Democrat to the Senate in nearly a century.
Trump is not the first president to tout major economic projects with uncertain futures or turn to financial assistance in an election year. Former Democratic President Joe Biden announced billions of dollars in student loan relief ahead of the 2024 election, while congressional Democrats backed expanded health-insurance subsidies and other benefits aimed at easing household costs.
ANNOUNCEMENTS TIED TO TIGHT REPUBLICAN RACES
When Trump unveiled plans for $200 billion in South Korean investment in energy systems across the US, including the LNG pipeline, Alaska Republican Senator Dan Sullivan, who is locked in a tight reelection race, stood alongside him.
Seoul quickly pushed back, saying no investment decision had been made.
The project, led by developer Glenfarne Group, would include an 807-mile (1,300-km) pipeline carrying natural gas for export to Asian markets.
It has been discussed for decades, with previous efforts stalling over costs and uncertainty about whether overseas buyers would pay enough to justify the investment.
Trump also appeared with Iowa Republican Senate candidate Ashley Hinson and other Republicans in competitive races in the state as he promoted a planned $15 billion steel complex as evidence that his tariffs are reviving American manufacturing.
That project, led by Mesabi Metallics and its Indian parent company Essar Group, faces questions over financing and site selection.
Iowa lawmakers approved more than $1.3 billion in tax incentives for the plant, tying benefits to its operation and to hiring and production targets. A company spokesperson told Reuters that it has not finalized a deal with the state, that a site for the project is still under review and that it is working to secure full funding.
The company expects fresh announcements in the coming months, the spokesperson said.
Trump pledged $100 million in Pentagon funding for pharmaceutical-ingredients maker Anthea to revive a shuttered drug plant in Kentucky, tying the money to Republicans winning the midterms. Details remain sparse, and the office of Democratic Governor Andy Beshear said it knew nothing about the project.
In North Carolina, Trump and Commerce Secretary Howard Lutnick announced an investment worth “hundreds of millions of dollars” for quartz producer Sibelco during a late October rally. The firm mines and refines the mineral, a key semiconductor component.
But shortly after the event, the company said the federal government’s investment would be a fraction of that, at $56 million. It said crucial steps, including due diligence, additional negotiation, and federal and state approvals, remained before it could deploy the capital.
(Reporting by Jacob Bogage and Jarrett Renshaw; Editing by Colleen Jenkins and Sanjeev Miglani)
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