- Trump’s September 28 announcement of a $15 billion Iowa steel plant lacks a confirmed site, permits, and a binding contract.
- The project, touted as creating 1,750 jobs, faces comparisons to the failed Foxconn plant in Wisconsin.
- Similar doubts surround a separate White House announcement of a $50 billion gas pipeline deal with South Korea.
Trump’s economic announcements are under fresh scrutiny after the $15 billion Iowa steel plant he unveiled at the White House on September 28 turned out to be far from a done deal. Trump promised 1,750 jobs, but at the time of writing the Iowa steel plant has no confirmed site, no permits, and no binding contract.
The latest round of announcements kicked off on Monday in the Oval Office, with Mesabi Metallics, part of India’s Essar Group, aiming to build the mill in Lee County and have steel coming out by 2030. Commerce Secretary Howard Lutnick insisted, “I think this deal is done. This deal is done.” The president then jumped in and stated, “They’ve already started building.”
However, the project is a lot less finished than it sounded. KWQC reported that the company had not acquired land or applied for permits, and Lee County officials said they did not have details. Governor Reynolds subsequently called a special session on tax incentives, signing $1.36 billion of them on October 2, though some Republicans voted against the bill.
Sen. Dan Dawson stated, “For those that don’t understand what a transferable tax credit is, it simply takes your money and your money and your money and giving it to a company.” Some Iowans are also comparing the Iowa steel plant to Foxconn, the $10 billion Wisconsin plant touted in 2017 that was never built.
Trump’s economic announcements hit a similar wall in Alaska, where the president said South Korea would put over $50 billion into a gas pipeline. South Korean Trade Minister Kim Jung-kwan said this, according to Yonhap: “Putting figures or using definitive language goes far beyond what was agreed.” For traders in stocks and crypto, it is a reminder that White House economic announcements are not quite the same thing as signed deals.
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