Washington says South Korea will pour nearly $200 billion into US energy projects, but Seoul says nothing is settled — bad news for anyone taking the announcement at face value.

• The White House and Commerce Secretary Lutnick say Korea will fund Alaska LNG, nuclear reactors, and other US energy projects with its own money.
• Korea's President Lee says the Alaska gas pipeline only moves forward if it actually makes money and follows Korean law.
• Seoul is protesting that the US announced the deal on its own, without the joint statement these things normally get.
• Korean media and the public are mocking the whole thing, and point to Canada as the model for pushing back.
• Separately, US sanctions threats have left dozens of Iranian oil tankers stuck in Asian waters, short on food, fuel, and water.

Outlook: Expect the headline number to shrink as Korea runs the projects through its own profitability checks, with the announcement looking more like US election messaging than a signed deal.