Hyundai is set to announce a $20 billion investment in the United States, which includes a $5 billion new steel plant in Louisiana. This announcement is expected to be made by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry. Governor Landry had traveled to South Korea in October to discuss this investment plan with Hyundai.
Several companies have announced investments following Trump’s return to the White House, some of which include previously announced plans. Earlier this month, Hyundai Steel mentioned considering building a steel factory in the southeast United States, though nothing has been finalized. A rise in U.S. tariffs could negatively impact the Korean steel industry.
This announcement comes as Trump threatens to impose reciprocal tariffs on numerous countries on April 2, potentially targeting countries like South Korea that have large trade surpluses with the United States. Trump has already introduced tariffs to boost protection for U.S. steel and aluminum producers, reinstating effective global tariffs of 25% on all imports of these metals and extending duties to downstream products.
Automakers are lobbying the White House to avoid imposing massive new tariffs on imported autos and parts. GM CEO Mary Barra met with Trump earlier this month, expressing interest in investing $60 billion in the United States but raised concerns about tariff policy uncertainties.
White House press secretary Karoline Leavitt shared a link to a story about the $20 billion investment on social media, stating, “More investments, more jobs and more money in the pockets of hardworking Americans.”— news from Reuters