South Korean-based Hyundai will announce a $20 billion investment in the US, including a $5 billion steel plant in Louisiana, according to the White House. The announcement is expected this afternoon at the White House by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry.
The investment aligns with President Trump’s economic policies aimed at boosting American manufacturing. Trump has already imposed 25% tariffs on steel and aluminum imports and levies on cars from Asia and Europe set to take effect next month. The goal is to increase car production in the United States, although US factories already produce the majority of North American auto output.
Hyundai’s announcement precedes April 2, when broader tariffs targeting countries like South Korea may be enacted. Trump encourages investments in American manufacturing, with similar announcements from Taiwan Semiconductor Manufacturing Company and Japan’s SoftBank. Apple recently announced a $500 billion investment to expand facilities and projects across the US over the next four years, partly to avoid new tariffs on goods imported from China.
Oracle, OpenAI, and SoftBank also announced plans to create a new company called Stargate to grow artificial intelligence infrastructure in the US, investing $500 billion into the project in the coming years.
— news from CNN
