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Hyundai’s exhibition in New York International Auto on March 28, 2024.
Danielle Devries | CNBC
The South Korean conglomerate Hyundai will announce an investment of $ 20 billion in an USA onshing. Including an steel plant of $ 5 billion in Louisiana, according to people familiar with the plans.
The plant is scheduled to hire approximately 1,500 employees and will produce next -generation steel that will be used by the two Hyundai automotive plants to make electric vehicles. The investment is expected to be announced Monday at the White House by the President. Donald TrumpPresident of Hyundai, Euisun Chung and the governor of Louisiana, Jeff Landry.
Hyundai’s announcement occurs when the main international conglomerates are competing to avoid tariffs and avoid a commercial war before the Trump rate deadline on April 2. Taiwan Semiconductor Manufacturing Co. and Softbank of Japan are among the main foreign players who have visited the White House in the last two months to announce the great US plans of the US.
Hyundai Motor Ceo José Muñoz Recently told Axios that “the best way to (Hyundai) navigate the rates is to increase the location.”
The South Korean company is a more important seller of electric vehicles in the United States, competing directly with Tesla. It already has two important automotive plants in the United States, one in Alabama and the other in Georgia. Hyundai is also expected to announce the opening of a third automotive plant, also in Georgia.
South Korea is also among the countries with which the United States has a commercial deficit. In early March, Trump pointed out South Korea to apply high rates to US exports, saying that the tariffs of the Asian ally were four times higher than those of the United States.
Seoul has played that imbalance. As of 2024, the Effective South Korean fees rate on US imports was 0.79% since the two countries have a free trade pact, according to the South Korean government.
The White House did not immediately respond to the request for comments on Monday’s announcement. Hyundai declined to comment.
