The South Korean conglomerate Hyundai announced on Monday an investment of approximately $ 21 billion in an US onshing. Including a steel plant of $ 5.8 billion in Louisiana.
The plant is scheduled to hire more than 1,400 employees and will produce next -generation steel that will be used by the two Hyundai US car plants to make electric vehicles. The investment was announced Monday at the White House by President Donald Trump, the president of Hyundai, Euisun Chung, and Louisiana Governor Jeff Landry.
CNBC previously reported the expected announcement and the details of the investment.
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] Navigating 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 also announced on Monday 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. At the beginning of March, Trump stood out to South Korea for applying high tariffs 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.
