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The South Korean conglomerate Hyundai announced on Monday an investment of around $ 21 billion in the United States, which includes a steel plant of $ 5.8 billion in Louisiana.
The factory is expected to hire more than 1,400 employees and produce new generation steel that will be used by the two American Hyundai automotive factories to make electric vehicles. The investment was announced on Monday at the White House by the president Donald TrumpPresident of Hyundai Euisun Chung and the governor of Louisiana Jeff Landry.
CNBC previously reported the advertisement and the planned details of the investment.
Hyundai’s announcement comes while the main international conglomerates rush to dodge prices and avoid a trade war before the prices of Trump’s April 2 prices. Taiwan Semiconductor Manufacturing Co. and SoftBank in Japan are among the main foreign players who have visited the White House in the past two months to announce major plans on the United States.
CEO of Hyundai Motor José Muñoz Recently said Axios That the “best way for (Hyundai) to navigate the prices is to increase the location”.
The South Korean company is one of the best sellers of electric vehicles in the United States, in competition directly with Tesla. He already has two large automotive factories in the United States, one in Alabama and the other in Georgia. Hyundai also announced on Monday the opening of a third automotive factory, also in Georgia.
South Korea is also among the countries with which the United States has a trade deficit. In early March, Trump unique South Korea to apply high prices to American exports, saying that the Asian ally prices were four times higher than those in the United States.
Seoul challenged this imbalance. In 2024, the effective rate of South Korea on American imports was 0.79%because the two countries had a free trade pact, according to the South Korean government.
