South Korean conglomerate Hyundai is the latest Asian job that promises us more investmentWhile President Donald Trump threatens a wide series of new tariffs to restore production to the US
Hyundai announced that they would invest $ 21 billion in US production, including a $ 5.8 billion steel drive in Louisiana. The plant will create nearly 1500 jobs and produce 2.7 million metric tons of steel a year, probably for Hyundai’s existing US supply chain.
Chairman Euisun Chung said it was Hyundai’s “biggest US investment ever” at a press conference at the White House, along with Trump and Governor Louisiane Jeff Landry.
Hyundai shares closed 3.3% more in Asia on Tuesday.
Hyundai also opens a $ 7.6 billion car factory and battery factory in Georgia, and the third is in the US in Korean car manufacturer already has a factory in Alabama, and its branch of Kia has one in Georgia. New Hyundai Factory will be able to produce 300,000 cars a year Once fully operational, which is the total annual US company manufacturing capacity to 1 million.
Hyundai, along with Kiya, is one of the land The best -selling car manufacturers and is also the best -selling EV manufacturer after the Tesla market leader.
Trump’s tariff threat
The new executive director of Hyundai, Jose Munoz, pointed to localization as the best way to avoid the Korean car manufacturer new US tariffs. Trump threatened with new reciprocal tariffs based on Earth on the ground, starting on April 2. South Korea, which enjoys a large trade surplus with the US, is high on the list of potential goals.
Since coming to duty, Trump has imposed 25% of tariffs on steel and aluminum products that enter the USA and an additional 20% of cinema tariffs.
White house said Hyundai’s investment was “further evidence that the President’s Trump’s economic plan is working”
Hyundai is the latest Asian company that will commit to new US investments.
Japanese car manufacturer Honda in January said he would increase investment in three cars in Ohi for $ 300 million to expand his ability to build EV, hybrids and internal combustion engines.
Leading Taiwan Semiconductor Manufacturing Co. manufacturer of the Taiwan Semiconductor Co. announced earlier this month to invest $ 100 billion for expand His surgery in Arizona.
Taiwanese Foxconn, the world’s largest contract manufacturer, is also allegedly Investment over $ 140 million to expand the capacity of AI server in Texas.
Earlier this year, Japanese SoftBank announced a partnership with Openi and Oracle to eventually invest $ 500 billion to increase AI infrastructure based in the US.
This story is originally shown on Fortune.com
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