Hyundai, a South Korean conglomerate, has announced a $21 billion investment in U.S. onshoring, including a $5.8 billion steel plant in Louisiana. The plant will hire over 1,400 employees and produce next-generation steel for Hyundai’s U.S. auto plants to manufacture electric vehicles. The investment was announced at the White House by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Gov. Jeff Landry. This move comes as international conglomerates seek to avoid tariffs and trade war amidst Trump’s April 2 deadline.
Hyundai’s CEO, José Muñoz, stated that increasing localization is the best way to navigate tariffs. The company is a top seller of electric vehicles in the U.S., competing with Tesla, and already has two automotive plants in Alabama and Georgia. Hyundai also announced the opening of a third plant in Georgia. South Korea, a country with which the U.S. has a trade deficit, has been criticized by Trump for applying high tariffs to U.S. exports. However, Seoul disputes this, citing an effective tariff rate of 0.79% on U.S. imports due to a free trade pact between the two countries. This investment marks Hyundai’s commitment to increasing production in the U.S. and avoiding trade tensions.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
