A $20 billion investment in the United States is scheduled to be announced by South Korea’s Hyundai Motor Group at the White House on Monday, according to a U.S. official.
President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry are to announce the project, which would include a $5 billion steel mill in Louisiana.
Trump has threatened to implement reciprocal tariffs on April 2, which could target nations with significant trade surpluses with the United States, such as South Korea.
The announcement coincides with this threat.
Laptops 1000The Korean steel sector would suffer if U.S. tariffs were raised, Hyundai Steel stated earlier this month, adding that it was thinking about constructing a steel plant in the southeast U.S. but had not decided.
Trump has already imposed tariffs to strengthen protection for American steel and aluminum industries.
He extended the taxes to hundreds of downstream items made from the metals, ranging from nuts and bolts to soda cans and bulldozer blades, and reinstated effective worldwide tariffs of 25% on all metal imports.
Later this month, Hyundai Motor will host an opening ceremony for its new auto facility in Georgia. While its affiliate Kia has a plant in Georgia, the manufacturer has a factory in Alabama.
