South Korea’s Hyundai Motor Group is set to announce a $20 billion investment in the United States at the White House yesterday, a US official said.
CNBC reported that the investment would include a $5bn steel plant in Louisiana and was expected to be announced by President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Gov Jeff Landry.
The announcement would come as Trump threatens to impose reciprocal tariffs on April 2, potentially targeting countries such as South Korea that have large trade surpluses with the United States.
Spokespeople at Hyundai Steel and Hyundai Motor were not immediately available for comment. The Louisiana governor’s office and the White House were also not immediately available for comment.
Earlier this month, Hyundai Steel said it was considering building a steel factory in the southeast United States but nothing had been decided, adding that a hike in US tariffs would have a negative impact on the Korean steel industry.
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