Hyundai is preparing to announce its $20 billion investment plan in the US. According to US officials, this important announcement will be made at the White House. The official announcement is expected to be made by US President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.
Hyundai is making a huge investment in the US
This development comes after US President Donald Trump threatened bilateral tariffs that could go into effect on April 2. Trump’s trade policies were likely to target countries such as South Korea, which have a trade surplus with the US.
Hyundai Steel announced earlier this month that it was considering establishing a steel factory in the southeast of the US, but announced that no final decision had been made yet. The company also emphasized that the US’s additional duties on steel imports could have negative effects on the South Korean steel industry.
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The US aimed to protect domestic producers by imposing a 25% tax on steel and aluminum imports, and imposed additional duties covering hundreds of products from nuts and bolts to soda cans. While the new taxes cause tension in international trade, Hyundai’s investments in the US are being watched closely during this process.
Hyundai Motor plans to open its new automobile plant in Georgia this month. The company’s current facilities in the US include the automobile plant in Alabama and the Kia plant in Georgia.
This new investment plan is seen as part of Hyundai’s efforts to further strengthen its presence in the US market. What do you think about this? You can share your views with us in the comments section below.
