Hyundai South Korea has announced an investment in the US $ 20 billion

South Korean conglomerate Hyundai will announce investment in the US in the US, which includes a $ 5 billion steel factory in Louisiana, people who are familiar with plans report.

The plant is installed to hire approximately 1500 employees and will produce steel next generation, which will be used by two Hyundai automobile plants for the production of electric cars. The investment is expected to be announced on Monday at the White House Donald TrumpChairman of Hyundai Euisun Chung and Governor Louisiana Jeff Landra.

Hyundai’s announcement occurs when large international conglomerates are racing to shy away from tariffs and avoiding the trade war on the eve of Trump’s tariffs on April 2. Taiwan Semiconductor Manufacturing Co. And Softbank Japan is one of the major foreign players who have visited the White House in the last two months to report big US plans in the US.

CEO Hyundai Motor José Muñoz Recently said Axios What “The best way (Hyundai) is to navigate the tariffs is an increase in localization.”

South Korean company is the main seller of electric vehicles in the US, which is directly competing Tesla. He already has two main car plants in the US, one in Alabama and the other in Georgia. Hyundai is expected to announce the opening of the third automobile plant, also in Georgia.

South Korea is also among the countries in which the United States has a trade deficit. In early March Trump isolated South Korea to apply high tariffs to US exports, saying the Asian ally’s tariffs were four times higher than in the US.

Seoul disputed this imbalance. As of 2024, the effective US import tariff rate for US imports was 0.79%, as there is a free trade pact in both countries, South Korea’s government reports.

In response to a request for a comment from CNBC about the planned investment message, the White House sent a message on the social media website X Press Socialista Carolya Levit, which said:

Hyundai refused to comment.