South Korean conglomerate Hyundai announced a $21 billion investment in U.S. onshoring, including a $5.8 billion steel plant in Louisiana. The plant will produce next-generation steel for Hyundai’s U.S. auto plants to manufacture electric vehicles, creating over 1,400 jobs. The announcement was made at the White House by President Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry. This move is part of a trend among international companies to avoid tariffs and trade wars, with Taiwan Semiconductor Manufacturing Co. and Japan’s SoftBank also announcing onshoring plans. Hyundai aims to increase localization to navigate tariffs and has a strong presence in the U.S. electric vehicle market, competing with Tesla. They already have two automotive plants in Alabama and Georgia and announced the opening of a third plant in Georgia. South Korea is among countries with which the U.S. has a trade deficit, with Trump criticizing high tariffs on U.S. exports. However, South Korea disputes this, citing a low effective tariff rate on U.S. imports due to a free trade pact between the two countries. Overall, Hyundai’s investment in U.S. onshoring reflects a broader trend of international companies reshoring operations to navigate trade challenges.
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