Hyundai is set to invest $20 billion in the US, marking a significant move by a foreign firm to sidestep anticipated tariffs on steel and aluminum. The highlight of this investment is a $5.8 billion steel plant in Louisiana, which aims to generate 5,500 jobs. This plant will be Hyundai's first overseas steel facility and aims to supply steel to its nearby factories. This decision comes amid a broader trend of foreign firms relocating operations to the US in light of the Trump administration's tariffs and trade policies.
Hyundai's $20 billion investment in the US, including a $5.8 billion steel plant, exemplifies a shift by foreign firms to mitigate tariffs.
President Trump will announce Hyundai's steel plant which is expected to create 5,500 jobs, marking the company's first overseas steel facility.
The investment comes amid Trump's tariffs on foreign-made metals, prompting companies to relocate operations to the US to avoid these levies.
Hyundai's move aligns with similar investments by global companies seeking to adapt to the Trump administration's tariff policies and avoid trade penalties.
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