South Korea’s Hyundai Motor Group is set to announce a $20 billion investment in the United States at the White House on Monday, according to a U.S. official.
The investment will reportedly include a $5 billion steel plant in Louisiana and will be unveiled by President Donald Trump, Hyundai Chairman Euisun Chung, and Louisiana Governor Jeff Landry, CNBC reported.
The announcement comes amid Trump’s plans to impose reciprocal tariffs on April 2, which could target countries with significant trade surpluses with the U.S., including South Korea. These tariffs are part of the administration’s broader strategy to protect American industries and reduce trade imbalances.
Hyundai Steel and Hyundai Motor representatives were not immediately available for comment, and neither the White House nor the Louisiana governor’s office has issued statements on the investment.
Earlier this month, Hyundai Steel confirmed that it was evaluating the possibility of building a steel factory in the southeastern United States but noted that no final decision had been made.
The company also warned that an increase in U.S. tariffs could negatively impact the South Korean steel industry, potentially affecting trade relations between the two nations.
Trump has already reintroduced tariffs to protect American steel