Hyundai Unveils $21B Investment Plan in the US as Tariffs Loom

The BBC is reporting that South Korean car making giant Hyundai has unveiled $21 billion dollars of investment in the US just days before President Donald Trump is set to impose new tariffs on trading partners.

The plan includes a new $5.8 billion steel plant in the southern state of Louisiana.

Hyundai also said it will expand its American vehicle production and invest billions of dollars in new technology including autonomous driving and artificial intelligence.

Trump said during the event at the White House on Monday that this investment is a clear demonstration that tariffs very strongly work.

He added that more tariffs on vehicle imports are likely to be announced this week.

Hyundai said the new steelmaking facility will produce more than 2.7 million metric tons of steel a year and create more than 1,400 jobs.

It is expected to make steel for Hyundai’s plants in Alabama and Georgia.

The announcement also included plans to invest $9 billion to boost the firm’s production in the US to 1.2 million vehicles a year by 2028.