Hyundai announces an investment of $ 20 billion in the United States

New York CNN –

Hyundai, based in South Korea, and President Donald Trump announced on Monday an investment of $ 20 billion in US in the United States, which includes a steel plant of $ 5 billion in Louisiana, in the White House on Monday.

The installation of Louisiana of $ 5.8 billion will be the first steel manufacturing installation of car manufacturers in the United States and will produce more than 2.7 million metric tonnes of steel per year and will create more than 1,400 jobs. It will provide steel to automotive factories in Alabama and Georgia, Trump said in white house remarks.

The announcement this afternoon at the White House included Trump, the president of Hyundai Euisun Chung and the governor of Louisiana Jeff Landry.

Chung said it was the largest investment in the company's United States.

More investments, more jobs and more money in the pockets of the Americans workers, all thanks to President Trumps Economic Policy, wrote the press secretary of the White House, Karoline Leavitt, wrote on social networks.

CNBC first pointed out the ad. Hyundai did not immediately respond to the request for CNNS comments.

This investment is a clear demonstration that prices work very strongly, said Trump on Monday afternoon.

Chung said the decision to open the factory in the Savannah region of Georgia, had been launched during my meeting with President Trump in Seoul in 2019. This project coincides with the start of President Trumps, second, which makes this moment even more special.

Commercial publications reported in early January that Hyundai envisaged a steel plant in the United States before Trumps' second term, seeking to reduce their own production costs and compete for its protectionist economic policies.

Trump has already adopted 25% of prices on steel and aluminum imports, as well as samples from the cars of Asia and Europe which should come into force next month. The goal is to build more cars in the United States; However, it is not as simple.

For example, Stellantis, which manufactures cars in North America under the Jeep, Ram, Dodge and Chrysler brands, agreed to reopen a closed factory in Illinois as part of an agreement to end a strike in 2023 by the workers of the united car.

He underlined these reopening plans once again in January, shortly after Trump took office, to assure him that this would increase the production of American cars. But this plant will not reopen until 2027.

And despite Trump's argument that its pricing threats are necessary to save the American automotive industry, American factories are already producing the share of Lions in North American automotive production.

According to data from S&P Global Mobility, there were 10.2 million cars built in American assembly factories last year, against 4 million in Mexican factories and 1.3 million in Canada. There are about 1 million workers in American factories that produce cars, trucks and car parts.

Hyundai's announcement has an advance of April 2, while even more swept prices could be promulgated, targeting countries with a large trade surplus like South Korea. Trump encourages investments in American manufacturing, with similar announcements made by Taiwan Semiconductor Manufacturing Company and Japan Softbank.

Apple said last month that it would invest $ 500 billion to extend facilities, manufacturing and projects across the United States over the next four years. The announcement seemed to aim to help the company avoid new prices on goods imported from China, although some of the investment efforts are probably already underway.

Oracle, Openai and SoftBank also announced in January that they would associate with a new company, called Stargate, to develop an artificial intelligence infrastructure in the United States. Together, companies plan to invest $ 500 billion in the project in the coming years.

New elected presidents and presidents have often organized joint announcements with companies on massive American investments to promote American manufacturing. But their history for success are mixed.

Trump and Foxconn announced in 2017 an electronic factory of $ 10 billion in the Wisconsin which was to create 13,000 jobs. But the company finally abandoned most of its plans for installation and high -tech products that it was supposed to build. The company in 2021 said it would only invest $ 672 million in a revised agreement that would create less than 1,500 jobs.

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