Auto dealers are facing uncertainty as tariff hikes loom, with President Trump threatening tariffs on companies that don’t bring manufacturing jobs to the U.S. South Korean auto giant Hyundai announced a multibillion-dollar investment in the U.S., including a new $5.8 billion steel plant in Louisiana, creating 1,300 jobs. President Trump has praised the investment, saying it shows that tariffs work.
Hyundai Steel, an affiliate of the automaker, will build an electric arc furnace steel mill in Louisiana, producing 2.7 million tons of steel annually. The company also plans to invest $6 billion in collaborations with U.S. firms in areas like self-driving cars and artificial intelligence. This investment reflects a trend of both domestic and foreign companies, like Apple and Oracle, committing to large-scale investments in the U.S. over the next four years. Hyundai’s move signals a shift towards self-reliance and a more secure automotive supply chain in the country.
Note: The image is for illustrative purposes only and is not the original image associated with the presented article. Due to copyright reasons, we are unable to use the original images. However, you can still enjoy the accurate and up-to-date content and information provided.
