Customs policy: Hyundai plans $ 21 billion investment in the United States

The South Korean Hyundai Group has announced a billion dollar investment in the United States. A total of Hyundai wants to invest $ 21 billion in the United States in the coming years, said Hyundai boss Euisun Chung at a press conference with US President Donald Trump. His company has already invested 20 billion in the United States since 1986.

Among other things, the company wants to build a new steel factory in the state of Louisiana for $ 5.8 billion, said Trump. He called the investments of the South Korean car maker a clear sign that his tariffs worked.

Hyundai will produce his steel in America and produce its cars in America and therefore do not have to pay tariffs, said Trump. In addition, the group will also massively expand its automotive production in the state of Georgia and invest billions in American technology companies.

Hyundai boss Euisun Chung emphasized that his company was proud to open his new car factory in Georgia this week. With this factory for eight billion dollars, Hyundai will expand its US production on over a million cars a year.