According to people familiar with the plans, South Korean conglomerate Hyundai is set to announce a $20 billion investment in U.S. onshoring, which includes a $5 billion steel plant in Louisiana.

The plant will create next-generation steel that Hyundai's two U.S. auto plants will use to make electric vehicles, and it is expected to hire about 1,500 workers. President Donald Trump, Louisiana Governor Jeff Landry, and Hyundai Chairman Euisun Chung are anticipated to make the announcement at the White House on Monday.
Hyundai's announcement coincides with the rush by large global corporations to evade tariffs and prevent a trade war in the run-up to Trump's tariff deadline of April 2. Major foreign companies that have visited the White House in the past two months to announce significant plans for U.S. onshoring include Japan's SoftBank and Taiwan Semiconductor Manufacturing Co.

José Muñoz, the CEO of Hyundai Motor, recently told Axios that "increasing localization is the best way for [Hyundai] to navigate tariffs."
 

The South Korean business, which competes directly with Tesla, is one of the top sellers of electric cars in the United States. It already has two significant auto plants in the United States: one in Georgia and one in Alabama. It is anticipated that Hyundai will also reveal the opening of a third car plant in Georgia on Monday.


Among the nations with which the United States has a trade deficit is South Korea. Trump criticized the Asian ally for imposing high tariffs on American exports in early March, claiming that South Korea's tariffs were four times higher than the US's.
Seoul has denied that disparity. According to the South Korean government, because the two nations have a free trade agreement, South Korea's effective tariff rate on U.S. imports was 0.79% as of 2024.

White House Press Secretary Karoline Leavitt posted on social media platform X in response to CNBC's request for comment on the planned investment announcement, stating, "More investments, more jobs, and more money in the pockets of hardworking Americans – all thanks to President Trump's economic policies."