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Hyundai will invest $20 billion in the US, an official has said.

Hyundai will invest $20 billion in the US, an official has said.

A U.S. official revealed that the Hyundai Motor Group of South Korea will announce a $20 Billion investment in the United States on Monday at the White House.

CNBC reported the investment, which included a $5 billion plant in Louisiana, would be announced by President Donald Trump and Hyundai Chairman Euisun Chung. Jeff Landry.

Trump has threatened to impose tariffs in response on April 2 against countries like South Korea, which have large surpluses of trade with the United States.

Hyundai Motor and Hyundai Steel spokespeople were not available to comment immediately. Both the Louisiana Governor's Office and the White House did not have any immediate comment.

Hyundai Steel announced earlier this month that it was considering building an steel factory in southeast United States, but nothing has been decided. It also stated that a rise in U.S. Tariffs would negatively impact the Korean steel industry.

Trump has already imposed tariffs on steel and aluminum to protect U.S. producers. He reinstated effective global tariffs at 25% on all metal imports and extended duties to hundreds downstream products, including nuts and bolts, bulldozers blades and sodacans.

Hyundai Motor will hold its opening ceremony for the new factory in Georgia at the end of this month. The automaker's plant is in Alabama while its subsidiary Kia operates in Georgia. Steve Holland reported from Washington, while Heekyong Yay in Seoul provided additional reporting. Hyunjoo Ji in Seoul and David Shepardson were also involved in Washington. Hyunsu Yim wrote the article. Bernadette B. Baum and Mark Potter edited it.

(source: Reuters)