Hyundai to Invest $20 Billion in US Manufacturing, Reports Say

Hyundai reportedly is set to become the latest company to announce a major manufacturing investment in the U.S.

Various reports indicate that executives from the South Korean automaker will meet with President Donald Trump at the White House this afternoon to announce $20 billion in spending, which includes constructing a $5 billion steel plant in Louisiana. That state’s governor, Jeff Landry, is also expected to attend.

Hyundai would join chipmaking giant Taiwan Semiconductor Manufacturing Co. (TSM) and Japanese conglomerate SoftBank, which recently noted they would be pumping billions into the U.S. as President Trump prioritizes increasing domestic manufacturing.

In addition, Trump has said he would be slapping reciprocal tariffs on foreign imports on April 2. Earlier this year, Hyundai CEO Jose Munoz told Axios the firm had “decided to invest big time in America as the most important market,” because “the best way for us to navigate tariffs is to increase localization.”