Trump Eases Tariffs on Hyundai After Company Unveils Big Increase in Investment in America

SEOUL — The mighty Hyundai empire, ranked third worldwide last year in numbers of vehicles sold, has what may be the best answer to President Trump’s edict increasing tariffs on imported vehicles by up to 25 percent on April 1.Why not make still more of the vehicles we sell in America in our own American plants, Hyundai says, and how about producing the steel that goes into many of the 2,000 parts in every vehicle? That’s the company’s response to Mr. Trump’s drive to rectify America’s trade deficit of $773.4 billion last year, and Mr. Trump sees the Hyundai commitment as evidence of the impact and success of what he’s doing about it.As the Hyundai Motor chairman, Chung Eui-sun, stood beside Mr. Trump and the governor of Louisiana, Jeff Landry, in the White House, Hyundai announced its commitment to spend a grand total of $21 billion — $6.1 billion for a steel plant in Louisiana that will replace one of its plants in Korea, $8.3 billion for another motor vehicle plant opening this week near Savannah, Georgia, and $6.3 billion for “future industry sectors and energy.”If that last category seemed a little vague, Mr. Trump was not concerned. Pronouncing Hyundai “a truly great company,” he said the company as a result would “not have to pay any tariffs,” at least on the products it makes in America. “That’s why so many people are coming,” he said, confident other exporters would join the parade of foreign manufacturers investing in America.Scion of the dynasty founded by his grandfather in the rubble of the Korean War, Mr. Chung elaborated on the benefits of the Hyundai investment that made it far more than a ploy for evading skyrocketing tariffs. Hyundai Motor’s Savannah plant will create 8,500 jobs, he said, while the Louisiana steel plant when completed by 2028 will be hiring 1,300 people to produce the steel needed for “a more self-reliant and secure automotive supply chain in the U.S.”Hyundai Steel’s entry into production in America marks a significant step in a company that’s on the verge of closing one of its two major plants in Korea as a result of competition from China. “In July, Hyundai Steel filed an anti-dumping complaint with the Korea Trade Commission against the import of low-priced steel plates from China,” according to a major Korean newspaper, Chosun Ilbo.Hyundai Motor, by contrast, ranks as one of Korea’s most successful companies. With global sales last year of 7,218,391 vehicles, it ranks behind only Toyota, which sold 10,466,051, and Volkswagen Group, at 10,382,334 vehicles. It was ahead of fourth-ranking General Motors, with sales worldwide of 6,856,880 vehicles, and Ford, with 6,386,818.Now the push is on for Hyundai Motor to hit 30 million vehicles sold since exporting its first vehicles to America nearly 30 years ago; Hyundai said it has sold 29.3 million vehicles through February, including 17.12 million Hyundais and 12.9 million Kias. Last year, Hyundai and Kia ranked fourth in America with sales of 911,805 and 796,488 vehicles, behind General Motors, Toyota, and Ford.

Trump Eases Tariffs on Hyundai After Company Unveils Big Increase in Investment in America

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