SEOUL, (March 24, 20025) – |Reuters| South Korea’s Hyundai Motor Group is set to announce a $20 billion investment in the United States at the White House on Monday, a U.S. official said.

CNBC reported that the investment would include a $5 billion steel plant in Louisiana and was expected to be announced by President Donald Trump, Hyundai Chairman Euisun Chung and Louisiana Gov. Jeff Landry.

The announcement would come as Trump threatens to impose reciprocal tariffs on April 2, potentially targeting countries such as South Korea that have large trade surpluses with the United States.

Spokespeople at Hyundai Steel and Hyundai Motor were not immediately available for comment. The Louisiana governor’s office and the White House were also not immediately available for comment.

Earlier this month, Hyundai Steel said it was considering building a steel factory in the southeast United States but nothing had been decided, adding that a hike in U.S. tariffs would have a negative impact on the Korean steel industry.

Trump has already introduced tariffs to boost protection for U.S. steel and aluminium producers. He restored effective global tariffs of 25% on all imports of the metals and extended the duties to hundreds of downstream products made from the metals, from nuts and bolts to bulldozer blades and soda cans.

Hyundai Motor plans to hold an opening ceremony for its new car factory in Georgia later this month. The automaker has a factory in Alabama, while its affiliate Kia has a plant in Georgia.

Reporting by Steve Holland in Washington and Heekyong Yang in Seoul; Additional reporting by Hyunjoo Jin in Seoul and David Shepardson in Washington; Writing by Hyunsu Yim; Editing by Bernadette Baum and Mark Potter