Rolling up the welcome mat

About 475 workers, mostly South Korean nationals, were arrested at a Hyundai Motor car battery facility under construction in Georgia. The workers were shackled at the wrists, waist and ankles. The return of ca. 300 to South Korea has been negotiated. At a time when Trump is demanded the foreign companies invest more in the US, this is bound to throttle such investments.

“LG Energy (373220.KS) has tentatively decided to postpone the start of its EV battery plant with Hyundai in Georgia, the Korea Economic Daily reported Monday, without saying where it got the information. Hyundai has banned all US trips by its staff, the newspaper said.

“LG Energy had initially planned to begin production later this year, with the goal of churning out batteries totaling 30 GWh annually, but decided to push that back to the first half of next year, the publication said, saying it would likely affect production plans for Hyundai and its affiliate Kia Corp.

“An LG Energy spokesperson said Monday the company had already delayed the start of production to next year, instead of this year, due to market conditions, adding it is too early to say whether last week’s events will affect the plant’s operations. A Hyundai Motor and Kia spokesperson, when asked about the news report, said it is too soon to determine any impact on its business.

“Even before last week’s raid, some companies were growing wary. In May, Samsung Electronics Co. issued internal guidelines on US business travel under the short-term ESTA visa, telling employees trips should not exceed two weeks, a company spokesperson said.”

Now it’s not just foreign tourist dollars that are staying offshore. Foreign workers in the US pay taxes and purchase American goods and services. Now, Trump is driving them offshore. Between the tariffs and ICE immigration terrorism, Trump appears committed to stagflation.

https://finance.yahoo.com/news/us-raid-hyundai-plant-leaves-074027586.html

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