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LG & Samsung mulling new US production following Trump’s statements
The two South Korean companies are reportedly considering setting up new home appliances manufacturing facilities in the US following president-elect Donald Trump’s 'Make in America' pledge.
The Nikkei Asian Review reports that LG is readying itself to announce a plan to invest in new US production lines for washers and refrigerators. At the same time, Samsung is reportedly considering doing the same, before the presidents inauguration. As most of you know, Trump won the election with a campaign to bring back manufacturing to the US and after the win, he has offered companies tax breaks for moving production to the US. According to Nikkei, LG Vice Chairman and CEO Jo Seong-jin said during a CES press conference that the company is likely to wrap up discussions on the matter by the end of the first half of this year. "We are checking ways of productions in the plants, including whether it is okay to assemble parts there." The company also said to pay attention to Trump’s policies. The company currently has three manufacturing facilities in Mexico – Reynosa, Mexicali and Monterrey – and most of the manufactured products are shipped over to the US – tariff-free, thanks to the North American Free Trade Agreement, or NAFTA, the report continues. Tennessee, the article hints, has been rumoured as a possible new location for the company. Trump has previously voiced his opinions on companies producing in Mexico for the US market and mentioning "big border tax". Trump’s statements on taxation have put pressure on companies. Products intended for the US market will be either heavily taxed (when being imported) or will have to be produced in the US. Car-maker Ford just recently scrapped its plans for a USD 1.6 billion Mexican manufacturing plant in favour of US manufacturing. Tech-giant Samsung, which is manufacturing home appliances intended for the US market in Mexico, is also said to be discussing possibilities of building new production plants in the country. However, Samsung declined to comment on Nikkei’s information.
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