Samsung could shift some of its factories from Mexico to the US, according to The White House. LG, Samsung's primary rival in several segments, could also shift its manufacturing plants to the US.
Samsung could shift its home appliances factory to the USA
The White House has mentioned that two South Korean companies, LG and Samsung, are considering shifting their factories to the USA. These names were a part of the list titled ” 50 Wins for the American People in President Trump's First 50 Days,' which was shared by the US government. However, it didn't specify which products will be manufactured in those factories.
A separate report from South Korea said that LG and Samsung are considering shifting their refrigerator and washing machine factories from Mexico to the USA. The companies plan to take this step to minimize the effects of the US government's newly introduced tariffs on goods imported from other countries to the USA.
US President Donald Trump promised to make the US a manufacturing hub. After being elected, Trump imposed tariffs on countries that apply substantial import duties on goods and services exported by the USA. Those countries include China, India, and South Korea, among others.
More companies are expected to invest huge capital in the US to minimize the effects of newly imposed tariffs. Samsung has already invested billions of dollars in the USA to make advanced semiconductor chips locally. It could do the same to set up home appliance factories.
Image Credits: Samsung
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