Foreign companies eye U.S. expansion to lessen fallout from tariffs
A Honda logo is seen on a Honda accord vehicle at a parking lot in Arlington Heights, Ill., Tuesday, May 21, 2024. (AP Photo/Nam Y. Huh)
Some non-U.S. companies have said they are looking at expanding their presence or setting up shop in the United States to mitigate the impact of President Donald Trump's tariffs.
Below are some of the plans flagged by those companies.
ASM International
The Dutch chip-making equipment supplier has started local production of tools for U.S. chipmakers in response to the U.S. tariffs backdrop, its CEO said in May.
Barry Callebaut
The chocolate maker is planning to increase its U.S.-based production to fend off effects of the 'disruptive environment,' its CEO said in April.
BMW
BMW is considering adding shifts to its Spartanburg plant in South Carolina to boost output by up to 80,000 units, company executives said in April.
Campari
The Italian spirits group is assessing opportunities to expand U.S. production, its CEO said in March.
Compal Electronics
The Taiwanese contract laptop maker may expand into the U.S. and has spoken to several southern states about a possible investment, its CEO said in January.
Honda
The Japanese carmaker plans to move some car production from Mexico and Canada into the U.S., aiming to make 90% of cars sold in the country locally, the Nikkei reported in April.
Hyundai Motor
The South Korean automaker plans to further localize production in the U.S. and make hybrid vehicles at its new factory in Georgia, it said in January.
It added in April that the production of some Tucson crossovers has been shifted from Mexico to the U.S. and the company is considering moving production of some U.S.-bound cars from South Korea to other locations.
Illycaffe
The Italian premium coffee maker will look at building a plant in the U.S. if it gets caught up in tariffs, its CEO said in April.
Inventec
The Taiwanese company, which makes AI servers that use Nvidia chips, has agreed to invest up to US$85 million to build manufacturing facilities in Texas, it said in April.
IQE
The British semiconductor company is looking at moving some production to the U.S. to guard against potential duties, its CEO said on May 13.
Lavazza
The Italian coffee maker is pressing ahead with U.S. expansion, it said in April, aiming to produce locally 100% of what it sells in the U.S., from around 50% presently.
LG Electronics
The electronics giant is considering moving the manufacturing of refrigerators from Mexico to its factory in Tennessee, a South Korean newspaper reported in January.
Luxshare
The Apple supplier is looking into shifting more production outside China, including into the U.S., its chairwoman said in April.
LVMH
The luxury conglomerate is 'seriously considering' bulking up U.S. production capacities, its CEO said in January.
Mercedes
The German carmaker will add production of its GLC SUV for North America to its plant in Tuscaloosa, Alabama, it said in May.
Nissan
The Japanese automaker might move production of its Sentra automobile from Mexico to the U.S., Automotive News reported on May 14.
The Nikkei relayed in April that Nissan was also considering shifting some domestic production of U.S.-bound vehicles there.
Novartis
The Swiss drugmaker plans to spend $23 billion to build and expand 10 facilities in the U.S., it said in April.
Pirelli
The Italian tire maker wants to invest further in the U.S. but its plans are on hold due to tensions linked to having Chinese state-owned group Sinochem as its largest investor, it said in April.
Roche
The Swiss pharma giant will invest $50 billion in the U.S. over the next five years, creating more than 12,000 jobs, it said in April.
On May 12, it announced an additional $550 million investment to expand its Indianapolis diagnostics manufacturing hub.
Samsung Electronics
The tech giant is considering moving manufacturing of dryers from Mexico to its plant in South Carolina, Korea Economic Daily reported in January.
Sanofi
The French drugmaker plans to invest at least $20 billion in the U.S. through 2030 to boost manufacturing and research, it said in May.
Stellantis
The Chrysler parent is planning to build a new midsize pickup truck in Belvidere, Illinois, it said in January.
TSMC
The Taiwanese chipmaker is planning to build five chip facilities in the U.S. in coming years, its CEO said in March.
Volkswagen
Volkswagen's CFO said in January it planned to produce more in the U.S. Its Audi brand will expand production in North America and will make a decision on where to base itself this year, Audi CEO said in February.
VW is holding talks with the U.S. government on tariffs, the CEO said in May.
Volvo Cars
Volvo Cars may move some production to the U.S. depending on tariffs, its CEO said in March.
Compiled by Tomasz Kanik and Vera Dvorakova in Gdansk; Editing by Milla Nissi-Prussak and Elaine Hardcastle, Reuters
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CBC
24 minutes ago
- CBC
Trump's new tariff threat ‘punch in the gut' to Canada's steel industry: CSPA
Catherine Cobden, head of the Canadian Steel Producers Association, says U.S. President Donald Trump's new threat, to double tariffs steel and aluminum tariffs to 50 per cent, 'completely unjustified' and Ottawa should quickly impose retaliatory tariffs. Read more:
CTV News
an hour ago
- CTV News
Minnesota Gov. Tim Walz, in South Carolina remarks, calls on Democrats ‘to be a little meaner'
COLUMBIA, S.C. — Minnesota Gov. Tim Walz sought to energize activists at a Democratic state convention in South Carolina, as the party's 2024 vice presidential nominee works to keep up the high national profile he gained when Kamala Harris selected him as her running mate. Walz, a former schoolteacher who went on to serve in Congress and then became his state's governor, keynoted the South Carolina gathering in Columbia, traditionally a showcase for national-level Democrats and White House hopefuls. Speaking to convention delegates for more than half an hour, Walz used colorful language and spoke plainly as he lobbed criticism at President Donald Trump and called on his fellow Democrats to have the courage to stand up to the 'bully' in the White House. 'Maybe it's time for us to be a little meaner,' Walz said, to applause from the crowd. 'When it's a bully like Donald Trump, you bully the s—- out of him. ... This is a ... cruel man.' It was Walz's third set of large-scale remarks in less than 24 hours for Walz, who, along with Maryland Gov. Wes Moore, spoke Friday night at the party's fundraising dinner, as well as an after-party fish fry hosted by Rep. Jim Clyburn. The events offered an opportunity for both Walz and Moore to test out their messages in front of hundreds of Democrats in the state that has long held the first-in-the-South Democratic presidential primary and, last year, led off the party's nominating calendar entirely. State party chair Christale Spain has said that she will renew the argument to keep the state's No. 1 position in the next cycle, but national party organizations haven't settled their 2028 calendars yet, and party officials in Iowa, New Hampshire and Nevada are also vying to go first. 'Donald Trump is the existential threat that we knew was coming,' Walz told the crowd Saturday morning, acknowledging that, for Democrats, 'it is going to be a challenging few years here.' As he did on Friday night, Walz praised his fellow Democrats for having the 'courage' to keep fighting in a largely Republican state, where Democrats haven't won a statewide election in about two decades and only hold one congressional seat — Clyburn's. 'Damnit, we should be able to have some fun and be joyful,' Walz said. 'We've got the guts and we need to have it to push back on the bullies and the greed.' Walz, on a long list of potential 2028 candidates who have been traveling to early-voting states, was expected to sound similar themes as a featured speaker as California Democrats gather in Anaheim on Saturday. 'We're fired up to welcome Minnesota Governor Tim Walz to the Convention stage in Anaheim,' state chair Rusty Hicks said in a statement. 'He's a former teacher, a veteran, and a trailblazer who's spent his career fighting for working families and standing up for the values we all share — fairness, dignity, and opportunity for all.' Democrats have been debating since Harris lost to Trump in November over which direction the party should take. That self-examination reflects deep frustrations among Democratic voters that their leaders are failing to put up enough resistance against Trump, who has taken a much more aggressive approach to his second term in the White House. Walz hasn't officially said if he'll seek a third term in 2026, but acknowledges he's thinking about it. He said in a recent interview with KSTP-TV that he would probably wait to decide until July, after he calls a special session of the closely divided Minnesota Legislature to finish work on the state's next budget. Those negotiations have gone slowly despite his frequent meetings with legislative leaders. He's given mixed signals on a 2028 presidential run while keeping up his attacks on Trump. He told The New Yorker Radio Hour for an interview that aired in March that he would 'certainly consider that' if circumstances were right. He told CNN's 'State of the Union' last month that he was 'not thinking about running in 2028.' But he hasn't ruled it out, either, and has signaled possible interest in other ways. Following the Democratic ticket's defeat in November, Walz returned to the road in March when he went to Iowa to launch a series of town halls in competitive congressional districts represented by Republicans, after House Speaker Mike Johnson advised GOP representatives to avoid holding town halls because of protests at them. Walz's gubernatorial campaign organization, which has been actively raising money, has used his travels in 'Support Tim on the Road' fundraising pitches. 'For the past few weeks, I've been showing up where Republicans won't,' he wrote in one recent message, a theme he echoed on Saturday in South Carolina. 'I've hosted town halls in Iowa, Nebraska, Wisconsin, Minnesota, and Texas to hear from people the GOP is neglecting.' Karnowski reported from Minneapolis. Meg Kinnard And Steve Karnowski, The Associated Press
Globe and Mail
2 hours ago
- Globe and Mail
DELL Stock Slides despite Praise from Wall Street
Yesterday, Dell Technologies (DELL) reported strong revenue results and provided a positive outlook, which suggests that the company is handling tariff issues effectively and increasing its share of the AI market. However, shares of the tech company are down at the time of writing. This is despite also receiving analyst praise for its performance and ability to benefit from increased AI spending in a tough economic environment. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Indeed, five-star Evercore ISI analyst Amit Daryanani, who rates Dell as Outperform with a $140 price target, said that Dell managed to limit the impact of tariffs and kept prices stable, unlike some of its competitors. He also pointed out that Dell's AI server business is growing fast, as its backlog increased by $5 billion from the previous quarter to $14.4 billion. As a result, he believes that customers are willing to pay more for Dell's strong supply chain and better execution, which should help the company gain market share even as a premium provider. Separately, five-star Wells Fargo analyst Aaron Rakers also kept an Overweight rating and a $150 price target on the stock. He said that Dell's results and outlook support the idea that the company is well-positioned for Nvidia's (NVDA) upcoming Blackwell chip cycle. Rakers also noted that Dell is handling its supply chain well, benefiting from a wave of commercial PC upgrades, and generating healthy free cash flow, which it is using to give money back to shareholders. Is DELL Stock a Buy? Overall, analysts have a Strong Buy consensus rating on DELL stock based on 10 Buys, one Hold, and zero Sells assigned in the past three months, as indicated by the graphic below. Furthermore, the average DELL price target of $134.55 per share implies 20% upside potential.
