The Thai metal industry is trying to save its jobs by moving into the US and investing in new plants, as Trump’s administration ramps up its efforts to revive the sector.
On Monday, the Trump administration announced a plan to invest $2 billion in a new plant in Michigan, bringing the total investment to more than $1 billion.
Thai and Chinese companies have invested in the country’s steel industry since Trump took office in January, and are currently seeking to expand their presence.
In 2018, Chinese steel companies invested $1.9 billion in the US, according to the US Trade Representative.
While the Thai steel industry has seen its share of jobs lost, many Thai workers remain employed, particularly in the aluminum and glass industries.
The steel industry employs over 100,000 people, and is worth more than US$400 billion.
The move will bring Thailand a step closer to exporting its products, which include the steel used in iPhones, iPhones and other consumer electronics.
Thailand has a $3 billion export market, and many of the Thai companies looking to expand in the United States are likely to rely on this new investment.
The Trump administration has pledged to invest up to $5 billion in Thailand in the next 10 years, according the AP.