President Donald Trump announced on Monday that South Korean conglomerate Hyundai will be investing nearly $21 billion in the U.S. economy over the next four years.
This investment will include $5.8 billion to build a steel manufacturing plant in Louisiana, employing over 1,400 workers. The plant will supply Hyundai’s automotive production facilities in Alabama and Georgia.
These plants will soon produce more than one million American-made cars every year, Trump said.
“This investment is a clear demonstration that tariffs very strongly work, and I hope other things also, but the tariffs are bringing them in at levels that have not been witnessed,” the president argued.
“You know there are no tariffs if you make your product in America. That’s why so many people are coming,” Trump emphasized.
President Trump: “Hyundai is announcing a major 5.8 billion investment in American manufacturing… Hyundai will be building a brand new steel plant in Louisiana…” pic.twitter.com/yi35EqXefx
— CSPAN (@cspan) March 24, 2025
Hyundai Chairman Euisun Chung, who also spoke at the White House event, told reporters that his company’s new $21 billion investment will be the largest sum it has ever put into its U.S. operations.
Chung noted his company’s decision to build an $8 billion auto plant in Savannah, Georgia, which will open this week, was the result of a meeting he had with Trump in Seoul, South Korea, in 2019.
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The plant will employ more than 8,500 people, he said.
Hyundai’s global CEO José Muñoz recently told Axios that “the best way” for the company to handle tariffs is to “increase localization,” meaning to increasingly build its cars and develop its supply chain in the U.S.
CNBC reported, “Hyundai’s announcement comes as major international conglomerates are racing to dodge tariffs and avoid a trade war ahead of Trump’s April 2 tariff deadline. Taiwan Semiconductor Manufacturing Co. and Japan’s SoftBank are among the major foreign players that have visited the White House in the last two months to announce big U.S. onshoring plans.”
Various countries and companies have announced nearly $3 trillion in U.S. investments since Trump took office.
Almost $3 TRILLION in new investments coming to America b/c of Trump’s tariff policies
And this doesn’t even include his new $5 million Gold business Visas which already raised $5 billion on their 1st day
Our economy is going to be ROARING by midterms https://t.co/Jwp2Nlrf6n
— DC_Draino (@DC_Draino) March 24, 2025
In addition to tariffs, Trump’s plan includes lowering the corporate tax rate from 21 to 15 percent for companies that make their product in the U.S.
White House Press Secretary Karoline Leavitt posted on X, “More investments, more jobs, and more money in the pockets of hardworking Americans – all thanks to President Trump’s economic policies.”
More investments, more jobs, and more money in the pockets of hardworking Americans – all thanks to President Trump’s economic policies.
President Trump is Making America Wealthy Again.💸https://t.co/AWzGvRTfeQ
— Karoline Leavitt (@PressSec) March 24, 2025
She added, “President Trump is Making America Wealthy Again.”
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