South Korean automaker Hyundai announced Monday it will invest $20 billion in the United States, including on a new steel plant in Louisiana.
President Trump touted the news at the White House, crediting it to his election victory last November and his aggressive use of tariffs to target foreign imports.
"This investment is a clear demonstration that tariffs very strongly work," Trump said. "And I hope other things also, but the tariffs are bringing them in at levels that have not been witnessed.
The president said Hyundai will invest $5.8 billion on a new steel plant in Louisiana. The plant will create roughly 1,500 jobs, the officials said.
That Louisiana investment is part of a broader plan to spend roughly $20 billion over the next four years in the United States, Hyundai officials said.
Trump was joined at the White House by Hyundai Chairman Euisun Chung and Louisiana Gov. Jeff Landry (R), as well as members of the Louisiana congressional delegation including Speaker Mike Johnson and House Majority Leader Steve Scalise.
The announcement comes as companies overseas brace for a fresh round of tariffs from the Trump administration. The president has for weeks said his administration will impose reciprocal tariffs beginning April 2 on other nations that have duties on U.S. goods.
Trump has also threatened tariffs on specific economic sectors, include car imports, pharmaceutical imports, semiconductor imports and other materials. But White House officials have cautioned it is still being decided whether those will also go into effect next week.
Economists have warned that Trump’s reliance on tariffs will likely lead to a spike in the cost of goods for U.S. consumers. The Federal Reserve last week projected that the U.S. economy would grow more slowly than previously expected.
Trump has shrugged off those concerns, arguing tariffs will grow the government’s coffers and incentivize companies overseas to relocate to the United States to avoid paying the penalties.
