President Donald Trump estimated that his administration has already “identified companies worth $4 trillion, perhaps, that are coming back or going back,” thanks to his tariff policies.
Trump shared the figures at Monday's Cabinet meeting at the White House.
“First of all, a lot of companies are moving to the US now. They're back. They've left us for years and decades. They all seem to be back,” he said.
“It's likely that they've identified companies worth $4 trillion in return and back, many of them have announced.
Trump specifically focused on the semiconductor industry and criticised the 2022 chips and science law, but said he didn't encourage the production of microchips in the country as he already provided large subsidies to billions of companies.
“You've given billions of dollars to a company that already has billions of dollars… you just said 'Thank you.' Trump spoke about the Chips Act. “But the good thing is, because tariffs make it, they want to go back. So they're coming back.”
Trump stressed that domestically produced goods are not facing tariffs. This is an incentive for companies to manufacture in the US.
The president also touted an announcement of automotive investment in the United States.
Honda brings giant plants to Indiana. But there are a lot of plants happening, and some people have literally started already. General Motors has already redoing half abandoned plants or have plants that are completely unused… They and others are making parts and other things with those plants, so it's finally a one-stop shopping.
The latest plans for auto investment in the US were revealed on CNBC on Monday It has been reported South Korea-based Hyundai aims to “announce $20 billion investment in US oversight, including Louisiana's $5 billion steel factories.”
Trump announced his Hyundai investment Monday afternoon, sandwiched between House Speaker Mike Johnson (R-LA) and Gov. Jeff Landry (R-LA). Trump said it is estimated that Louisiana's steel factories will “produce 2.7 million tonnes of steel a year, creating more than 1,400 jobs for American steel workers.”
