South Korean automaker Hyundai announced Monday that it will invest $20 billion in the US, including a new steel plant in Louisiana.
President Trump promoted the news at the White House, celebrating the November election victory and the aggressive use of tariffs to target imports.
“This investment is a clear demonstration that tariffs work very strongly,” Trump said. “And I hope for other things too, but tariffs are bringing them to levels that have not been seen.
The president said Hyundai will invest $5.8 billion in a new steel factory in Louisiana. The factory will create around 1,500 jobs, officials said.
Louisiana's investments are part of a broader plan to spend around $20 billion in the US over the next four years, Hyundai officials said.
Trump has joined the White House with members of the Louisiana Congressional delegation, including Hyundai Chair Yuison Chong and Louisiana Gov. Jeff Landry (R), and speaker Mike Johnson (R) and House majority leader Steve Scullies (R).
The announcement comes as foreign companies concluded new tariffs from the Trump administration. For weeks, the president said his administration would impose mutual tariffs on other countries with US goods obligations starting April 2.
Trump also threatens tariffs in certain economic sectors, including automobile imports, pharmaceutical imports, semiconductor imports and other materials. However, White House officials warn that it is still a decision whether they will come into effect next week.
Economists warn that Trump's reliance on tariffs is likely to lead to a surge in the costs of products for US consumers. Last week, the Federal Reserve predicted that the US economy would grow slowly than previously expected.
Trump took these concerns away and argued that tariffs would increase government funding and encourage foreign businesses to move to the US to impose fines.
