On Monday, Hyundai announced plans to invest $20 billion in the United States, including a new steel plant in Louisiana. The investment, which aims to avoid looming tariffs, will create over 1,400 jobs and increase auto manufacturing in Georgia. President Donald Trump praised the investment, stating it demonstrates the effectiveness of tariffs.
This move effetely makes the South Korean automaker the latest major foreign company to move their operations to the United States.
Trump declared, “Hyundai will be building a brand new steel plant in Louisiana, which will produce more than 2.7 million metric tons of steel a year, creating more than 1400 jobs!”
“Money is pouring in, and we want to keep it that way,” he continued. “This investment is a clear demonstration that tariffs very strongly work.”
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Hyundai already operates favorites in Alabama and Georgia. However, the Louisiana steel plant will be a first of its kind in North America. This will also open huge doors to provide metal supplies to numerous states.
The president celebrated, “The company will also be massively increasing its auto manufacturing in Georgia and investing billions of dollars in advanced American technology companies.”
On Wednesday, Trump announced a 25% tariff on “all cars not made in the U.S.”
“This is the beginning of liberation day in America,” he said, announcing that the measure is aimed at reducing the U.S. trade imbalance and revitalizing domestic manufacturing. “What we’re going to be doing is a 25 percent tariff on all cars not made in the United States.”