President Donald J. Trump’s tariff policies have secured a major investment from Korean automaker Hyundai. At least $5.8 billion will be invested in a new steel plant in Louisiana. Announced Monday, March 24, the endeavor is part of a broader commitment by the South Korean automaker, which plans to channel $21 billion into various U.S. projects over the next few years.
The new plant is forecast to produce 2.7 million metric tons of steel annually. It will also provide over 1,400 jobs, bolstering local employment. According to President Trump, this facility marks Hyundai’s inaugural steel production venture on U.S. soil and will support its automotive manufacturing operations in Alabama and Georgia.
Trump linked Hyundai’s hefty investment to the efficacy of U.S. tariff policies, suggesting that these duties have played a pivotal role in attracting foreign manufacturing and investment. He highlighted that Hyundai’s future output would be cultivated on American ground, thus bypassing any tariffs that would apply if production were based overseas.
Further details provided by President Trump indicated significant expansions for Hyundai beyond just the steel sector. The carmaker intends to amplify its automobile manufacturing capabilities in Georgia and propel investments into cutting-edge U.S. tech enterprises.
President Trump’s tariffs are expected to come into full effect on April 2, a day the President has referred to as “Liberation Day.” He also called for the Federal Reserve to cut interest rates as the tariffs come into force, arguing it would ease the transition of the American economy.
WATCH:
.@POTUS: “Hyundai is a great company… We have other great companies coming in and we have some that are going to be staying here and very much expanding… We’re well into the $3-$4 trillion mark which has never happened to our country before.” pic.twitter.com/kSsk5J6w2f
— Rapid Response 47 (@RapidResponse47) March 24, 2025