‘Tariffs Very Strongly Work’: Trump Announces $21 Billion Hyundai Investment In U.S.

President Donald Trump announced on Monday that South Korean auto manufacturer Hyundai will be investing $21 billion in the United States over the next four years, starting with a steel plant in Louisiana that is expected to create nearly 1,500 jobs.

The new Louisiana plant, Hyundai’s first steel mill in the United States, will produce next-generation steel for Hyundai’s electric vehicles that will also be manufactured at two United States auto plants, CNBC reported. Trump was joined by Hyundai Chairman Euisun Chung, Lousiana Republican Gov. Jeff Landry, Speaker of the House Mike Johnson (R-LA), and House Majority Leader Steve Scalise at the White House for the announcement.

“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.”

Euisun said the $21 billion investment is the largest ever the company has made in the United States. The four-year investment is expected to create 14,000 jobs in the United States as the company seeks to boost its production to around 1.2 million vehicles per year, Bloomberg reported.

“We are especially excited about Hyundai Steel’s multi-billion dollar investment in a new facility in Louisiana, which will create 1,300 American jobs and serve as the foundation for a more self-reliant and secure automotive supply chain in the U.S.,” the chairman added.

Hyundai Executive Chair Euisun Chung delivers remarks upon announcing a massive new investment in the United States:

"Hyundai Motor Group is proud to be a stronger partner in America's industrial future." pic.twitter.com/sUbqIALdQQ

— Rapid Response 47 (@RapidResponse47) March 24, 2025

Hyundai, which already has two auto plants in the United States — one in Alabama and another in Georgia — also revealed on Monday that it will open another auto plant in Georgia. Hyundai announced the major investment in the country as Trump plans to impose reciprocal tariffs on U.S. trade partners on April 2.

Hyundai’s investment comes after other major foreign companies, such as Taiwanese chip manufacturer TSMC and Japan’s SoftBank, announced multi-billion-dollar investments in U.S. manufacturing as Trump considers levying reciprocal tariffs on April 2, the day he is referring to as “Liberation Day in America.”