“Today, we are pleased to report that Hyundai announced a $5.8 billion investment in U.S. manufacturing,” Trump said. “In particular, Hyundai will build a brand new steel plant in Louisiana that will produce more than 2.7 million tons of steel annually, creating more than 1,400 jobs for U.S. steel workers, and then undergo a major expansion after that.”
He stressed the importance of the move, calling Hyundai “one of the world’s largest companies” and stressed that the steel mills would offer Hyundai’s auto plants in Alabama and Georgia. “These plants will soon produce more than one million American-made cars a year. Cars enter the country at unprecedented levels – ready.”
Trump attributes his administration’s tariff policies to pushing for such investments. “This investment is a clear proof that the tariffs are very effective,” he said. “Hyundai will produce steel in the United States and make cars in the United States, so they don’t have to pay any tariffs.”
He highlighted the impact of these policies, explaining that businesses are attracted to U.S. manufacturing to avoid trade barriers. “You know, if you make products in the United States, there’s no tax on it – that’s why so many people come.”
Hyundai’s investment is part of a $21 billion commitment to the U.S. over the next few years, which also includes billions of dollars in expanding the auto manufacturing industry and U.S. technology companies in Georgia. Trump pointed to a broader trend, referring to Taiwan’s investment in semiconductor production.
“We have Taiwan that is the world’s largest chip manufacturer with $200 billion. We have a lot of people coming, plants come, and companies that have never been here will never think of it.”
With the modern Louisiana Steel Plant being the first iconic in the United States, Trump described the investment as another sign of the American manufacturing revival.
