President Donald Trump and Gov. Jeff Landry (R-LA) will announce a new $20 billion investment by Hyundai, news that White House officials cite as evidence of the efficacy of the president’s tariff agenda.
The total investment will include plans for a $5 billion steel plant in Louisiana, which is expected to create roughly 1,500 new jobs, according to White House officials.
Trump and Landry are scheduled to deliver remarks at the White House on Monday afternoon, and Hyundai Chairman Euisun Chung is also expected to attend.
Hyundai Motors CEO Jose Munoz told Axios in a recent interview that the “best way” to “navigate tariffs is to increase localization.”
Trump has stated his plans to announce a new round of reciprocal tariffs next month. The president has said on multiple occasions that he will specifically target countries with major trade deficits with the United States on automobiles.
However, the 25% tariffs on steel and aluminum products he put into effect last month had already brought South Korea to the negotiating table. South Korean officials, including Trade Minister Cheong In-kyo, petitioned the Trump administration earlier this month to exempt their country from the April barrier taxes.
Though Trump’s tariff agenda has injected significant volatility in the stock market, it has also secured a number of billion-dollar investments back into U.S. manufacturing, both from American companies and firms abroad.
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Those investments include a $500 billion pledge from Apple to restore jobs previously moved to Asia, an additional $100 billion investment from the Taiwan Semiconductor Manufacturing Company, hundreds of billions from Nvidia, and more.
