World
India
U.S. President Donald Trump, alongside Louisiana Governor, announced a significant economic boost on Monday, revealing Hyundai’s commitment to invest $5.8 billion in American manufacturing.
The investment includes the establishment of a steel plant in Louisiana, poised to produce over 2.7 million metric tons of steel annually and create more than 1,400 jobs. The announcement was made during an official White House briefing earlier today.
“Today we’re delighted to report that Hyundai is announcing a major USD 5.8 billion investment in American manufacturing,” Trump stated. “In particular, 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 1,400 jobs for American steel workers, and then there’ll be major expansion after that.”
Strengthening U.S. Auto Manufacturing
Trump emphasized the strategic importance of this investment, describing Hyundai as “one of the largest companies in the world.” He highlighted that the steel mill will primarily supply Hyundai’s auto plants in Alabama and Georgia, contributing to a surge in American-made vehicles.
“These plants will soon produce more than 1 million American-made cars every single year. The cars are coming into this country at levels never seen before–get ready,” he said.
The investment is part of a larger trend of global corporations choosing to manufacture in the United States, driven by economic incentives and trade policies.
Tariffs as a Driving Force for Investment
Trump attributed Hyundai’s decision to his administration’s tariff policies, arguing that they have been instrumental in bringing manufacturing back to the U.S.
“This investment is a clear demonstration that tariffs very strongly work,” he stated. “Hyundai will be producing steel in America and making its cars in America, and as a result, they’ll not have to pay any tariffs.”
He further elaborated that many companies are opting to manufacture within the U.S. to sidestep trade barriers. “You know, there are no tariffs if you make your product in America–that’s why so many people are coming.”
Hyundai’s Broader Commitment to U.S. Growth
Hyundai’s steel investment is part of its broader $21 billion commitment to the U.S. over the coming years. This extensive plan includes expansions in auto manufacturing in Georgia and substantial investments in American technology companies.
Trump also pointed to a wider manufacturing resurgence, referencing Taiwan’s major investments in semiconductor production.
“We have Taiwan, the biggest chip manufacturer in the world, coming in with USD 200 billion. We have a lot of people coming and plants coming and companies coming that never would have been here, never would have even thought about it,” he said.
With Hyundai’s Louisiana steel mill marking its first in the U.S., Trump described the investment as a testament to the resurgence of American manufacturing.
(With Inputs from ANI)
ALSO READ: Pakistan Court Sentences Two To Death For Honour Killing In Toba Tek Singh
