US President Donald Trump announced on Monday that South Korean automaker Hyundai will invest $21 billion over the next four years in the country, including a $5.8 billion steel plant in Louisiana.
"This investment is a clear demonstration that tariffs very strongly work ... Hyundai will not have to pay any tariffs," Trump said during a press conference alongside Louisiana governor Jeff Landry.
The company's "largest US invest ever" will build an auto part manufacturing facility in Ascension Parish, bringing an anticipated 1,400 jobs to the state. The corporation is simultaneously opening a new $8 billion automotive manufacturing facility in Georgia this week, enabling the vehicle manufacturer to surpass annual production of 1 million units.
