Trump, Louisiana governor to celebrate $5B Hyundai steel plant investment

Name: Trump announces $20B Hyundai investment
Uploaded: 2025-03-24T17:03:11-04:00
Description: President Trump and Louisiana Governor John Bel Edwards announced the opening of a new $5.8 billion steel plant, a key part of a broader $20 billion investment by Hyundai, the South Korean automaker. After his remarks, Trump answered questions from the press.

Trump announces $20B Hyundai investment

President Trump and Louisiana Governor John Bel Edwards announced the opening of a new $5.8 billion steel plant, a key part of a broader $20 billion investment by Hyundai, the South Korean automaker. After his remarks, Trump answered questions from the press.

WASHINGTON - President Trump and Louisiana Governor John Bel Edwards announced the opening of a new $5.8 billion steel plant, a key part of a broader $20 billion investment by Hyundai, the South Korean automaker.

The plant's inauguration highlights the positive impact of President Trump’s economic policies, with the White House emphasizing the creation of jobs and increased economic growth. White House Press Secretary Karoline Leavitt took to social media, stating that these investments will lead to more jobs and greater financial benefits for hardworking Americans.

What they're saying:

"This investment is a clear demonstration that tariffs very strongly work," said Trump, adding that the new plant by the South Korean automaker would create 1,400 jobs.

Hyundai Motor Group's executive chairman, Euisun Chung, told the president: "We are really proud to stand with you and proud to build the future together."

Trump's tariffs on steel

The backstory:

Trump has openly challenged U.S. allies by increasing tariffs on all steel and aluminum imports to 25% as he vowed to take back wealth "stolen" by other countries, drawing quick retaliation from Europe and Canada.

The Republican president’s use of tariffs to extract concessions from other nations points toward a possibly destructive trade war and a stark change in America’s approach to global leadership. It also has destabilized the stock market and stoked anxiety about an economic downturn.

Hyundai car logo is pictured in Krakow, Poland on March 23, 2025. (Photo by Beata Zawrzel/NurPhoto via Getty Images)

Trump removed all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. His moves, based off a February directive, are part of a broader effort to disrupt and transform global commerce.

What they're saying:

"The United States of America is going to take back a lot of what was stolen from it by other countries and, frankly, by incompetent U.S. leadership," Trump told reporters on Wednesday. "We’re going to take back our wealth, and we’re going to take back a lot of the companies that left."

The other side:

Experts say consumers and businesses will be the hardest hit. Companies big and small will face higher costs on the goods they buy from other countries — and could have little recourse but to hike prices themselves. For consumers, that will likely mean more expensive price tags on everything from cars, appliances and other big-ticket items to smaller, everyday purchases including electronics, gasoline and groceries.