Hyundai Motor Group Chairman Euisun Chung made a remark when he stood in the Roosevelt Room in Washington's White House on March 24, 2025 while U.S. President Donald Trump.
Associated Press
South Korea's Hyundai Group, controlled by billionaire Euisun Chung, announced a $21 billion investment plan Tuesday to boost U.S. manufacturing, a week when U.S. President Donald Trump is about to introduce new tariffs on trading partners.
Hyundai Chairman Chung and Trump announced the company's largest U.S. investment ever at a press conference held at the White House. As of 2028, the investment includes a $5.8 billion new steel plant in Louisiana, which produces more than 2.7 million tons per year and creates more than 1,400 jobs. The plant will supply steel for Hyundai's auto plants in Alabama and Georgia.
In total, under Hyundai, Kia and Genesis brands, Hyundai will pour $9 billion to expand annual production of its vehicles, with the rest going to build strategic partnerships with U.S. companies in autonomous driving, robotics, AI and advanced air mobility.
In a press conference, Trump touted modern investments to prove that his administration's tariff politics effectively put pressure on overseas manufacturers
“Money is pouring in, and we want to keep that way,” Trump said. “This investment is a clear proof that the tariffs are very effective.”
Trump plans to announce comprehensive tariffs on April 2. His focus will be on so-called reciprocity taxation, where the United States will impose tariffs on imported goods that match the tariffs applicable to U.S. goods by its trading partners. The plan will also include tariffs on sectors such as automotive and semiconductors. The Trump administration has imposed a 25% tariff on all imported steel and aluminum, among other duties.
Hyundai said the latest investment is the basis of the $20.5 billion it injected into the United States since entering the market 40 years ago. “All of these efforts will accelerate the localization of our supply chain in the U.S., expand our business and grow our American workforce,” Zhong said in a press conference. “Under your leadership, Mr. President of Hyundai Motor Group is honored to be a strong partner in the future of American industry.”
Hyundai is one of the companies that have stepped up U.S. investment to avoid tariffs. Earlier this month, Trump announced that Taiwan's TSMC is the world's largest chip maker, and will invest $100 billion in the U.S. over the next four years to expand its production capacity. Trump said the deal would help TSMC avoid tariffs of 25% or more on semiconductor imports.
