Trump smiled proudly at the press conference as Hyundai Motor Group announced a $21 billion investment in the United States.

Hyundai ( Korea's Hyundai Motor Group ) announced on Monday that it will bring steel manufacturing back to onshore production in the United States, with a total investment amount of approximately 21 billion USD. Under Trump's call for foreign capital to return to the United States to revitalize the economy, another major Asian company has joined the ranks of sincerity, relocating manufacturing back to the United States. Hyundai will invest 5.8 billion USD to build a new steel plant in Louisiana. At the press conference at the White House announcing Hyundai's investment in the United States, Trump was seen with a proud smile, and the overall atmosphere was joyful and harmonious.

Hyundai invests in Louisiana, expected to revive the local economy

Trump, Hyundai Chairman Chung Eui-sun, and Louisiana Governor Jeff Landry jointly announced a $21 billion investment plan at a White House press conference on Monday, which includes an investment of $5.8 billion in a steel plant in Louisiana, expected to employ over 1,400 workers and produce steel locally for Hyundai's two electric vehicle factories in the U.S.

New Orleans, the third largest city in Louisiana, is the birthplace of jazz and was once a French colony. It has a rich musical and artistic atmosphere. In 2005, Hurricane Katrina caused flooding that destroyed one-third of the houses in the state, leading to severe disaster and a significant economic blow that persists to this day. In 2020, the death of George Floyd sparked nationwide BLM protests, which led to riots and looting in impoverished Louisiana. For many years, the federal government has sought to revitalize the economy, as most local residents belong to the blue-collar low-income class, facing high unemployment and poor public safety. With Hyundai's investment, job opportunities can be created, promoting economic growth.

Trump calls for offshore outsourcing, TSMC and SoftBank are the first to respond.

Before modern automakers announced their investments, major international corporate groups in Asia were competing to figure out how to evade tariffs, rushing to avoid penalties during the deadline for tariffs imposed by Trump on April 2nd. TSMC and SoftBank of Japan have visited the White House in the past two months to announce large-scale investments in the United States.

Hyundai CEO José Muñoz stated that the best way for Hyundai to respond to tariffs is to increase localization. Hyundai is the largest electric vehicle seller in the United States and competes directly with Tesla. Hyundai has two large automotive plants in the U.S., one located in Alabama and the other in Georgia. On Monday, Hyundai also announced that it will open a third automotive plant in Georgia.

South Korea is one of the countries with a trade deficit with the United States. At the beginning of March, Trump singled out South Korea for imposing high tariffs on U.S. exports, accusing the Asian ally of having tariffs four times that of the U.S., to which Seoul responded with confusion; the U.S. and South Korea signed a free trade agreement, and as of 2024, the effective tariff rate for South Korean imports to the U.S. is only 0.79%.

April 1st is April Fools' Day. Who knows what astonishing statements Trump will make before April Fools' Day? The onshore investment plan in the U.S., which involves hundreds of billions, has only one week left to decide. One can imagine how great the pressure is on these business leaders.

In this article, Trump smiles proudly at the press conference, and Hyundai Motor Group announces an investment of 21 billion dollars in the United States, first appearing in Chain News ABMedia.