Hyundai is putting a massive $20 billion into the U.S., according to CNBC.
Former President Donald Trump made the announcement at the White House on Monday, joined by Hyundai Chairman Euisun Chung and Louisiana Governor Jeff Landry.
A big chunk of the investment $5 billion will go toward building a steel plant in Louisiana, which is expected to create around 1,500 jobs.
Trump was all about it, saying, “Money is pouring in. This investment is a clear demonstration that tariffs very strongly work.”
Hyundai Motor CEO José Muñoz recently told Axios that the best way for the company to deal with tariffs is to boost local production in the U.S.
And Hyundai isn’t the only one making big moves.
Johnson & Johnson (J&J) just announced a $55 billion investment over the next four years, which includes four new manufacturing plants 25% more than the previous four years. Their CEO, Joaquin Duato, said the investment kicks off with a high-tech facility in North Carolina that will create jobs and manufacture cutting-edge medicines.
Eli Lilly is also in on the action. Last month, the company said it’s planning to build four new U.S. factories, bringing in 10,000 construction jobs plus 3,000 positions for engineers, scientists, and other specialists.
Trump Celebrates Big Wins: Hyundai & Others Pump Billions into U.S. Economy
