Trump Announces Hyundai's $5.8 Billion Louisiana Steel Plant: 'Tariffs Very Strongly Work' (March 24, 2025)

President Donald Trump announced a new American steel mill at the White House and gave the credit to tariffs. “Today we’re delighted to report that Hyundai is announcing a major $5.8 billion investment in American manufacturing,” Trump said on March 24, 2025, according to the transcript published by the American Presidency Project. The new steel plant in Louisiana, he said, “will produce more than 2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steelworkers.” [1]

“This investment is a clear demonstration that tariffs very strongly work,” he said [1].

The video above shows Trump’s announcement in the Roosevelt Room on March 24, 2025. Quotes are from the American Presidency Project [1][2].

”There Are No Tariffs if You Make Your Product in America”

Trump explained the deal. “Hyundai will be producing steel in America and making its cars in America, and as a result, they’ll not have to pay any tariffs. You know, there are no tariffs if you make your product in America,” he said [1].

“This will be Hyundai’s first-ever steel mill in the United States—one of the largest companies in the world, by the way—supplying steel for its auto parts and auto plants in Alabama and Georgia, which will soon produce more than 1 million American-made cars every single year,” Trump said [1].

“The new steel plant in Louisiana is part of an even larger $21 billion investment Hyundai will be making in the United States over the next couple of years,” he said [1].

”$21 Billion in a New Investment”

Hyundai Motor Group Executive Chairman Chung Euisun spoke next. “Today I am pleased to announce an additional $21 billion in a new investment over the next 4 years, our largest U.S. invest ever,” Chung said [1].

“Our decision to invest in Savannah, Georgia, creating more than 8,500 American jobs, was initiated during my meeting with President Trump in Seoul in 2019,” he said. “That’s right,” Trump said [1].

“Furthermore, HMG will purchase $3 billion worth of U.S. LNG to support America’s energy industry and enhance our energy security,” Chung said [1].

”Almost Euphoria”

House Speaker Mike Johnson, of Louisiana, said he had felt the mood on the road. “There’s this great sense of relief, almost euphoria, out there because they know that America is back,” he said [1].

Majority Leader Steve Scalise, also of Louisiana, credited Trump. “That’s billions of investment coming in from Hyundai into the United States that would not have been here without President Trump’s leadership,” Scalise said [1].

“You know, some people marvel at President Trump’s stamina. Over the weekend, both Saturday and Sunday, we spoke by phone on some different legislative initiatives that we’re working on with Speaker Johnson to continue moving the agenda forward,” he said [1].

”It Was Easy”

A reporter asked Louisiana Gov. Jeff Landry how he won the plant. “It was easy. I told them we were going to have a great President this year,” Landry said, as the room laughed [1].

“Look, I—again, I think that this is Americans seeing the America First policy in action, right? It’s not just promises. It’s about action,” he said [1].

”Well Into the $3 and $4 Trillion Mark”

Trump said the money was pouring in. “As you know, Apple has announced a $500 billion investment, and other companies have announced $250, $300 billion, but we’re well into the $3 and $4 trillion mark, which has never happened to our country before,” he said [1].

“What it really means is jobs. All we care about is jobs, right?” Trump said [1].

Asked whether some countries would get a break from the April 2 tariffs, Trump said: “Well, I may give a lot of countries breaks, but it’s reciprocal. But we might be even nicer than that.” He added: “But I call it liberation day. April 2 is liberation day.” [1]

“I’m Not a Big Fan of the Atlantic”

A reporter asked about an Atlantic story that Cabinet officials had discussed strikes on the Houthis in a Signal chat that included a reporter. “I don’t know anything about it. I’m not a big fan of the Atlantic. It’s—to me, it’s a magazine that’s going out of business,” Trump said [1].

“Well, it couldn’t have been very effective, because the attack was very effective, I can tell you that,” he said [1].

By the Numbers

$5.8 billion: Hyundai’s Louisiana steel plant [1].
1,400+: steelworker jobs, per Trump [1].
2.7 million metric tons: of steel a year [1].
$21 billion: Hyundai’s new U.S. investment over 4 years [1].
1 million+: American-made Hyundai cars a year, soon [1].

What Happened Next

South Korea made a deal. On July 30, 2025, Trump announced a trade agreement. “The Deal is that South Korea will give to the United States $350 Billion Dollars for Investments owned and controlled by the United States, and selected by myself, as President,” he wrote [2].

“Additionally, South Korea will purchase $100 Billion Dollars of LNG, or other Energy products,” Trump wrote. “We have agreed to a Tariff for South Korea of 15%. America will not be charged a Tariff.” [2]

For Trump’s steel tariffs six weeks earlier, see HYGO News’ page on Feb. 10, 2025. For Trump on “liberation day” four days later, see the page on March 28, 2025.