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Trump Says He May Give 'Many' Countries Break on Tariffs: Full Q&A
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March 24, 2025
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9:23Now PlayingPresident Trump is joined by Governor Jeff Landry and Hyundai Chairman Chung Euisun to announce a multi-billion dollar investment in Louisiana by the South Korean automaker. The president also previewed that he may give some countries a break on incoming tariffs while doubling down on new tariffs on lumber, cars and chips.
President Donald Trump celebrated plans by Hyundai Motor Co. to mount a significant expansion in the US, casting it as a vindication of his administration’s use of tariffs to pressure foreign manufacturers to create American jobs.
“We’re delighted to report that Hyundai is announcing a major $5.8 billion investment in American manufacturing,” Trump said Monday at a White House event alongside Republican Louisiana Governor Jeff Landry and executives from the South Korean automaker.
Hyundai will be building a new steel plant in Louisiana, which Trump said would produce more than 2.7 million metric tons of steel a year. “And then there’ll be major expansion after that,” he added.
“Money is pouring in and we want to keep it that way,” Trump said, calling the investment a “clear demonstration that tariffs very strongly work.”
Hyundai plans to spend about $21 billion in US through 2028 to increase vehicle production and on other projects expected to create about 14,000 direct jobs, according to a person familiar, who spoke on the condition of anonymity. The push includes $9 billion to boost factory output to about 1.2 million vehicles per year, plus another $12 billion on other initiatives including the new steel mill in Louisiana, the person said.
Hyundai Chairman Chung Euisun said the investment would strengthen the steel supply chain in the US and said the company would also purchase $3 billion US liquefied natural gas.
“It’s deepening our partnership with the United States and reinforcing our shared vision for American industrial leadership,” he said.
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