President Donald Trump on Monday announced that the South Korean car company Hyundai will invest $20 billion in the U.S., which includes funds for a steel plant in Louisiana.

The announcement comes after Trump met with Republican Louisiana Gov. Jeff Landry at the White House and members of the Louisiana congressional delegation, including House Speaker Mike Johnson and House Majority Leader Steve Scalise.

The president said the company will invest $5.8 billion in the new steel plant, which will create more than 1,400 new jobs.

“This investment is a clear demonstration that tariffs very strongly work,” Trump said during a press briefing. “And I hope other things also, but the tariffs are bringing them in at levels that have not been witnessed."

The president added that Hyundai will not be subject to any tariffs because the company will be producing steel in the U.S. and making the cars in America.

The announcement comes as the world prepares for new tariffs that will hit multiple countries next month, including China, Canada, Mexico and Venezuela. 

Hyundai officials said that the investment is also part of the broader $20 billion spending plan, that will unfold over the next four years. 

Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.