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Hyundai To Invest USD 5.8 Bln In American Manufacturing -- Trump
(MENAFN- Kuwait News Agency (KUNA))
WASHINGTON, March 24 (KUNA) -- Announcing Hyundai's first US steel plant in Louisiana, President Donald Trump said that money is "pouring in and we want to keep it that way."
"We have tremendous interest in our country, more than ever before. There's never been anything like it," he said at a White House press conference with CEO of Hyundai Motor Co. Jose Munoz on Monday.
"We're almost at a USD 4 trillion level and that's something that's never happened. And I think hopefully it's because of the election on November 5th, but it's also because of tariffs, I suspect," President Trump noted.
"Today we're delighted to report that Hyundai is announcing a major USD 5.8 billion investment in American manufacturing.
"In particular, Hyundai will be building a brand-new steel plant in Louisiana, which will produce more than 2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steelworkers.
"And then there'll be major expansion after that. This will be Hyundai's first ever steel mill in the United States -- 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," he pointed out.
"The cars are coming into this country at levels never seen before. Get ready.
"This investment is a clear demonstration that tariffs very strongly work and I hope other things also, but the tariffs are bringing them in at levels that have not been witnessed.
"Hyundai will be producing steel in America and making its cars in America. And as a result, they will not have to pay any tariffs. You know there are no tariffs if you make your product in America," he reaffirmed.
"So, it's something that -- that's why so many people are coming. As you know, we have from Taiwan, the biggest chip manufacturer in the world is coming in with USD 200 billion.
"And we have a lot of people coming and plants coming and companies coming that never would have been here, never would have even thought about it.
"The new steel plant in Louisiana is part of an even larger USD 21 billion investment Hyundai will be making in the United States over the next couple of years.
"The company will also be massively increasing its auto manufacturing in Georgia and investing billions of dollars in advanced American technology companies," Trump added. (end)
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"We have tremendous interest in our country, more than ever before. There's never been anything like it," he said at a White House press conference with CEO of Hyundai Motor Co. Jose Munoz on Monday.
"We're almost at a USD 4 trillion level and that's something that's never happened. And I think hopefully it's because of the election on November 5th, but it's also because of tariffs, I suspect," President Trump noted.
"Today we're delighted to report that Hyundai is announcing a major USD 5.8 billion investment in American manufacturing.
"In particular, Hyundai will be building a brand-new steel plant in Louisiana, which will produce more than 2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steelworkers.
"And then there'll be major expansion after that. This will be Hyundai's first ever steel mill in the United States -- 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," he pointed out.
"The cars are coming into this country at levels never seen before. Get ready.
"This investment is a clear demonstration that tariffs very strongly work and I hope other things also, but the tariffs are bringing them in at levels that have not been witnessed.
"Hyundai will be producing steel in America and making its cars in America. And as a result, they will not have to pay any tariffs. You know there are no tariffs if you make your product in America," he reaffirmed.
"So, it's something that -- that's why so many people are coming. As you know, we have from Taiwan, the biggest chip manufacturer in the world is coming in with USD 200 billion.
"And we have a lot of people coming and plants coming and companies coming that never would have been here, never would have even thought about it.
"The new steel plant in Louisiana is part of an even larger USD 21 billion investment Hyundai will be making in the United States over the next couple of years.
"The company will also be massively increasing its auto manufacturing in Georgia and investing billions of dollars in advanced American technology companies," Trump added. (end)
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