South Korean-based Hyundai announced a $20 billion investment in the U.S., CNBC reported.
President Donald Trump made the announcement alongside Hyundai Chairman Euisun Chung and Louisiana Gov. Jeff Landry at the White House on Monday.
The investment includes building a $5 billion steel plant in Louisiana that’s expected to add around 1,500 jobs.
Related: Softbank CEO Masayoshi Son Announced a $100 Billion Investment in the U.S.
It’s the latest in a series of U.S. investment announcements.
“Money is pouring in,” Trump said at the event. “This investment is a clear demonstration that tariffs very strongly work.”
Axios recently reported that Hyundai Motor CEO José Muñoz said the best way his company can “navigate tariffs” is to “increase localization.”
Meanwhile, Johnson & Johnson (J&J) announced on Friday that it will invest more than $55 billion in the U.S. over four years, including building four new manufacturing plants, a 25% increase in investments compared with the four years prior.
“Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting-edge medicines to treat patients in America and around the world,” J&J Chairman and CEO Joaquin Duato said in a statement.
Moreover, last month, Eli Lilly and Co., a rival of J&J, announced it intends to build four new factories in the U.S. and bring 10,000 construction jobs along with 3,000 jobs for engineers, scientists, operations personnel, and lab technicians.