President Donald Trump hinted at tariff relief for select nations in a White House appearance on Monday, while celebrating Hyundai Motor Co. HYMLF ‘s $21 billion investment push in Louisiana, a move that includes increased steel output and underscores growing foreign confidence in America’s manufacturing sector.
Trump reiterated that reciprocal tariffs are expected to be announced on Apr. 2, but suggested some flexibility: “I may give a lot of countries breaks on tariffs,” he said, adding that “not all tariffs will be included on April 2.”
Trump’s remarks mark a significant twist in his tariff strategy, long defined by aggressive policies aimed at reducing the country’s trade deficits.
“They’ve charged us so much that I’m embarrassed to charge them what they’ve charged us,” Trump said. “But it’ll be substantial.”
New Tariffs Incoming, But Not for Everyone
Trump confirmed that new tariffs targeting foreign-made automobiles, chips and lumber will be unveiled “over the next days,” though details remain limited.
“We’re going to get all those chip companies coming back,” Trump said.
A separate 25% tariff on oil-importing nations trading with Venezuela, announced earlier on Monday, was also confirmed.
The levy will be in addition to existing duties, Trump clarified.
Trump dubbed the broader tariff push “Liberation Day,” describing it as a turning point for the U.S. economy that would deliver “lower taxes and all the things that are good—and jobs, a lot of jobs.”
Hyundai Commits $21B To US Manufacturing
Trump appeared alongside Louisiana Gov. Jeff Landry and Hyundai executive chair Euisun Chung to unveil the South Korean automaker’s ambitious expansion in the United States.
The centerpiece is a new steel plant in Louisiana expected to produce more than 2.7 million metric tons of steel annually and create about 1,400 jobs.
Hyundai will be exempted from tariff applications, Trump indicated.
“This is the beginning of a lot of things happening,” Trump said. “Hyundai is a great company. We have other great companies coming in… We’re well into the $3 and $4 trillion mark [in investments], which has never happened to our country before.”
The Hyundai steel facility is just one part of the company’s broader U.S. strategy. In his Monday remarks, Chung said the firm is committing $6 billion to strengthen the American steel supply chain.
A separate $8 billion EV manufacturing plant is opening this week in Georgia. Hyundai also plans to purchase $3 billion worth of U.S. liquefied natural gas.
Altogether, the company plans to invest $21 billion in the U.S. over the next four years.
Trump also highlighted major investment commitments from other companies such as Apple Inc. AAPL.
“We’re well into the $3 and $4 trillion mark [in investments], which has never happened to our country before,” he said. “What it really means is jobs. We care about jobs.”
Louisiana’s Industrial Boom: 50 Billion In Projects
“I told them we would have a great president this year,” Louisiana Gov. Jeff Landry, a staunch Trump ally, said.
“It’s not just promises, it’s about action. We’ll have $50 billion worth of construction projects going on in Louisiana. That is a record, Mr. President.”
Market Reactions
Wall Street advanced further during afternoon trading in New York amid reassuring Trump remarks on tariffs. The S&P 500 index – tracked by the SPDR S&P 500 ETF Trust SPY – was up 1.8%.
Shares of Tesla Inc. TSLA rallied 11%, while the broader the tech sector as tracked by the Invesco QQQ Trust, Series 1 QQQ soared 2%.
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