Hyundai steel plant leads $21 billion U.S. investment, as tariffs loom

• "This is a clear demonstration that tariffs very strongly work," Trump said at a White House briefing where he was joined by Hyundai executives and other government leaders.
• Now he said, "Hyundai won't have to pay any tariffs."

The big picture: In the next four years, Hyundai Motor Group will more than double its investments in the U.S., the company said. That includes:

• $9 billion to expand U.S. automobile production to 1.2 million units annually.
• $6 billion to expand U.S. supply chains for steel and auto components, including battery packs for electric vehicles.
• $6 billion for technology innovations including autonomous vehicles, robotics, artificial intelligence and electric air taxis.
• The investments are expected to create more than 14,000 jobs.

Zoom in: The steel factory in Ascension Parish, La., will create approximately 1,300 jobs and employ more than 4,000 in related supply chains, according to Rep. Troy A. Carter (D-La.).

• The new facility will produce 2.7 million tons of steel annually for Hyundai and Kia U.S. assembly plants in Alabama and Georgia.
• It could also supply other automakers in the United States.

What to watch: Hyundai will celebrate the grand opening of its newest assembly plant near Savannah, Ga., on Wednesday, and could provide more details on these investments.