Washington: South Korean automotive giant Hyundai will invest $21 billion in the US, President Donald Trump said on Monday. During a White House news conference, Trump announced that Hyundai will allocate $5.8 billion of this investment specifically towards the US manufacturing industry.

According to Anadolu Agency, the carmaker plans to produce more than 2.7 million metric tons of steel annually at the factory to be built in Louisiana. This facility is expected to generate over 1,400 jobs. Trump emphasized that this will be Hyundai's first steel plant in the US, with plans for future expansion.

Trump highlighted the broader impact of Hyundai's investment, noting that it is part of a larger $21 billion commitment to the US economy over the coming years. He praised Hyundai as a "great company" and expressed optimism about other companies considering similar investments, mentioning Apple's previous $500 billion investment and others totaling $250-300 billion.

In discussing the economic climate, Trump suggested interest rate adjustments, stating, "I would like to see the Fed lower interest rates." He argued that inflation is under control and that significant revenue from tariffs is forthcoming, which could further enhance the US economic landscape.