President Donald Trump stated during a White House Cabinet meeting on Monday that his administration has identified approximately $4 trillion worth of companies moving back to the United States due to his tariff policies. Trump highlighted the return of industries that had previously relocated overseas, emphasizing job creation and economic growth.
“First of all, many companies are now moving into the United States. They’re coming back. Some of them left us from many years ago, decades ago, and they’re all—it seems they’re all coming back,” Trump said. “We have probably identified maybe $4 trillion worth of companies moving back or going to move back. Many of them have announced. It’s going to be tremendous jobs, high-paying jobs, too.”
Trump specifically called out the semiconductor industry and criticized the CHIPS and Science Act of 2022, arguing that it failed to effectively incentivize domestic microchip production. “You gave billions of dollars to companies that already have many billions of dollars that just… said, ‘Thank you very much.’ It was no incentive for them to use it,” he said. “But what is good is the tariffs will make it so that they want to come back. That’s why they’re coming back.”
Trump noted that domestic manufacturers do not face tariffs, providing a strong incentive for businesses to return. He also highlighted renewed investments in the U.S. automobile industry. “Honda is coming in with a massive plant to Indiana. But there are many plants that are happening, and literally, some have started already,” he said. “General Motors is already redoing plants that were half abandoned, or they have plants that weren’t being fully utilized… They and others are going to be making parts and other things in those plants so that it’s one-stop shopping, finally.”
One of the latest investments was revealed Monday when CNBC reported that Hyundai is set to announce a $20 billion onshoring investment in the U.S., including a $5 billion steel plant in Louisiana. Trump, alongside House Speaker Mike Johnson (R-LA) and Louisiana Governor Jeff Landry (R-LA), announced Hyundai’s investment, estimating the steel plant will manufacture over “2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steelworkers.”
