Automaker Hyundai has announced plans to invest $21 billion in manufacturing and energy infrastructure in the U.S. just days before President Donald Trump is set to impose new tariffs on trading partners, reports BBC News.

The plan includes a new $5.8 billion steel plant in the state of Louisiana. The company will also spend $9 billion to expand production of Hyundai, Kia and Genesis vehicles in the U.S.

South Korea-based Hyundai also said it will expand its American vehicle production, and invest billions of dollars in new technology including autonomous driving and artificial intelligence (AI). 

“Money is pouring in,” Trump said at the White House event March 24 that included Governor Jeff Landry of Louisiana and Euisun Chung, the executive chair of Hyundai. “This investment is a clear demonstration that tariffs very strongly work.”

He added that more tariffs on vehicle imports are likely to be announced this week.

A March 24 statement from the White House said that Hyundai is "far from the only automaker planning major investments as President Trump leverages tariffs to remake the U.S. into a global manufacturing powerhouse."

It added that Stellantis announced a $5 billion investment in its U.S. manufacturing network — including re-opening an Illinois manufacturing plant — as it pledges to increase domestic vehicle production, Volkswagen is considering shifting production of the high-end Audi and Porsche brands to the U.S., Honda is expected to produce its next-generation Civic hybrid model in Indiana, Nissan is considering moving production from Mexico to the U.S., Rolls-Royce is expected to “ramp up” production in the U.S. by hiring more American workers and expand its U.S.-based operations, and that Volvo is considering expanding its U.S.-based output.

This latest announcement came a little over a week before the April 2 deadline for Trump’s threatened “reciprocal” tariffs on countries around the world.