President Donald Trump estimated that his administration has already “identified maybe $4 trillion worth of companies moving back or going to move back” to the United States thanks to his tariff policies.
Trump shared the figure during Monday’s Cabinet meeting at the White House.
“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,” he 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,” he added.
Trump noted the semiconductor industry in particular and criticized the CHIPS and Sciences Act of 2022, which he said did not incentivize domestic microchip production as it provided large subsidies to companies already worth billions.
“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,” Trump said of the CHIPS Act. “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 stressed that domestically produced goods do not face tariffs, which is an incentive for companies to manufacture in the United States.
The president also touted automobile investment announcements in the United States with his return to office:
Honda is coming in with a massive plant to Indiana. But there are many plants that are happening, and literally, some have started already. 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.
Plans for the latest auto investment in the U.S. were revealed on Monday when CNBC reported Hyundai, a South Korea-based company, was set to “announce a $20 billion investment in U.S. onshoring that includes a $5 billion steel plant in Louisiana.”
Trump announced Hyundai’s investment Monday afternoon while flanked by House Speaker Mike Johnson (R-LA) and Gov. Jeff Landry (R-LA). Trump said it is estimated the steel plant in Louisiana will manufacture over “2.7 million metric tons of steel a year, creating more than 1,400 jobs for American steelworkers. “
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