President says tariffs prompted foreign automakers to build U.S. plants

The president said Monday that tariff policy has prompted South Korean, Japanese and German automakers to build factories in the United States. The comments were made at a White House event marking the launch of new investment accounts for children.

"We've never built as many automobile plants. They are all over, and they are coming from all over the world. You know why? Because they don't want to pay tariffs. If they build their cars here, they pay no tariffs," the president said. The president added that companies from Japan, South Korea and Germany are now constructing plants domestically instead of producing vehicles in their home countries.

Tariff policy and investment Since returning to office last year, the administration has used tariffs to support domestic manufacturing, attract foreign investment and narrow trade deficits. Last year, Hyundai Motor Group announced plans to invest $26 billion in the United States through 2028.

Foreign policy remarks On Iran, the president said the United States will either reach a deal with the Islamic Republic or "finish the job," adding a preference for an agreement to avoid affecting 91 million people. The president also stated that both Russia and Ukraine want to end their conflict and expressed optimism that talks are progressing.

Bilateral discussions with Ukrainian President Volodymyr Zelenskyy are planned on the sidelines of a NATO summit scheduled for Tuesday and Wednesday in Ankara, Turkey.