A primary goal of President Donald Trump's economic and trade policies is to encourage more manufacturing in the U.S. by both domestic and foreign companies, and he just scored another major win in that regard on Monday.

South Korean automaker Hyundai announced that it plans to invest upwards of $21 billion in the U.S. over the next few years, which will include $5.8 billion to construct a new steel manufacturing plant in Louisiana, Breitbart reported.

That steel will be used to produce the company's vehicles at its multiple manufacturing plants in the U.S. and help the company avoid having to pay Trump's heightened tariffs on imported steel and automobiles.

Hyundai to open new steel, auto manufacturing plants in U.S.

CNBC reported that Hyundai Chairman Euisun Chung joined President Trump and Republican Louisiana Gov. Jeff Landry at the White House on Monday to announce the investment of around $21 billion to increase its manufacturing capacity and capabilities in the U.S.

Approximately $5.8 billion of that total investment will go toward the construction of an advanced steel manufacturing plant in Louisiana, which is expected to create up to 1,400 new jobs in the state.

The steel produced at that new plant will be shipped to Hyundai's auto manufacturing plants in Alabama and Georgia, and the investment plan calls for the eventual addition of a third manufacturing plant in Georgia to produce more of its vehicles in the U.S.

Hyundai aims to avoid paying Trump's tariffs

This is actually Hyundai's second major investment in U.S. manufacturing since President Trump was elected in November, as Axios reported in mid-January, about a week before Trump was sworn in, that the South Korean automaker announced a $13 billion investment that it hoped would help it avoid having to pay the tariffs that Trump had threatened to impose after taking office.

"We decided to invest big time in America as the most important market," Hyundai CEO Jose Munoz told the outlet at the time. "So the best way for us to navigate tariffs is to increase localization."

"But the number one best solution is the commitment to the market and the investment here," he added. "We are going to have much more (production) capacity in the United States than we've ever had."

Hyundai's plan to avoid President Trump's tariffs by increasing its production in the U.S. appears to have been a wise move, as Breitbart noted that Trump himself confirmed that the South Korean company won't be subject to his elevated duties on imported steel and automobiles.

Trump said at Monday's White House event that the foreign automaker's investment was "a clear demonstration that tariffs very strongly work," and further stated, "Hyundai will be producing steel in America and making its cars in America, and as a result, they’ll not have to pay any tariffs."

Dozens of companies are investing trillions in U.S. manufacturing

According to the White House, Hyundai is just the latest foreign auto manufacturer to announce plans to shift production to the U.S., as they join the likes of Honda, Nissan, Rolls-Royce, Stellantis, Volkswagen, and Volvo.

Nor is it just foreign automakers making the move either, as the White House release also listed more than two dozen other domestic and foreign companies in a variety of sectors who've all collectively pledged trillions of dollars in investments to launch new or expand existing manufacturing capabilities in the U.S.

Per the White House, these dozens of investments in U.S. manufacturing over the past couple of months are "further proof that President Trump’s economic agenda is working."