The White House has cited the actions of major South Korean firms as evidence that U.S. President Donald Trump’s tariff policy is stimulating foreign investment.

In a press release Monday, the White House mentioned Hyundai Motor, LG Electronics and Samsung Electronics, saying they and other foreign companies are seeking to expand into the U.S. market to reduce potential losses from tariffs.

Previously, global markets tumbled on Monday over fears that Trump’s trade policies could lead the U.S. economy into a recession. 

A White House official downplayed the stock market plunge, saying there is a strong divergence between the “animal spirits” of the stock market and what is unfolding in the business world. 

The official added that the latter is obviously more meaningful than the former as an indicator of what’s in store for the economy in the medium to long term.