The US president seems obsessed with tariffs, as though wielding a magic wand, a single wave of which is all it takes to realize his dream to “make America great again”.

In his latest act of wizardry, the US leader announced his intention to impose a tariff hike on all imported cars, pharmaceuticals and semiconductors, in a bid to reshore jobs and factories from overseas.

During a news conference at his Mar-a-Lago estate in Florida on Tuesday, the US president said that he is planning to enact auto tariffs in the “neighborhood of 25 percent” to encourage companies to shift production from overseas, adding that while a full announcement would come on April 2, the import duties would likely start at 25 percent. He said he would charge the same amount for pharmaceuticals and semiconductors and gradually increase the tariffs over time.

“It will be 25 percent and higher, and it will go very substantially higher over the course of a year,” Trump said. “But we want to give them time to come in because, as you know, when they come into the United States, and they........

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