Trump threatens 25% tariffs on foreign cars and semiconductor chips

White House has raised threat of levies as a means to bolster US economy, ignoring warnings trade wars could derail it

Donald Trump stood firm against warnings that his threatened trade war risks derailing the US economy, claiming his administration could hit foreign cars with tariffs of around 25% within weeks.

Semiconductor chips and drugs are set to face higher duties, Trump told reporters at a news conference on Tuesday.