Former President Donald Trump on Tuesday was interviewed by Bloomberg at the Economic Club of Chicago, where he once again touted historic tariffs as a way to grow America’s manufacturing sector by making foreign countries foot the bill.

Donald Trump's push for tariffs to boost US manufacturing is fraught with risks, as experts predict increased inflation and higher consumer costs.

Set against the federal government’s $4trn in annual tax revenue, some of Mr Trump’s most attention-grabbing ideas are inexpensive. For instance, exempting tips from taxes would cost about $118bn over the next decade,

They pose a significant threat to the global economy because of how far-reaching they are, the odds of implementation and the potential for widespread retaliation.