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She added that manufacturing, electronics and pharmaceutical businesses performed well, and the car making industry also picked up after "its recent poor performance".

There are exemptions for pharmaceuticals and microchips and some other items.

At the moment it’s unclear how much prices will increase on everyday items such as food, clothing and pharmaceuticals — or big ticket items such as furniture, electronics, appliances, vehicles and car parts.

US President Donald Trump says he will soon announce "major" tariffs on imported pharmaceuticals, a move that could end decades of low-cost global trade in medicines.

But few of Trump's discursive asides carried as much weight as the announcement that he planned to levy further tariffs on imported pharmaceuticals.