Donald Trump lost an auction in 1988 for a 58-key piano used in the classic film Casablanca to a Japanese trading company representing a collector. While he brushed off being outbid, it was a firsthand reminder of Japan's growing wealth, and the following year, Trump went on television to call for a 15 per cent to 20 per cent tax on imports from Japan.

"I believe very strongly in tariffs," Trump, at the time a Manhattan real estate developer with fledgling political instincts, told journalist Diane Sawyer, before criticising Japan, West Germany, Saudi Arabia and South Korea for their trade

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