The founder of the Uniqlo chain of clothing stores has vowed to close all his outlets in the United States if President Donald Trump continues to insist that companies manufacture in the US or face higher taxes.

In an interview with Japanese media in New York, Tadashi Yanai, chairman of Fast Retailing Co., said Mr Trump's plans to raise import duties will ultimately harm US consumers.

Asked how he would respond to increased taxes, Mr Yanai said: "I would withdraw from the United States.

"We would not be able to make really good products [in the US] at costs that are beneficial to customers", he said. "It would become meaningless to do business in the US market."