Donald Trump's 'dire' tariffs set to hit 'the most vulnerable people' the hardest

Donald Trump's sweeping tariffs the most, a European Union (EU) official has warned.

announced staggering import taxes on all goods entering the country from abroad in the biggest global economic shift in decades. Mr Trump imposed a 10 per cent minimum tariff on all imports with many other countries and trading blocs facing far higher taxes on their goods. Import taxes of 20 per cent were levied against the EU, leading to swift condemnation. EU Commission President Ursula von der Leyen said the tariffs were a "major blow to the economy."

"The consequences will be dire for millions of people around the globe," von der Leyen said. Groceries, transport and medicines are set to cost more, she said. "And this is hurting, in particular, the most vulnerable citizens." But she did acknowledge the world trading system had "serious deficiencies" and added the EU was prepared to negotiate with the US.

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Mr Trump announced the measures, which he touted as "Liberation Day." He argued the US had been "looted, pillaged, raped and plundered by nations near and far, both friend and foe alike." The Republican continued: "It's out declaration of economic independence."

Tariffs of at least 10 per cent will begin on April 5 with high duties for targeted nations coming into effect on April 9. Mr Trump said yesterday: "Today we are standing up for the American worker and we are finally putting America first."

But his decision to impose sweeping tariffs on all imports into the US has shocked economic analysts. Olu Sonola, the head of the US economic research at the Fitch Ratings agency, claimed the measures would bring the tariff rate in the US to what it had been in 1910. The reported he added: "Many countries will likely end up in a ."

Shares in the Asia and Pacific stock markets tumbled after opening earlier today. The Nikkei 225, the Japanese stock index, opened 4 per cent down in early trading with Australia's ASX 200 being about 2 per cent lower. Several Republicans have expressed concerns over Mr Trump's tariffs with a handful voting to block his imposition of tariffs on Canada.

In a close 51-48 vote, four Republicans joined Democrats to pass a resolution that would block the tariffs. The move was a clear act of defiance against Mr Trump's economic agenda for the country.

Mr Trump lashed out at the four Republican senators that opposed the tariffs. In a post on his social media platform Truth Social, Mr Trump told the four senators to "get on the Republican bandwagon, for a change, and fight the Democrats wild and flagrant push not to penalize Canada for the sale, into our country, of large amounts of fentanyl.