US Democratic senators slammed President Donald Trump on Friday (April 4) as a hit on families' hip pockets, after he announced a raft of new tariffs on trading partners around the world on Wednesday (April 2).

Senate Minority Leader Chuck Schumer mocked Trump's decision to impose a 10% tariff on exports to the U.S. from Heard Island, a remote Antarctic territory.

Despite having no human inhabitants, Australia’s distant territory has been caught up in Trump’s broad tariff measures, alongside major global economies—leaving officials puzzled.

Trump also unveiled a hefty 29% tariff on Norfolk Island, a tiny territory with barely any exports about 600 miles off eastern Australia.

Norfolk Island was among dozens of tiny territories which appeared on the same list as China and the European Union as recipients of Trump's highly anticipated tariff regime, even though they do not have a real manufacturing or export industry.

"The tariffs are so poorly planned that he's taxing penguins, not Putin, because the tax is levied on the Heard and McDonald Islands, where only penguins live," Schumer said.

Senator Ron Wyden described today's market as a "bloodbath," adding that U.S. citizens are now terrified when they look at their bank accounts and savings. - report from Reuters