The UK, European Union and a host of Asian economies are at risk of falling into recession this year after President Trump increased US tariffs to the highest in more than a century.

Economists are ripping up their forecasts for global growth and inflation after the White House hit 60 of its trading partners with import taxes that raise the average tariff rate from 2.5 per cent to 25.1 per cent, according to UBS — the highest since the 1920s.

Economists at Barclays said the UK was facing a growth hit of 1.5 percentage points this year, pushing an already weak economy into recession.

• Trump tariffs latest: Canada, UK and China react to reciprocal levies

Although the UK avoided a high tariff rate —