Gold edged higher at the open in Asia after President Donald Trump imposed sweeping tariffs on imports from Canada, Mexico and China, threatening trade wars that will spur inflation and damp global growth.

Manufacturers from Asia, Europe and elsewhere have poured billions into North American supply chains that could be hit by new taxes on Mexico, Canada and China.

New trade penalties against Canada, Mexico and China that President Donald Trump plans to impose represent an aggressive early move against America’s three largest trading partners, but at the risk of higher inflation and possible disruptions to the global economy.

US President Donald Trump announces new tariffs on imports from Mexico and China, aiming to protect American workers. Global stock markets tumble, business leaders warn of higher consumer costs, and affected countries retaliate with counter-measures.

Trump risks ‘really damaging impact’ on global economy with tariffs, Cooper warns - If Donald Trump targets the UK, it could retaliate in the form of tariffs targeted at symbolically important US products such as whiskey,