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.

Asia shares are mostly declining as worries grow about President Donald Trump imposing tariffs on key U.S. trading partners

President Donald Trump said Friday that a first round of tariffs on Canada, Mexico, and China will begin on his self-imposed deadline Feb. 1 but that some duties on oil and gas may be limited.

The Indian rupee weakened past 87 per U.S. dollar for the first time on Monday, as Asian currencies slumped after U.S. President Donald Trump imposed tariffs on the country's largest trading partners,

Investors are bracing for a potential trade war that could hit the earnings of major companies and dent global growth. Canada and Mexico have said that they will hit back with retaliatory tariffs while China promised to respond with "corresponding countermeasures" and vowed to challenge Trump's move at the World Trade Organization.

The dollar surged in early Asian trading and stocks were primed for losses after US President Donald Trump carried out his threat to impose general levies of 25% on Canada and Mexico and 10% on Chinese goods from Tuesday,

Asian stock markets slumped on Monday and U.S. equity futures pointed sharply lower after U.S. President Donald Trump's tariffs on Canada, Mexico and China triggered fears of a broad trade war and hit to global growth.