Global shares slumped on Monday, with benchmarks in Tokyo and Taiwan falling more than 4%, while the price of gold hit a record high, trading at $3,154 an ounce.Investors have pulled back and sought traditional safe havens like gold as worries build over a potentially toxic mix of worsening inflation and a slowing U.

President Donald Trump says new tariffs he is set to announce this week will hit all countries, not just those that have the biggest trade imbalances with the US. The comments come as he prepares to unveil a massive slate of import taxes on Wednesday, in what he has called America's "Liberation Day".

Investment bank Goldman Sachs says there is now a 35 per cent chance of a recession in the US in the next year.