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.

The details of Trump's next round of import taxes are still sketchy. Most economic analyses say average U.S. families would have to absorb the cost of his tariffs in the form of h

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The two leaders said negotiations will continue this week and agreed to stay in touch in the coming days, according to a Downing Street statement.

Britain expects to be hit by U.S. President Donald Trump's plans to impose global tariffs this week and the government has been preparing for all eventualities, Prime Minister Keir Starmer's spokesman said on Monday.

UK shares fell on Monday after U.S. President Donald Trump signaled that his reciprocal tariffs would cover all countries, intensifying a global trade war.