The invoking of national security to unravel trade agreements could scramble the international trading system in China’s favor.

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.

The dollar surged on Monday, pushing its Canadian counterpart and Mexican peso to multi-year lows while China's yuan slumped to a record low in offshore trading after U.S. President Donald Trump kicked off a trade war by imposing sweeping tariffs.

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.