Global stock markets tumble after Wall Street retreat as tariffs loom

The screens showing the Korea Composite Stock Price Index (Kospi), are seen at a foreign exchange dealing room in Seoul, South Korea (Lee Jin-man/AP)

Asian shares tumbled on Monday with benchmarks in Tokyo and Taiwan falling more than 4%, while the price of gold hit a record high at nearly $3,150 an ounce.

Investors have pulled back and sought traditional safe havens like gold as worries build over the deepening trade war that has escalated under US President Donald Trump.