Asian shares are sharply lower over concerns about the US economy

Asian shares tumbled 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 a potentially toxic mix of worsening inflation and a U.S. economy slowing because households are afraid to spend due to the deepening trade war that has escalated under U.S. President Donald Trump.

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