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

The U.S. dollar's gains were broad, with the euro also dropping to a more than two-year low and the Swiss franc - despite typically acting as a safe haven - sliding to the weakest since May.

Canada and Mexico, the top two U.S. trading partners, immediately vowed retaliatory measures, and China said it would challenge Trump's levies at the World Trade Organization. Reuters