REFILE-GLOBAL MARKETS-Stocks slump, dollar soars as Trump tariffs trigger trade war

Corrects to fix typographical errors in first two bullets

By Kevin Buckland

TOKYO, Feb 3 (Reuters) - Asian stock markets slumped on Monday and U.S. equity futures pointed sharply lower after U.S. President Donald Trump's tariffs on Canada, Mexico and China triggered fears of a broad trade war and hit to global growth.

The U.S. dollar shot to a record high against the Chinese yuan in offshore trading, and jumped to the highest since 2003 against Canada's currency and the strongest since 2022 versus Mexico's peso.

Japan's Nikkei share average .N225 tumbled as much as 2.3% in the first minutes of trading, and Australia's benchmark .AXJO - which often functions as a proxy for Chinese markets - also slumped more than 2%.

Hong Kong stocks open later in the day, while mainland markets remain shut until Wednesday for Lunar New Year holidays.

Trump slapped Canada and Mexico with duties of 25% and China with a 10% levy at the weekend, as he had threatened last month, calling the measures necessary to combat illegal immigration and the drug trade.

Canada and Mexico immediately vowed retaliatory measures, and China said it would challenge Trump's levies at the World Trade Organization.

The tariffs, outlined in three executive orders, are due to take effect 12:01 a.m. ET (0501 GMT) on Tuesday.

Trump's move was the first strike in what could usher in a destructive global trade war and drive a surge in U.S. inflation that would "come even faster and be larger than we initially expected," said Paul Ashworth of Capital Economics.

A model gauging the economic impact of Trump's tariff plan from EY chief economist Greg Daco suggests it would reduce U.S. growth by 1.5 percentage points this year, throw Canada and Mexico into recession and usher in "stagflation" at home.

Barclays strategists previously estimated that the tariffs could create a 2.8% drag on S&P 500 company earnings, including the projected fallout from retaliatory measures from the targeted countries.

S&P 500 futures EScv1 slid 1.7%, after a 0.5% retreat for the cash index on Friday, when the White House reiterated Trump's plan to announce tariffs on Saturday. Nasdaq futures NQc1 slumped 2.5%, following Friday's 0.3% loss for the cash index.

The U.S. dollar advanced 0.7% to 7.2552 yuan in the offshore market CNH=D3 early in Asia's morning, having earlier pushed to the record high of 7.3765 yuan. There will be no official onshore trading due to holidays.

The U.S. currency climbed 2.3% to 21.15 Mexican pesos MXN=, crossing the 21-peso line for the first time since July 2022, and rose 1.4% to C$1.4755 CAD=D3, a level not seen since 2003.

The euro EUR= plunged as much as 2.3% to $1.0125 - the lowest level since November 2022 with Europe also potentially in Trump's tariff crosshairs.

Japan's yen JPY=EBS was more resilient, losing 0.2% to 155.53 per dollar.

Cryptocurrency bitcoin BTC= tumbled as much as 5.8% to a three-week low of $96,191.39.

Oil prices rose, with U.S. West Texas Intermediate crude CLc1 up 2.4% at $74.27 a barrel and Brent crude futures LCOc1 adding 1% to $76.40 a barrel.

(Reporting by Kevin BucklandEditing by Shri Navaratnam)

((Kevin.Buckland@thomsonreuters.com;))