"It is no longer hyperbole to say that the dollar's reserve status and broader dominant role is at least somewhat in question," Capital Economics said.

Imposition of new tariffs on nearly every country adds to concerns in Europe and Asia about relying on America.

LVMH, whose billionaire boss Bernard Arnault flew to Washington at the end of March to discuss potential tariffs with Trump, a long-standing acquaintance, kicks off luxury earnings season on Monday. Arnault in January attended Trump’s inauguration and subsequently hailed “a wind of optimism” sweeping through the US.