GRAINS-Corn, wheat and soybeans fall as impact of US tariffs feared

Updates with prices in European trade, adds new comment, changes dateline

By Naveen Thukral and Michael Hogan

SINGAPORE/HAMBURG, Feb 3 (Reuters) - Chicago corn, wheat and soybeans fell on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, triggering fears of a broader trade war which could also impact agricultural commodities.

Chicago Board of Trade most active corn fell 1.6% to $4.74-1/4 a bushel at 1031 GMT. Wheat Wv1 fell 1.0% to $5.53-3/4 a bushel, soybeans Sv1 fell 0.7% to $10.34-3/4 a bushel.

European shares slid on Monday, joining a worldwide selloff sparked by fears that Trump's tariffs mark an opening salvo in a global trade war that would curb economic growth internationally. MKTS/GLOB

But the dollar surged higher, putting more downward pressure on Chicago markets by making U.S. grains and oilseeds more expensive in export markets. USD/

"We are likely to see retaliatory tariffs on U.S. agriculture products which could distort trade flows," said Dennis Voznesenski, analyst at Commonwealth Bank in Sydney.

"Still, questions remain regarding how long the tariffs will remain for and if exemptions for certain products will come on a case-by-case basis."

Canadian Prime Minister Justin Trudeau said Canada would respond with tariffs and Mexican President Claudia Sheinbaum said she was instructing her economy minister to implement retaliatory tariffs. China's Commerce Ministry did not specify its planned countermeasures.

While Mexico is the biggest importer of U.S. corn, China is the No. 1 market for U.S. soybeans. Mexico, Canada and China import several agricultural goods from the U.S., including wheat.

"Unfortunately, the market fears China especially may well view its large imports of U.S. soybeans and grains as a quick target for retaliation," one German grains trader said. "This is likely to lead to market volatility as U.S. exporters will no doubt seek to sell their products in other markets."