The president’s trade assault, which makes no distinction between ally and adversary, is an assertion of U.S. dominance with significant risks.

A growing number of countries, including American allies, are striking trade deals as the Trump administration erects a higher fence around its global commerce.

Gulf stock markets fell in line with global shares on Monday, as U.S. President Donald Trump's tariffs on Canada, Mexico and China sparked fears of an escalating trade war and its potential impact on global economic growth.