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

President Donald Trump said the sweeping tariffs that he has imposed on Mexico, Canada and China may cause "short term" pain for Americans as global markets reflected concerns the levies could undermine growth and reignite inflation.

Canada’s prime minister and Mexico’s president have ordered retaliatory tariffs against Americans, following through with their threats after U.S.