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.

Trump’s move to impose new tariffs has bewildered the United States’ closest allies and trading partners, who have vowed to respond with levies of their own.