US stock markets have tumbled over concerns that President Donald Trump's tariffs on Canada, Mexico and China will lead to a wider trade war and hurt the economy. The S&P 500 index, which tracks 500 of the biggest companies in the US, fell for a second day, ending at its lowest level since November when Trump won the election.

Major stock markets in the Gulf fell in early trade on Wednesday after the latest round of U.S. tariffs and countermeasures from Canada and China stoked fears of a major global trade war.

Asian stock markets rebounded after earlier losses linked to steep declines in US indexes due to Trump’s tariff proposals. US equity-index futures rose as concerns of a government shutdown eased, with gains seen in Japan,