Gulf equities ended mixed on Sunday, with stocks drifting in a tight range during a quiet trading session as investors sought clarity after U.S. President Donald Trump escalated his global trade war.

If a 30 percent tariff on Mexico goes into affect on August 1, a wide variety of foods will be more expensive, experts warn.

Investors have so far behaved as if they’re counting on the U.S. president to back down, having seen previous U-turns from his administration.

President Trump on Thursday threatened to impose a 35% tariff on Canadian goods beginning Aug. 1. Mr. Trump's latest salvo came after he also threatened tariffs on a number of other countries earlier in the week,

President Donald Trump on Saturday announced he’s levying tariffs of 30% against the European Union and Mexico starting Aug. 1, a move that could cause massive upheaval between the United States and two of its biggest trade partners.

The president’s supporters portray him as a top dealmaker. But, at least for now, far more trading partners have gotten stiff tariffs than trade deals.

US President Donald Trump’s plans to place hefty import tariffs on copper have already caused a spike in costs for American factories, with New York futures trading 25% higher than other global benchmarks on Tuesday.