Most stock markets in the Gulf ended lower on Wednesday after the latest round of U.S. tariffs and countermeasures from Canada and China fuelled global trade war concerns.

U.S. President Donald Trump's 25% tariffs on imports from Mexico and Canada took effect on Tuesday, along with new duties on Chinese goods, sparking fears of a trade wars.

In response, China and Canada imposed their own tariffs on various U.S. products, while Mexico announced that it would reveal its countermeasures on Sunday.

Saudi Arabia's benchmark index (.TASI),  eased 0.3%, hit by a 1.3% fall in oil giant Saudi Aramco (2222.SE), , extending losses from the previous session when the firm reported a drop in annual profit and signalled it will slash its dividend payouts by nearly a third this year to $85.4 billion.

The significantly reduced dividends could also result in fewer funds for the kingdom - which directly owns 81.5% of Aramco - and is in a race to complete several large-scale projects and potentially faces a wider budget deficit.

Elsewhere, Dallah Healthcare Company (4004.SE),  slid , despite reporting a rise in annual profit.

Dubai's main share index (.DFMGI),  finished 0.8% lower, weighed down by a 3.7% slide in top lender Emirates NBD (ENBD.DU), , as the bank traded ex-dividend.

Among other losers, blue-chip developer Emaar Properties (EMAR.DU),  lost 1.1% and toll operator Salik (SALIK.DU),  was down 0.6%.

In Abu Dhabi, the index (.FTFADGI),  closed 0.4% lower, with petrochemical firm Borouge (BOROUGE.AD),  tumbling 6%, a day after he announcement of its merger with Borealis to form the world's fourth largest polyolefins firm by production capacity.

The Qatari index (.QSI), , however, gained 0.2%, helped by a 2.1% rise in Qatar Gas Transport (QGTS.QA), .

Outside the Gulf, Egypt's blue-chip index (.EGX30),  added 0.4%, with Commercial International Bank (COMI.CA),  rising 1.6%.