U.S. President Donald Trump said on Thursday that 25% duties on imports from Canada and Mexico would come into effect on March 4 - not April 2 as he had suggested a day earlier - and said goods from China would be subject to an additional 10% duty.
Oil prices, a key catalyst for the Gulf's financial market - slipped more than 1% to $73.16 a barrel as of 1103 GMT.
Dubai's main market (.DFMGI), opens new tab fell 0.8%, breaking a three-session winning streak, pressured by a 2.5% fall in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 1.9% decrease in state-run utility firm Dubai Electricity and Water (DEWAA.DU), opens new tab.
However, Mashreqbank (MASB.DU), opens new tab, UAE's oldest privately-owned lender, rose 0.8% after its shareholders approved a full-year cash dividend of AED 21.1 per share.
The Dubai index has slipped back since hitting a nearly 11-year high earlier in the month but still notched up a 2.7% gain for February, its ninth consecutive monthly rise.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab shed 0.5%, extending losses to a second session, with top lenders First Abu Dhabi Bank (FAB.AD), opens new tab and Abu Dhabi Commercial Bank (ADCB.AD), opens new tab falling 2.7% and 1.2% respectively.
State-controlled port operator, AD Ports Group (ADPORTS.AD), opens new tab and Pakistan Board Of Investment signed a memorandum of understanding to explore developing an industrial zone near Karachi Port and Port Qasim.
AD Ports' shares closed 2.1% lower.
