The fear on trade war is just blown out of proportion and as of this writing everything seems to be settled between Canada and Mexico as these two countries can never afford an economic war with USA. What we should be concerned though is that of China but then this narrative will eventually be a non-issue weeks from now. Remember how China became a power years ago in terms of its influence on the market and then later everything settled down. the market is just looking for factors right now that it can use either to sell or buy more....most of these factors are just perceptions and speculations. In other words, this is just a temporary blip on the horizon.
The fear will really influence and it happens because of the FUD spreading's. The influence of the media is also quite high, sometimes the situation is fine, but there are some media that still exaggerate it, link it to other things, and so on. and this becomes FUD itself for many parties.
Maybe the economic war still exists, and globally, this may happen often, but to what extent or how severe, that varies. Of course, many countries with unstable economic strength and are still developing, will not be as brave as countries that are empowered, well, that's how it is.