Asian shares were trading mixed Wednesday as markets mulled the impact of tariffs being imposed by the United States and China. The Hang Seng dropped 1.2% to 20,543.93, while the Shanghai Composite lost 0.

Stock markets in Asia and Europe slumped Monday after Donald Trump slapped tariffs on Canada, Mexico and China, sparking fears over another bruising ‘America First’ trade war that could hit global economic growth.

Among the S&P 500, 91% of stocks showed early declines following President Trump’s announcements of tariffs against Canada, Mexico and China.

Stock market returns under presidential administrations are more correlation than causation, regardless of what political pundits say.

Wall Street was mixed in light trading early Tuesday as anxiety dissipated somewhat after President Donald Trump agreed to a 30-day pause on his tariff threats against Mexico and Canada. Trump's imposed tariffs on China remained in place.

GM, Ford and Stellantis stock plunged in initial trading Monday in light of a pending trade war. But Wall Street showed some resiliency later.

Investors braced for a potential trade war after President Donald Trump imposed tariffs on goods from Canada, Mexico and China and pledged future tariffs on the European Union.