Asian markets pull back after recession fears weigh on Wall Street

Asian markets were mostly lower in early trading Wednesday, after recession worries led to losses on Wall Street.

President Donald Trump on Tuesday admitted that tariffs against Chinese goods may cause economic pain in the U.S., but said his hard line is necessary and will be worth it in the long run. “It’s about time, whether it’s good for our country or bad for our country short-term,” Trump said, adding that he didn’t think the nation was at risk of recession.

Japan’s Nikkei

NIK, -0.39%

fell 0.3% while Hong Kong’s Hang Seng Index

HSI, -0.02%

gave up early gains and was last down 0.3%. The Shanghai Composite

SHCOMP, -0.06%

also slid from session highs, and was last off 0.1%, while the smaller-cap Shenzhen Composite

399106, -0.24%

declined about 0.3%. South Korea’s Kospi

180721, +0.21%

rose 0.2%, and benchmark indexes in Taiwan

Y9999, +0.00%