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%

 , Singapore

STI, -0.48%

 , Malaysia

FBMKLCI, -0.26%

  and Indonesia

JAKIDX, +0.18%

  were mixed. Australia’s S&P/ASX 200

XJO, -1.05%

  slipped 1%.

Among individual stocks, SoftBank

9984, -3.04%

  and Mazda Motor

7261, -3.48%

  fell in Tokyo trading, while Fast Retailing

9983, +1.12%

  rose. In Hong Kong, CSPC Pharmaceutical

1093, +4.86%

  gained while Geely Automobile

175, -1.98%

  and Sunny Optical

2382, -0.28%

  fell. Kia Motors

000270, +0.23%

  advanced in South Korea, while Foxconn

2354, +1.12%

  gained in Taiwan. Mining giants BHP

BHP, -1.94%

  and Rio Tinto

RIO, -2.25%

  fell in Australia, and banking stocks, led by Westpac

WBC, -1.64%

 , slid.

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2019-08-20