In Japan, futures pointed to a sharp fall for Japanese equities at the open. Nikkei futures traded in Chicago were down 2.71 percent at 21,135 compared to the benchmark’s last close. Osaka futures were lower by 2.51 percent at 21,180.

Down Under, the S&P/ASX 200 edged down by 0.38 percent in early trade.

On the earnings front, Hong Kong’s Sun Art Retail Group is among the companies in the region expected to report.

Steel and aluminum stocks in Asia will be in focus following Trump’s tariff announcement. Some of the largest listed steel producers in the region include South Korea’s Posco and Japan’s Nippon Steel.

In currencies, the dollar index, which tracks the greenback against its rivals, traded at 90.243 at 6:54 a.m. HK/SIN, off a high of 90.932 touched earlier in the overnight session.

Against the safe haven yen, the dollar slid to trade at 106.09. That compared with levels around the 106.7 handle.

Meanwhile, oil prices extended losses. U.S. West Texas Intermediate lost 1.1 percent to settle at $60.99 per barrel and Brent crude futures fell 1.4 percent to settle at $63.83.