Elsewhere, the Kospi dropped 0.96 percent as South Korean exporters took a hit amid broad-based declines. Hyundai Motor declined 0.81 percent and tech heavyweight Samsung Electronics dropped 1.3 percent.

Over in Australia, the S&P/ASX 200 shed 0.22 percent as losses in energy, materials and financials were slightly offset by gains in the consumer sector.

U.S. stock index futures slipped further following the news. The implied open for the Dow Jones Industrial Average futures was more than 180 points lower at of 7:10 p.m. ET. The implied open for the S&P 500 and Nasdaq were also in the red.

The latest news on the trade front comes after the U.S. tariffs on $34 billion in Chinese goods took effect on Friday, a move against which China swiftly retaliated. U.S. President Donald Trump last week said an additional $500 billion could potentially face tariffs.

The risk-sensitive Australian dollar traded at 0.7419, slipping further from the 0.75 handle.

On Tuesday, the Dow rose 0.58 percent, or 143.07 points, to close at 24,919.66 — the index’s fourth consecutive session of gains. The S&P 500 edged up by 0.35 percent to 2,793.84 and the Nasdaq composite finished higher by 0.04 percent at 7,759.20.

The advance on Wall Street came as corporate earnings season rolled around. Analysts polled by FactSet expected S&P 500 second-quarter earnings to have grown by 20 percent.

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