US announces a 25 percent tariff on up to $50 billion in Chinese goods to take effect on July 6. In reply, China spells out details to impose tariffs on 545 US exports.
Cancellation of talks between Pyongyang and Seoul breaks from months of easing relations on the peninsula. In energy markets, crude oil prices remained near recent highs amid concerns US sanctions on Iran may restrict exports from a major producer.
Markets in China, Japan, Australia and South Korea all declined while the Japanese yen rose against the dollar as currency traders looked for a safe haven.
After the US rebounded overnight, Asian stocks were mixed as analysts eye algorithm trading outside human control as one key to recent volatility. A spike in yields sparked Friday's rout on Wall Street, much of the selling driven by computers.
Tuesday's wild trading session saw the Dow swing more than 1,100 points from its low to its high and ended with the benchmark S&P 500 tallying its best day since just before President Donald Trump's November 2016 election.
The plunge in stock market comes as investors rush to bonds in expectation of better returns following improvement in jobs data.
The bill slashes taxes for corporations and wealthy taxpayers, revamps how the US taxes multinational companies and creates a tax deduction for the owners of "pass-through" businesses.
Most Asian stock markets were higher Wednesday after US shares rose on encouraging jobs data while worries about North Korea and twin hurricane disasters eased.
The news followed a week heavy with speculation and focus on the White House, with President Trump’s chief strategist Steve Bannon becoming the latest casualty of the administration’s shakeup.
The Dow achieved the milestone as solid earnings and optimism over US President Donald Trump's pro-growth initiatives revitalised a post-election rally.
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