Asian markets are mostly trading lower today, dragged down by a wave of risk-off sentiment following Wall Street’s sharp decline.

Japan’s Nikkei 225 is leading the slump with a steep 4.5 per cent fall, while South Korea’s Kospi, Hong Kong’s Hang Seng, and Australia’s ASX 200 are also in the red.

Mainland China and Taiwan, however, are showing some resilience. The Shanghai Composite is up 0.1 per cent and Taiwan’s Taiex has gained 0.2 per cent, offering a slight contrast to the broader regional downturn.

US president Donald Trump acknowledged potential “transition problems” following his decision to pause some tariffs for 90 days, amid another sharp market drop.

After initially celebrating a market rally, he took a more cautious tone, saying short-term difficulties are expected but long-term outcomes will be positive.

“There will always be transition difficulty – but in history, it was the biggest day in history, the markets. So we’re very, very happy with the way the country is running. We’re trying to get the world to treat us fairly,” Trump said in the Cabinet Room.

He continued: “We think we are in very good shape. We think we are doing very well. Again, there will be a transition cost and transition problems, but in the end, it’s going to be a beautiful thing.”

Donald Trump has claimed that he could make “every deal in one day if I wanted to” – and warned that his higher “reciprocal” tariffs rate could return once the 90-day period ends.

Speaking to reporters following a cabinet meeting, the US president said: “We have to have a deal that we like. We don’t want a deal that’s going to be a bad deal. I could make every deal in one day if I wanted to. I could do this all in one day – I could say: ‘here’s what we’ll do’.”

Asked if the higher tariffs will revert if deals cannot be reached in 90 days, Mr Trump said: “That’s what will happen. If we can’t make the deal that we want to make or have to make, or that’s good for both parties – it’s got to be good for both parties – and then we go back to where we were.”

Pressed on whether he would extend the pause, he replied: “We’ll have to see what happens at that time.”