China's Shanghai Composite index slips 0.23%

Asian stocks ended mostly lower on Wednesday despite U.S. President playing down fears of a recession and Ukraine endorsing a U.S. proposal for a 30-day ceasefire with Russia.

Tariff uncertainties kept investors on edge as Trump's increased tariffs on all U.S. steel and aluminum imports took effect and the European Union said it will impose counter tariffs on 26 billion euros ($28 billion) worth of U.S. goods from next month.

Meanwhile, Trump reversed course on a pledge to double tariffs on steel and aluminum from Canada to 50 percent, minutes after the Canadian province of Ontario backed off its plans for a 25 percent surcharge on electricity.

The dollar weakened against its major peers ahead of the release of key U.S. consumer inflation reading later in the day. Gold was marginally lower while oil prices edged higher on dollar weakness.

China's Shanghai Composite index slid 0.23 percent to 3,371.92 after a choppy session. Hong Kong's Hang Seng index fell 0.76 percent to 23,600.31, extending declines for a fourth day.

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