Japan's Nikkei index was moving down 0.3 percent despite automakers rebounding from recent heavy losses on tariff concerns.
The state-owned China Daily newspaper, in a separate editorial on Wednesday, said US industries and workers could eventually "feel the pain" as Trump's policies were affecting global supply chains. Stocks in Taiwan were lower but Singapore and other Southeast Asian markets were higher.
The euro fell on Wednesday as concern about an escalating trade conflict boosted the dollar and the yen, while the Chinese yuan slumped to a six-month low.
Beijing is monitoring the impact of the proposed strengthening of the Committee on Foreign Investment in the USA, after Treasury Secretary Steven Mnuchin won an internal fight to stave off an even tougher approach to curbing Chinese investment in U.S. technology. Brent crude, used to price global oils, rose 25 cents to $74.98 per barrel in London.
US oil prices slipped slightly after climbing more than 3 percent on Wednesday to reach three-and-a-half year highs, helped by supply disruptions in Libya and Canada as well as government data showing a bigger-than-expected drop in USA crude stockpiles.
Markets remain anxious about Trump's hard line approach to get better trade deals, with early signs his stance may not only be backfiring but also hurting the global economy.
European Commission Vice President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen said: "I am confident that the exchanges we have had with my new counterpart, Liu He, have been useful in paving the way towards a successful EU-China Summit in the economic and trade field".
The move came after United States motorcycle maker Harley-Davidson Inc said earlier this week it would move production for European customers overseas to avoid retaliatory tariffs. "But now they are starting to worry about the damage to the economy", said Mutsumi Kagawa, chief global strategist at Rakuten Securities.
Chinese technology firms, in particular, could be treated unfairly and "become the victims of Trump's trade war", the newspaper said.
The yield on 10-year U.S. Treasuries dropped to 2.827 percent, nearing its May 29 low of 2.759 percent as bond prices.
Historically, the USA economy has tended to enter a recession after the spread had shrunk below zero percent, inverting the yield curve.
The fall in United States bonds yields came despite inflationary pressure stemming from rising oil prices. The contract gained $2.23 to settle at $72.76 per barrel on Wednesday.
A row over migration among the governing coalition partners in Germany would also limit gains for the single currency.
The common currency stood at US$1.1561, edging near an 11-month low of US$1.1508 set a week ago.
CURRENCIES: The dollar edged down to 110.18 yen from 110.20 Japanese yen in late trading Wednesday. The currency pair is on course to post its smallest monthly range in almost fours this month.
Gold prices slipped to a six-month low as the dollar strengthened, making bullion more expensive for buyers using other currencies.