Auto shares around the world slumped Monday after US President Donald Trump’s new tariffs threatened to cut into sales from factories in Mexico and Canada.

Asian shares were mostly lower Wednesday as markets mulled the impact of tariffs being imposed by the United States and China. The Hang Seng dropped 0.6% to 20,659.41, while the Shanghai Composite lost 0.

Asian markets stumbled Wednesday and gold hit a new record as investors kept tabs on China and the United States after they exchanged tariffs, sparking fears of another debilitating trade war between the economic superpowers.

Markets across Asia began the day with a relief rally after the U.S. struck last-minute deals with Mexico and Canada to delay tariffs, but the mood took a turn when China hit back with new tariffs on the U.