Asian shares were mostly lower Wednesday as markets mulled the impact of tariffs being imposed by the United States and China. Japan's benchmark Nikkei 225 slipped 0.2% in early trading to 38,727.19.

The German and French stock markets were down about 2%, and London's FTSE 100 dropped more 1%, according to the British Broadcasting Corporation. However, the U.S. dollar strengthened on the currency markets as the Canadian dollar plunged to its lowest level since 2003, the BBC also reports.

Asian shares are mostly higher in muted trading after the U.S. Federal Reserve opted not to cut interest rates for the first time since it began trying to help the economy through lower rates in Septe

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.