Markets are selling off after US President Donald Trump's sweeping tariffs came into effect as investors dash for cash.

Asian stocks mostly decline on Wednesday, taking cues from a negative lead on Wall Street as US President Donald Trump’s new tariffs are set to come into effect later today, also mounting concerns that President Donald Trump’s tariffs could push the economy into a recession and force the Federal Reserve to cut rates further.

In his “Liberation Day” speech, Trump said the tariffs would help bring manufacturing back to the US and boost tax revenues. Here’s what’s happened since:

Wall Street surged after U.S. President Donald Trump announced a 90-day pause in tariffs unveiled last week that roiled markets and erased trillions of dollars from global stock markets.

Beijing announced a new round of 50 percent tariffs in response to President Trump’s latest levies as the trade conflict between the superpowers escalates.

Treasury Secretary Scott Bessent on April 9 expanded on President Donald Trump’s announcement that the U.S. would pause and lower tariff rates for most countries while raising those on China 125 percent.

President Trump’s tariffs take effect.

U.S. Federal Reserve policymakers were nearly unanimous at their meeting last month that the U.S. economy faced risks of simultaneously higher inflation and slower growth, with some policymakers noting that "difficult tradeoffs" could lie ahead for the central bank,

British stocks ended lower on Wednesday, dragged by heavyweight pharmaceutical stocks, while markets remained focused on tariff escalations between the U.S. and China.