Asian shares are lower after choppy trading on Wall Street that saw more losses as investors assess President Donald Trump's order imposing new tariffs on 68 countries and the European Union starting in seven days.

Trump’s suspension of “reciprocal” tariffs will end Friday, which means the world could face higher tariffs once again.

"We still believe the most likely outcome is slow growth and firm inflation: Not a recession, but a backdrop where the adverse effects of trade and immigration controls on growth outweigh the boost from deregulation and fiscal largesse," Morgan Stanley strategist Michael Zezas wrote.

In the end, President Donald Trump got exactly what he wanted. The 120 days since Trump’s Rose Garden “Liberation Day” announcement rocked financial markets weren’t exactly pretty. From the Washington to Wall Street and across foreign capitals far and wide,

Donald Trump hit dozens of US trading partners with tariffs while formalising recent deals with others including the UK and EU, as he plunged the global economy into a new era of mercantile competition.