The stuttering performance followed a broadly negative day on Tuesday and came despite another record-breaking lead from Wall Street.
While he still has just under two months to go before taking office, Trump signalled Monday that he was ready to reopen his hardball playbook with America's key trading partners if they do not stop illegal immigration and drug smuggling.
The threat to impose the levies on his first day reignited trade war fears at a time when central bankers are fighting to bring inflation under control, with several observers warning prices could begin to spike again.
Investors were also trying to ascertain the ramifications of the decision to name as trade envoy Jamieson Greer, who served as chief of staff to US Trade Representative Robert Lighthizer during the first Trump administration.
"Jamieson played a key role during my First Term in imposing Tariffs on China and others to combat unfair Trade practices," the president-elect said, noting Greer's experience pushing through a trade deal with Mexico and Canada.
National Australia Bank's Rodrigo Catril said: "President Trump is serious about using tariffs as a form of leverage."
Monday's announcements "were linked to drugs and illegal immigration, but we must assume there is another layer of tariffs that should be coming on countries running trade surpluses with the US", he said.
He added that Trump was aiming for a "trade decoupling" and that "the question is whether he wants a mild decoupling or a severe one. Another observation is that we should expect retaliation, implying a negative impact on global trade".
All three main indexes on Wall Street ended on a positive note, with the S&P 500 and Dow hitting record highs.
In Asia, Tokyo fell with Hello Kitty owner Sanrio tumbling more than 14 percent after major shareholders said they would reduce their stake in the firm. It had shed around 17 percent at one point.
There were also losses in Singapore, Seoul, Taipei, Manila and Bangkok, but Hong Kong, Shanghai, Sydney and Wellington rose.
Mumbai was also up, with Adani Enterprises soaring more than 10 percent after it said in statement Wednesday that tycoon founder Gautam Adani and other top officials are "only charged" with securities fraud, wire fraud conspiracy and securities fraud. It denies all the charges.
It said it was "incorrect" to say that either Gautam or his nephew Sagar Adani had been charged with bribery or corruption.
Its subsidiaries including Adani Green and Adani Power also rocketed.
The gains came after the company said earlier in the day that it had lost almost $55 billion in a market rout since the accusations.
London was flat at the open, while Paris and Frankfurt fell.
Minutes from the Federal Reserve's November policy meeting, where it cut interest rates, showed officials would take a gradual approach when considering future reductions as the job market remained solid.
If data comes in about as expected, "it would likely be appropriate to move gradually toward a more neutral stance of policy over time", the minutes said.
While economists had been expecting another cut in December, bets on that have been scaled back in light of Trump's election amid worries his pledges to cut tax and impose tariffs would lead to another spike in prices.
Traders are keenly awaiting the release later Wednesday of the Fed's preferred gauge of inflation as well as figures on jobless claims and economic growth.
That comes as US markets wind down for Thursday's Thanksgiving holiday.
Oil prices edged up slightly. The commodity had fallen around three percent on news that Israel and Hezbollah in Lebanon were close to a ceasefire, cooling geopolitical tensions in the Middle East. The agreement went into effect Wednesday.
Crude was getting support from the prospect of key OPEC+ nations delaying a pick-up in production that was due to begin in January.
Bitcoin was sitting around $93,500, having hit a record Friday and come within a whisker of the $100,000 mark on hopes that Trump will move to ease restrictions on the crypto market.
- Key figures around 0810 GMT -
Tokyo - Nikkei 225: DOWN 0.8 percent at 38,134.97 (close)
Hong Kong - Hang Seng Index: UP 2.3 percent at 19,603.13 (close)
Shanghai - Composite: UP 1.5 percent at 3,309.78 (close)
London - FTSE 100: FLAT at 8,261.87
Euro/dollar: UP at $1.0500 from $1.0482 on Tuesday
Pound/dollar: UP at $1.2593 from $1.2567
Dollar/yen: DOWN at 152.00 yen from 153.06 yen
Euro/pound: DOWN at 83.38 pence from 83.41 pence
West Texas Intermediate: UP 0.4 percent at $69.06 per barrel
Brent North Sea Crude: UP 0.4 percent at $73.12 per barrel
New York - Dow: UP 0.3 percent at 44,860.31 (close)
dan/dhc
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