Equities tumbled on Wednesday after US President Donald Trump ramped up his trade war by hitting China with tariffs of more than 100 percent.

After a brief respite on Tuesday, investors were once again panicking amid fears Trump's latest moves will spark a global recession.

Japan's Nikkei closed down nearly four percent, while South Korea's Kospi fell 1.74 percent.

But Hong Kong stocks bucked the downward trend as reports say Beijing is mulling stimulus measures.

The Hang Seng Index closed up 0.68 percent to close at 20,264.

The Reuters news agency has reported that the nation's top leaders plan to meet as soon as Wednesday to hammer out measures to boost the economy and stabilise capital markets. (Agencies)