Asian and European shares slid on Wednesday, with Japan's Nikkei 225 dipping more than 5%, as the latest set of U.S. tariffs including a massive 104% levy on Chinese imports took effect.

The Nikkei 225 lost 3.9% to 31,714.03. In Hong Kong, the Hang Seng lost 0.4% to 20,041.03, while the Shanghai Composite index reversed early losses, gaining 0.9%. to 3,173.56. Taiwan led losses in Asia, as its Taiex plunged 5.8%.