The reprieve in Asia lasted just a day. Stock markets in the region gave up their gains from a day earlier and mostly fell after President Trump’s tariffs took effect. Here are the highlights:

Japan’s Nikkei 225, which had gained 6% on Tuesday on hopes that Tokyo might be able to carve out a tariff deal with the U.S., closed down 3.9%.

Taiwan’s Taiex finished down 5.8% Wednesday, and has fallen more than 18% this week. U.S. Trade Representative Jamieson Greer said Trump wouldn’t provide exemptions to individual products or companies, damping hopes that Apple’s iPhones might escape tariffs. Taiwanese companies are key manufacturing partners for Apple.

China’s yuan weakened to its lowest level in more than 17 years against the dollar. Shares in Shanghai were slightly higher, lifted by government support.

Policymakers across the Asia-Pacific region are taking action to blunt the effect of the trade war. New Zealand cut interest rates and South Korea announced billions of dollars in support for its auto industry.