The mood on trading floors has soured in recent weeks as the White House presses ahead with its hardball policy approach that has hit friend and foe alike and fuelled recession fears.
Governments around the world have hit out at the announcement, with Canadian Prime Minister Mark Carney saying the “old relationship” of deep economic, security and military ties with Washington “is over”.
Uncertainty over Trump's plans and long-term intentions has led to uncertainty among investors, sparking a rush out of risk assets into safe havens such as gold, which hit a new record high of $3,085.96 Friday.
Equity markets in Asia were mixed on Friday after another down day on Wall Street, with auto firms again taking the brunt.
Also in the red was Nippon Steel after it said it would invest as much as $7 billion to upgrade US Steel if its huge takeover goes ahead. It had initially flagged a $2.7 billion investment.
Tariff worries also saw Hong Kong, Shanghai, Singapore, Taipei, Wellington and Mumbai fall.
Sydney and Manila edged up.
Paris and Frankfurt also opened lower.
“China is firmly committed to advancing reform and opening up,“ Xi told the executives, including hedge fund boss Ray Dalio and Samsung Electronics chief Lee Jae-yong.
US personal consumption expenditures data -- the Federal Reserve's preferred gauge of inflation -- is due to be released later in the day, with traders hoping for an idea about the impact of Trump's policies.
News that the US economy expanded at a slightly faster pace than estimated in the final three months last year did little to stir excitement.
Key figures around 0815 GMT
Hong Kong - Hang Seng Index: DOWN 0.7 percent at 23,426.60 (close)
London - FTSE 100: DOWN 0.2 percent at 8,650.44
Pound/dollar: UP at $1.2952 from $1.2947
Euro/pound: DOWN at 83.34 pence from 83.38 pence
Brent North Sea Crude: DOWN 0.5 percent at $73.70 per barrel
New York - Dow: DOWN 0.4 percent at 42,299.70 (close)
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