Stock markets mostly fell, the dollar slid and gold hit a record high Wednesday over fears about a trade war between superpowers China and the United States. Tensions between the United States and China have soared in recent days as the world's two largest economies slapped a volley of import tariffs on each other.

The U.S. dollar edged lower on Tuesday as President Donald Trump's tariff threats were interpreted more as a negotiating tactic rather than an end goal, a day after he suspended planned measures against Mexico and Canada.