Most Asian markets fell on Monday as fresh Chinese and US tariffs on goods worth hundreds of billions of dollars kicked in, though Donald Trump reiterated that the two sides were still due to hold talks this month.
Hong Kong was weighed down by another weekend of violence, fuelling worries about possible Chinese intervention in the financial hub, while the unrest has also hit property firms and Macau's casinos.
Washington's latest levies on imports from China took effect on Sunday and were followed by Beijing's retaliation.
The measures are the latest in the long-running trade war between the world's top two economies, which has rattled markets and hit growth across the globe.
Still, Trump said negotiators would meet this month to discuss the issue. "We are talking to China, the meeting is still on," he told reporters.
However, analysts warned there was unlikely to be any end in the near term.
"After a rough August traders should buckle up for more volatility in September," said Neil Wilson, chief market analyst at Markets.com. "Trade and tariffs continue to gnaw away at investor confidence."
"The answer is, not good, to put it bluntly. The economic impact will surely show in Hong Kong data going forward and may temper the mood of equity traders in Asia as the new month begins."
"On the surface, while it is not likely a significant divergence, it's the messaging that Russia is sending that spooks markets. While it could be little more than a tempest in an oil can at this stage, it's worth monitoring nonetheless."