Asia-Pacific markets opened lower on Wednesday, tracking sharp losses on Wall Street overnight as U.S. President Donald Trump intensified his rhetoric over Greenland, threatening new tariffs on countries that oppose transferring the Danish territory to the United States.

Hong Kong’s Hang Seng index futures stood at 26,341, below the benchmark index’s previous close of 26,487.51.

In Japan, the Nikkei 225 declined 1.28%, while the broader Topix index fell 1.09%. South Korean markets also weakened, with the Kospi down 1.09% and the small-cap Kosdaq sliding 2.2%.

Australia’s S&P/ASX 200 started the session 0.32% lower.

Trump said on Saturday that exports from eight European countries would be subject to a 10% tariff beginning February 1, rising to 25% on June 1 if negotiations fail to secure U.S. control over mineral-rich Greenland.

He also threatened to impose a 200% tariff on French wine and champagne after reports indicated that French President Emmanuel Macron was unwilling to join his proposed “Peace Council.” Trump further criticized the United Kingdom, calling its plan to transfer sovereignty of the Chagos Islands—home to a joint U.K.-U.S. military base—to Mauritius “extremely foolish,” framing the move as further justification for acquiring Greenland on national security grounds.

European leaders have labeled Trump’s latest tariff threats as “unacceptable” and are reportedly considering retaliatory measures. France is said to be urging the European Union to activate its strongest economic defense mechanism, known as the Anti-Coercion Instrument.

Meanwhile, U.S. stock futures edged slightly higher during early Asian trading hours after major benchmarks recorded their steepest declines in three months.

Overnight in the United States, the Dow Jones Industrial Average plunged 870.74 points, or 1.76%, to close at 48,488.59. The S&P 500 fell 2.06% to 6,796.86, while the Nasdaq Composite dropped 2.39% to finish at 22,954.32. It marked the worst session since October for all three major indexes. U.S. Treasury yields surged and the U.S. dollar weakened as Trump’s tariff threats triggered a flight away from U.S. assets.