The prospect of prices spiking again on the back of tax cuts, import tariffs, and an easing of regulations gave fresh impetus to the dollar, which has rallied since the Republican's election win last week.
Traders are also keeping tabs on bitcoin after it came within a whisker of breaking $90,000 for the first time, though observers are betting on it hitting $100,000 owing to Trump's pro-crypto campaign pledges.
After an initial rally in the wake of the tycoon regaining the White House, Asian markets have pulled back this week as his cabinet begins to emerge.
The naming of known China hawks to key positions has fuelled concerns about another debilitating trade war between the economic superpowers.
That comes as Beijing struggles to kickstart growth at home, unveiling a raft of measures at the end of September but leaving traders disappointed with anything new at a much-anticipated announcement Friday.
Uncertainty about the outlook heading into 2025 was weighing on Asian equities, with Hong Kong, Shanghai, Tokyo, Sydney, Seoul, Singapore, Taipei, Wellington, Manila and Jakarta all in the red.
The selling came after a negative lead from Wall Street, where all three main indexes finished in the red as investors took a breather from a week-long rally to more record highs.
Bitcoin was sitting just above $88,404.
The dollar held gains against its peers, having tapped a one-year high versus the euro, while it was pushing back towards 155 yen.
The greenback has risen as dealers pare bets on Federal Reserve interest rate cuts after Trump's win, with two seen through to June, compared with four forecast before the election, according to Bloomberg.
Focus is now on the release of key US October consumer price data due later in the day, with expectations for a slight uptick from the previous month.
The reading will be pored over for an idea about the central bank's plans for borrowing costs when it meets again in December.
It cut rates 25 basis points last week, having slashed them by 50 points in September, the first since the start of the pandemic.
- Key figures around 0230 GMT -
Tokyo - Nikkei 225: DOWN 1.1 percent at 38,953.44 (break)
Hong Kong - Hang Seng Index: DOWN 1.1 percent at 19,626.71
Shanghai - Composite: DOWN 0.4 percent at 3,409.38
Dollar/yen: UP at 154.68 yen from 154.59 yen on Monday
Euro/dollar: UP at $1.0626 from $1.0625
Pound/dollar: DOWN at $1.2747 from $1.2748
Euro/pound: UP at 83.37 pence from 83.34 pence
West Texas Intermediate: UP 0.1 percent at $68.17 per barrel
Brent North Sea Crude: UP 0.1 percent at $71.94 per barrel
New York - Dow: DOWN 0.9 percent at 43,910.98 (close)
London - FTSE 100: DOWN 1.2 percent at 8,025.77 (close)
dan/fox
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