Asian stocks, after initially holding up Thursday morning following the latest U.S.-China trade developments, started sliding as China’s market opened.

China stocks extend the declines of the past week-plus. The Shanghai Composite SHCOMP, -2.00% was off 1.8% and the Shenzhen Composite 399106, -2.40% slid 2.3%. Nearly all sectors were down as anticipation of an escalating trade war builds. Earlier, it was reported that President Donald Trump is seeking 25% tariffs on $200 billion in Chinese imports.

Hong Kong’s Hang Seng Index HSI, -2.22% was led lower by financials and weakness on the mainland, extending a three-day slide. HSBC 0005, -1.89% was faring the worst, down 1.4%, amid broader bank weakness. Meanwhile, a number of mainland developers were lower, some falling more than 1% early. Wynn Macau 1128, -10.02% shares skidded to nine-month lows after parent Wynn’s weaker-than-expected second-quarter report.

Bank and property stocks also continued their recent weakness in Singapore STI, -1.20% . The nation’s No. 1 lender — and the market’s largest firm by market cap — DBS D05, -1.89% was down 2.5% following its second-quarter results, while smaller peer OCBC O39, -2.07% was off 2.2%. Taiwan’s Taiex Y9999, -1.52% fell 0.6%

Japan’s Nikkei NIK, -1.03% slipped 0.4%, pulling back from nearly two-week highs on Wednesday. Weak earnings weighed the stocks of industrial giants Kobe Steel 5406, -9.60% and Furukawa Electric Co. 5801, -9.99% . Banking stocks, however, gained following a rise in the central bank’s 10-year bond. Mitsubishi UFJ 8306, -0.50% and Mizuho Financial Group 8411, +0.00% were up around 1%.

South Korea’s Kospi SEU, -1.60% was now down 0.7% and Taiwan’s Taiex Y9999, -1.52% was 0.6% lower.

Australia’s ASX/S&P 200 XJO, -0.55% was down 0.3%, as Rio Tinto RIO, -4.90% fell 3.4% after missing first-quarter earnings expectations, and BHP Billiton BHP, -3.31% slipped 1.8%. New Zealand’s benchmark NZ50GR, -0.12% was slightly in the red.