Asian shares are trading mostly lower as markets mull the impact of tariffs being imposed by the United States and China.

The first attempt by the NY Fed was canceled because of "technical difficulties." Minutes later, the NY Fed successfully injected $53 billion into the system. The NY Fed announced plans late Tuesday to hold another repurchase agreement operation on Wednesday that would aim to repurchase up to an additional $75 billion. The surge continued Tuesday, with the overnight rate hitting a high of 10% before the NY Fed stepped in. No matter the cause, more Fed action may be needed, including additional temporary NY Fed operations.