Bitcoin plunged 5.7% after Trump signed an executive order to establish a “Strategic Bitcoin Reserve” without planning any public purchases of the cryptocurrency.

The unit recovered somewhat and was trading down 2.9% at around 3.45am.

Major indices in Asia were in the red despite Trump’s move yesterday to delay some tariffs targeting Canada and Mexico.

The halt – which will last until April 2 – offers temporary relief to automakers.

But Trump has said he will not modify broad tariffs for steel and aluminium imports, which are due to take effect next week.

“Confusion reigns around the Trump Administration policy agenda,” said Chris Weston, head of research at Pepperstone.

Despite the latest tariff pause “the lack of consistency to hold policy firm further limits the visibility US businesses have to position margins and to make strategic planning decisions”, said Weston.

Japan’s Nikkei index dropped more than 1.5% at the open while shares in South Korea and Australia also fell more than 1%.

Chinese markets, which had been riding a wave of stimulus-induced optimism, were mostly flat today.

Chinese stocks jumped after Beijing announced a growth target of around 5% at its annual meeting of the National People’s Congress on Wednesday.

China has vowed to make domestic demand its main economic driver despite facing persistent economic headwinds and an escalating trade war with the US.

Foreign minister Wang Yi warned today that Beijing will “firmly counter” US pressure on trade.

“China-US economic and trade ties are mutual. If you choose to cooperate, you can achieve mutually beneficial and win-win results. If you use only pressure, China will firmly counter,” he said.

Traders were looking ahead to today’s US jobs report for February, a key indicator of economic health.

Weekly jobless claims figures released yesterday were better than expected, while Wednesday’s private payroll report from ADP lagged estimates.