Asian markets mostly fell on Thursday after a volatile session on Wall Street, as investors opted a cautious stance over fresh trade tensions and renewed concerns over US President Donald Trump’s strained ties with Federal Reserve Chair Jerome Powell.Shanghai saw a marginal rise of 0.2% or 0.56 points, reaching 3,504. Shenzhen also jumped 0.77% or 82.27 points, trading at 10,803. Japan’s Nikkei, meanwhile, plunged 0.15% or 60 points, to 39,602. Hong Kong’s HSI slumped to 24,485, shredding 32 points or 0.13%.South Korea’s Kospi also fell to 3,174, losing 11 points or 0.37% at 9:05 AM IST.Traders across the region remained cautious after reports emerged that Trump had floated the idea of sacking Powell during a closed-door meeting with lawmakers. The suggestion briefly shook US markets, raising concerns over the central bank’s independence. While Trump later played down the notion, saying he did not rule anything out but considered it “highly unlikely,” the remarks were enough to send US Treasury yields spiking.All three major US indexes eventually closed in positive territory, with the Nasdaq notching up another record high. Still, the underlying unease lingers.Investors were also grappling with the latest wave of tariff threats from Trump, who has notified dozens of countries of potential duties. Targets include Brazil, Mexico and the EU, with the president demanding trade deals before August 1. Additional levies on copper, semiconductors and pharmaceuticals were also flagged, although a deal was reached with Indonesia earlier this week.Meanwhile in Japan, shares of 7-Eleven’s parent company took a sharp hit in Tokyo trading after its Canadian rival scrapped a near $50 billion takeover bid, ending a protracted battle for the convenience store chain.With trade uncertainty piling on top of political jitters, analysts say markets are likely to remain edgy in the days ahead.