Asian stocks turned in a mixed performance on Monday due to renewed concerns over Trump's potential tariffs and uncertainty over Fed's policy.
The dollar rose against the yen in Asian trading and oil eked out modest gains amid signs of escalating tensions between Russia and Ukraine. Gold rose nearly 1 percent after witnessing a sharp decline last week.
China's Shanghai Composite index ended 0.21 percent lower at 3,323.85, giving up early gains.

Hong Kong's Hang Seng rose 0.77 percent to 19,576.61 after China's securities regulator said it will expand the scope of stock eligible to trade via Stock Connect.

Japanese markets fell sharply as Bank of Japan Governor Kazuo Ueda affirmed that the door remains open to more rate hikes and the central bank is seeking more clarity on U.S. economic policy under the incoming administration of President-elect Donald Trump.

Investors also digested downbeat data showing that Japan's core machinery orders fell for a second consecutive quarter.

The Nikkei average dipped 1.09 percent to 38,220.85 while the broader Topix index settled 0.73 percent lower at 2,691.76.

Pharmaceutical stocks fell the most after Trump nominated vaccine skeptic Robert F Kennedy as the U.S. Secretary for Health and Human Service.

Seoul stocks rallied, with the Kospi average closing up 2.16 percent at 2,469.07. Samsung Electronics jumped 6 percent after the country's biggest firm announced surprise stock buyback plan.

Australian markets ended modestly higher, led by miners and consumer staple stocks.

The benchmark S&P/ASX 200 edged up by 0.18 percent to 8,300.20 while the broader All Ordinaries index rose 0.18 percent to 8,554.40.

Uranium stocks Boss Energy and Deep Yellow surged over 7 percent each after Russia over the weekend banned enriched energy exports to the United States.

Across the Tasman, New Zealand's benchmark S&P/NZX-50 index finished 0.63 percent higher at 12,764.65 after services PMI improved in October.

U.S. stocks fell sharply on Friday and the yield on the 10-year note touched a six-month high as recent economic data on inflation and retail sales coupled with comments from senior Fed officials, including Chair Jerome Powell, weakened the case for a December rate cut by the Federal Reserve.

Data showed earlier in the day that sales at retailers rose solidly in October, suggesting the economy still has plenty of momentum heading into the holiday shopping season.

Another report showing unexpected gains in both import and export prices added to worries about sticky inflation.

The tech-heavy Nasdaq Composite plunged 2.2 percent, the S&P dropped 1.3 percent and the Dow shed 0.7 percent.