Japan's Nikkei Index dropped for the second straight day, shedding around 1.5%, while Hong Kong's Hang Seng Index and the Shanghai Composite Index both closed more than 1% lower.
Chinese stocks have now fallen around 6% so far this week.
Wednesday's slide comes on the eve of trade talks in Washington between China and the United States, which have been overshadowed by the Trump administration's renewed threat to hike tariffs.
A delegation led by China's top trade negotiator, Liu He, is heading to the United States for talks on Thursday, just days after President Donald Trump said he would raise tariffs on $200 billion of Chinese exports, starting Friday.
US Trade Representative Robert Lighthizer confirmed Monday that the duty increases would take effect.
Fears of a deeper trade conflict helped push US stocks to their worst one-day drop since January on Tuesday. The Dow closed around 470 points, or 1.8% lower. The S&P 500 dropped 1.7% and the Nasdaq declined 2.0%.
Investors will be paying close attention to developments on Wednesday. US stock futures were up ahead of the opening bell and most European indexes posted small gains in early trade.
2. Lyft earnings: Lyft (LYFT) said Tuesday that it lost $1.1 billion in the first three months of the year, primarily due to stock-based compensation and other expenses connected to its initial public offering.
Excluding those costs, Lyft's net loss for the quarter was $211.5 million, roughly on par with the same period a year earlier. Revenue nearly doubled in the first quarter to $776 million.
It's the first time Lyft has reported earnings since going public at the end of March. The stock is now trading more than 15% below its IPO price.
"Let's not sugarcoat it, Lyft's stock has been a head-scratching train wreck since the IPO," wrote Wedbush analysts Daniel Ives and Ygal Arounian in a report last week.
The performance doesn't bode well for its larger rival Uber (UBER), which is set to debut on the New York Stock Exchange on Friday. Uber is losing even more money than Lyft.
3. SALT conference: SkyBridge Capital's global investment conference kicks off Wednesday in Las Vegas.
Thousands of top investors, corporate executives, politicians, economists, policymakers and journalists attend the event each year.
Speakers on Wednesday include economist Nouriel Roubini and entrepreneurs Mark Cuban and Steve Case. Chris Christie, Susan Rice and John Kelly will represent the political set.
CNN Business will have live coverage from the event.
4. Earnings and economics: Honda Motor (HMC), Madison Square Garden (MSG), New York Times (NYT), Office Depot (ODP), Thomson Reuters (TRI) and Wendy's (WEN) will release earnings before the open.
Fossil (FOSL), Hostess Brands (TWNK), Roku (ROKU), Stamps.com (STMP) and Disney (DIS) will report after the close.
A report on US crude oil inventories is set to be released at 10:30 a.m. ET. US crude oil futures advanced 0.5% after Iran said it would partially withdraw from its landmark nuclear deal.
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