New Delhi, March 13 -- Asian markets reversed initial gains and declined on Thursday, as concerns over the economic impact of US President Donald Trump's trade policies outweighed optimism from cooler US inflation data. Despite overnight gains on Wall Street, investor sentiment in Asia remained cautious.

Overnight, US equity markets closed mostly higher after lower-than-expected inflation data bolstered expectations of a Federal Reserve interest rate cut.

The Dow Jones Industrial Average fell 82.55 points, or 0.20%, to 41,350.93. In contrast, the S&P 500 gained 27.23 points, or 0.49%, closing at 5,599.30, while the Nasdaq Composite rose 212.36 points, or 1.22%, to 17,648.45.

"Whilst the recent inflation data gave some respite to the US...