Trump said on Tuesday Washington was in the "final throes" of a deal that would defuse the 16-month dispute with Beijing, but reiterated U.S. support for anti-government protesters in Hong Kong, a potential sore point with China.
Despite hints of progress towards an initial deal over the past few days, worries remained as some reports suggested Beijing and Washington were unable to agree on terms of tariff rollbacks.
Given that Trump ruled out a complete tariff rollback, his threat to end the truce without a deal is real, starting with the tariffs due on Dec. 15, according to a note by DBS Group Research.
"Trump will also need to decide by Dec. 2 whether to sign or veto the Hong Kong Human Rights and Democracy Act that has bipartisan support," DBS Group added.
Philippine shares jumped 1.1%, bouncing back from a near seven-week closing low hit on Tuesday.
Conglomerates Ayala Land and DMCI Holdings rose 3.6% and 4.7%, respectively.
Thai shares inched higher, lifted by energy stocks on overnight gains in crude oil prices. PTT Exploration and Production Pcl advanced 2%. [O/R]
On Tuesday, the government rolled out stimulus measures to inject more than 100 billion baht ($3.31 billion) to boost the lagging economy.
Indonesian stocks ticked up after four straight sessions of falls, with index heavyweight Telekomunikasi Indonesia adding 1.6%.
Malaysian equities rose, with power utility Tenaga Nasional gaining 1%.
Vietnam shares climbed 0.5%, while Singapore stocks were little changed.
By Arundhati Dutta