TOKYO/NEW YORK (Reuters) - Asian shares slipped on Wednesday as investor concerns about rising tensions between the United States and China tempered optimism about a re-opening of the world economy.

President Donald Trump said late on Tuesday he is preparing to take action against China this week over its effort to impose national security laws on Hong Kong, but gave no further details.

Hong Kong shares led declines among major regional indexes, with Hang Seng .HSI falling 0.46%, though it kept a bit of distance from a two-month low touched on Monday.

“The S&P 500 looked to be set to close above 3,000 until the late headline that the United States was considering a range of sanctions on Chinese officials and businesses should China go ahead with its legislation regarding Hong Kong,” analysts at the National Australia Bank said in a note.

“The extent of those possible sanctions is uncertain,” the analysts said.

China’s plans to impose national security laws in Hong Kong have triggered the first big street unrest in the Asian financial hub since last year.