Central banks in India, Thailand and New Zealand moved to shore up their economies on Wednesday amid fears that global growth will become the biggest casualty in the spiraling trade war between the United States and China.

Monetary authorities in all three countries cut interest rates in a series of unexpected moves that shook currency markets just two days after China allowed the renminbi to weaken, a move that prompted President Trump to label Beijing a currency manipulator.

China’s currency has steadied in the days since it crossed a critical threshold on Monday, but the world’s markets are still uneasy. On Wednesday, stocks on Wall Street tumbled at the open, losing more than 1.5 percent, before recovering to end the day up slightly. The rate cuts signaled that more countries are bracing for tougher weeks and months ahead.

“This is a defensive action by countries seeking to protect themselves from the collateral damage of rising global trade tensions, amid weakening domestic growth,” said Eswar Prasad, former head of the International Monetary Fund’s China division.