Asian markets fell on Thursday as investors took a step back following recent gains after Donald Trump's tax reform bill finally passed through Congress, giving him a much-needed legislative victory.

Equities have rallied this year on expectations the president's promised cuts would fire the already strong economy, and those gains increased over the past week as it became clear that months of bargaining would see them eventually pushed through.

Trump proclaimed "we are making America great again" to Republican lawmakers at the White House after their victory.

However, with the uncertainty out of the way traders decided to cash in.

"President Trump finally has a piece of legislation passed. There has already been a lot of optimism priced in," said Shane Chanel, equities and derivatives adviser at ASR Wealth Advisers.