Asian stocks reliant on exports, ranging from Japanese carmakers to Chinese e-commerce firms, nosedived after US President Donald Trump unleashed his first wave of tariffs, signaling the beginning of a new round of global trade war.

Gains in Asian tech companies were broad-based, with stocks in Japan, South Korea and Hong Kong advancing. Semiconductor players Advantest and Lasertec led gains among Japanese tech stocks. In Hong Kong Tencent,

The German and French stock markets were down about 2%, and London's FTSE 100 dropped more 1%, according to the British Broadcasting Corporation. However, the U.S. dollar strengthened on the currency markets as the Canadian dollar plunged to its lowest level since 2003, the BBC also reports.