Japanese auto stocks fell sharply after new U.S. tariffs against Mexico, Canada and China raised concerns about their U.S. sales of cars made in the North American trading partners and a further escalation in trade conflicts.

Both Canadian PM Trudeau and Mexican President Sheinbaum said they will bolster border enforcement efforts in response to Trump's demands regarding immigration and drug smuggling.

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.