Asian stock markets surged on Tuesday, rebounding from the previous session’s losses despite broadly negative cues from Wall Street overnight. Investor sentiment improved after US President Donald Trump announced a delay in the planned tariffs on Mexico and Canada following successful negotiations with the respective governments.

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.

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.

Markets across Asia staged a relief rally after U.S. President Trump agreed to postpone the start of tariffs on Mexico and Canada by a month, suggesting that a reversal is possible.

Asian shares climbed Tuesday after President Donald Trump said tariffs on Mexico and Canada would be delayed for a month. Stocks across Asia were up Tuesday. The Hang Seng Index in Hong Kong grew 2.10% to 20,