Asian stocks advanced on Thursday as U.S. President Donald Trump's sweeping new tariffs take effect against dozens of countries.

In a series of social media posts, President Trump also lauded his tariffs, which went into effect at midnight.

Full agreements have yet to be reached with the U.S.’s three largest trading partners, Canada, China and Mexico; some Canadian imports have been subject to a 35 percent tariff since early August.

The higher tariffs are likely to impact global supply chains and inflation, with Switzerland, South Africa, Brazil and India ...