Trump just upended the TACO Trade by signing an executive order with an updated list of tariffs that was tougher than markets were expecting.

President Donald Trump ’s latest tariff moves drew worries from Wall Street as stocks slumped Friday and Treasury yields fell sharply. Trump signed an order the previous night imposing steep tariffs on 66 countries,

In Donald Trump’s first term as president, Japan stood out as an exception in opting not to retaliate against his tariff hikes, as the late Prime Minister Shinzo Abe reckoned it was better to shrug them off in favor of maintaining the broader economic and security relationship.