U.S. President Donald Trump's latest wave of steep tariffs on exports from numerous trading partners, including Canada, Brazil, and India, caused global stock markets to tumble on Friday. The new presidential order, effective in seven days, applies higher import duties of 10% to 41% to 69 trading partners.

• The U.S. effective tariff rate is projected to jump to about 18%, a significant increase from 2.3% last year.
• Specific new tariff rates include 35% for Canada, 50% for Brazil, and 25% for India.
• Switzerland's Jean-Philippe Kohl, deputy director of Swissmem, expressed that the tariffs are a "massive shock for the export industry."