Stocks across the globe closed lower Friday after President Donald Trump unveiled his plan for levying tariffs on trading partners, threatening to upend decades of international cooperation.

Switzerland got whacked with a 39% rate, while the tariff on some Canadian goods rose to 35%. And it’s not really over. Trump is expected to unveil separate tariffs on imports of pharmaceuticals, semiconductors, critical minerals and other key industrial products in the coming weeks.

The International Monetary Fund (IMF) has predicted stronger global economic growth than it forecast in April in part due to some US tariffs on goods being softened. A surge in US imports as firms tried to beat impending higher import taxes and actions by some governments to boost growth bumped up its latest forecast.