Global equities fell sharply on Friday after President Donald Trump signed an executive order imposing a baseline 10% tariff on all U.S. trading partners and levies of up to 41% on countries running surpluses with Washington. The order also raised duties on Canadian imports to 35% while granting Mexico a 90-day reprieve to negotiate broader terms. New rates will take effect in seven days. Asian bourses led the sell-off. MSCI’s Asia-Pacific ex-Japan index dropped 1.5%, taking its weekly loss to roughly 2.7%. Seoul’s KOSPI fell as much as 3.7% before closing down 3.3%, while Japan’s Nikkei 225 slipped 0.6% and Hong Kong’s Hang Seng lost more than 1%. Investors in South Korea also contended with a domestic proposal to raise corporate and stock-transaction taxes. Futures pointed to further weakness in the West. Dow Jones Industrial Average contracts were down about 400 points, or close to 1%, with S&P 500 and Nasdaq 100 futures lower by a similar margin. Europe’s Stoxx 600 opened roughly 1% lower, set for its steepest weekly decline since early April. According to the White House statement, India faces a 25% tariff, Taiwan 20%, Thailand 19% and South Korea 15%. The sweeping action reignited worries about global trade and inflation just hours before the release of U.S. July employment data that could sway Federal Reserve policy. Fed-funds futures now assign only a 39% probability to a September rate cut, down from 65% earlier in the week. The stronger dollar—up 1.5% this week—added to risk aversion, while two-year Treasury yields eased to 3.94%. Brent crude slipped to $71.46 a barrel and spot gold inched up to $3,294 an ounce as traders sought havens amid the renewed trade tension.