Trump has justified tariffs on goods from Canada, the top U.S. export market, by accusing it of failing to stop the cross-border flow of fentanyl, even though U.S. government data shows Canada accounts for only 1% of the fentanyl that enters the United States.

President Trump on Thursday outlined tariff rates on dozens of trade partners, taking a step toward further reshaping the US trade landscape. Trump signed an order to hike tariffs on Canada to 35%, while he kept a baseline minimum rate of 10% across all partners.

Though the new tariffs are overall lower than the sky-high rates Trump announced in April, which managed the rare trifecta of crashing the stock, bond, and currency markets, his latest moves still rattled global markets.