President Donald Trump signed an executive order Thursday that would have new tariffs on a wide swath of U.S. trading partners to go into effect in seven days — the next step in his trade agenda that will test the global economy and alliances.

It follows similar drops in markets in Europe and Asia after the US president said he was moving forward with the plans.

Canadian Prime Minister Mark Carney said his government was disappointed by Trump’s move to raise the U.S. tariff on goods from America’s northern neighbor to 35% from 25%, effective Friday. Goods transshipped from unspecified other countries face a 40% import duty.