The stock market plunged Thursday after President Trump signed sweeping tariffs into effect on dozens of countries, completely upending U.S. trade policy.

The aggressive move affects nearly every nation exporting products to the U.S, which Trump has argued will restore the country’s manufacturing economy while making trade relationships fairer and boosting government revenue.

The tariffs, fulfilling a Trump campaign promise, impose a 10-percent base tax on all goods coming into the U.S. But several countries are being hit with steeper taxes, with some as high as 50 percent.

Long-time partners Mexico and Canada are exempted from Wednesday’s announcement as they have already been targeted with 25 percent tariffs since Trump returned to the White House.

In response, countries across the globe have threatened to retaliate while others have made calls for the U.S. to come to the negotiating table. And in Washington, the move has been met with fury from Democrats.

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