Chip stocks plunged on Friday. Marvell down over 6%; SOXL down 5%; AMD, Micron down over 3%; Nvidia, SMCI, Intel down over 2%.

U.S. President Donald Trump imposed steep tariffs on exports from dozens of trading partners, including Canada, Brazil, India, ahead of a Friday trade deal deadline, pressing ahead with plans to reorder the global economy.

Trump set rates including a 35% duty on many goods from Canada, 50% for Brazil, 25% for India, and 39% for Switzerland, according to a presidential executive order.

The order listed higher import duty rates of 10% to 41% starting in seven days for 69 trading partners as the 12:01 a.m. EDT (0401 GMT) deadline approached.

Some of them had reached tariff-reducing deals while others had no opportunity to negotiate. Trump included an exception for some goods shipped within the coming week.

Goods from all other countries not listed would face a 10% U.S. import tax. Trump had previously said that rate might be higher. The administration also teased that more trade deals were in the pipeline as it seeks to close trade deficits and boost domestic factories.