Stocks across the globe closed lower Friday after President Donald Trump unveiled his plan for levying tariffs on trading partners, threatening to upend decades of international cooperation.

Switzerland got whacked with a 39% rate, while the tariff on some Canadian goods rose to 35%. And it’s not really over. Trump is expected to unveil separate tariffs on imports of pharmaceuticals, semiconductors, critical minerals and other key industrial products in the coming weeks.

Australia may have avoided the worst of the US tariffs, but it is still likely to impact every household in a few key ways.