Trump just upended the TACO Trade by signing an executive order with an updated list of tariffs that was tougher than markets were expecting.

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.

Apple is facing high tariff costs in the current quarter, projected to reach a whopping $1.1 billion. The company's CEO Tim Cook shared the projections, based on current rates and policies, with investors during an earnings call on Thursday.