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

After Canada failed to strike a trade deal with Washington, the president raised tariffs on some Canadian exports this week.

U.S. appeals court judges sharply questioned on Thursday whether President Donald Trump's tariffs were justified by the president's emergency powers, as lawyers for states and businesses challenging the measures argued he exceeded his authority.