Antwerp experienced three booms during its golden age: the first based on the pepper market, a second launched by American silver coming from Seville (ending with the bankruptcy of Spain in 1557), and a third boom, after the stabilising Treaty of Cateau-Cambresis in 1559, based on the textiles industry. At the beginning of the 16th century Antwerp accounted for 40% of world trade. The boom-and-bust cycles and inflationary cost-of-living squeezed less-skilled workers. In the century after 1541, the city's economy and population declined dramatically The Portuguese merchants left in 1549, and there was much less trade in English cloth. Numerous financial bankruptcies began around 1557. Amsterdam replaced Antwerp as the major trading center for the region.