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The clock is ticking. At 1:30 AM IST, US President Donald Trump will step into the White House Rose Garden to announce the long-awaited reciprocal tariffs. But if markets were hoping for closure, they’re in for a rude shock—this saga is far from over.The White House has confirmed that Trump will impose new tariffs on Wednesday, without providing details about the size and scope of trade barriers that have businesses, consumers, and investors fretting about an intensifying global trade war.White House spokesperson Karoline Leavitt said reciprocal tariffs on countries that impose duties on US goods would take effect once Trump announces them, while a 25% tariff on auto imports will take effect on April 3.The uncertainty is palpable, and investors know all too well that Trump’s trade maneuvers don’t follow a predictable script. “The element of uncertainty regarding reciprocal tariffs is expected to come down with the tariff declaration today. But considering Trump’s flip-flops on tariffs earlier, the uncertainty is likely to continue beyond today,” warns Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited.Also read | Trump’s tariff gambit: 5 Indian sectors on high alert as April 2 deadline loomsA High-Risk Gamble That’s Already FrayingNigel Green, CEO of global financial advisory firm deVere Group, is blunt in his assessment—Trump’s tariffs are a high-risk experiment that is already unraveling. “While the White House touts the rollout of ‘reciprocal’ tariffs as a bold move to reclaim industrial might, we see them as a high-risk experiment that’s already fraying at the edges.”Green argues that the cracks in the strategy are already visible. “Retaliatory measures are already biting. China has slapped tariffs on American energy and agriculture. The auto industry, a critical US employer and export engine, is now staring down a crisis that will ripple from Detroit to Düsseldorf.”And then there’s the consumer pain. “Inflationary pressure will build, especially with US companies passing import costs on to consumers. We anticipate it won’t take long for the political pain of higher prices to outweigh any perceived geopolitical leverage,” Green explains. “His political instincts, sharp as ever, will tell him when this economic brinkmanship becomes a liability. And it will. The ‘America First’ rhetoric can only carry so far once voters start to feel the squeeze from more expensive cars, food, and consumer goods.”Markets Crave Clarity, But Will They Get It?Trump has made tariffs the cornerstone of his current trade agenda, but Green doesn’t believe it will hold for long. “We believe this cornerstone will soon crack under the weight of its own contradictions. Markets crave clarity, businesses need stability, and consumers demand relief from the very price shocks these policies create. A backpedal is not only likely—it’s almost inevitable.”Reports of on-again, off-again trade actions, month-long tariff delays, and fluctuating definitions of “reciprocity” suggest that the administration itself is still in flux. “This leaves room for recalibration,” says Green, hinting that some of the harsher tariffs might be softened over time.“We believe the 25% tariffs on auto imports, for example, will be among the first to face internal resistance. The car industry’s intricate global web means any sudden spike in costs will reverberate quickly through jobs, prices, and production schedules.”Also read | FIIs yank Rs 10,000 crore from Indian stocks before Trump tariff bomb detonates. Are you prepared?The Real Game Begins NowArvind Sanger of Geosphere Capital Management believes that the biggest question isn’t just what Trump announces—it’s what comes next. “But the questions then become, do others retaliate? Does it become a ratcheting? So, this is game theory now as to what comes next. Is there retaliation? Is there negotiation to bring the tariffs back to normal for both sides? How will this play out?”His warning to markets is clear: expect prolonged uncertainty. “I am somewhat skeptical that we will get an all-clear signal or great clarity that will be known once Trump rolls out his tariffs. So, my assumption is there will be negotiations and there will be adjustments as we go along.”Investors hoping for a clean resolution to the trade uncertainty may be in for disappointment. Trump’s tariffs are just the beginning of another long-winded economic standoff, with retaliation, renegotiations, and potential backpedaling all on the table. The question isn’t just how the markets react tomorrow—it’s how long they’ll have to endure the uncertainty that follows.

HDFC Defence Fund topped the performance chart with 22% return in March, among 554 equity mutual funds in the same period. The next two schemes in the list were based on PSU themes. Invesco India PSU Equity Fund and Aditya Birla SL PSU Equity Fund offered 16.54% and 13.38% returns respectively in March.Out of 554 schemes in the mentioned period, 487 gave positive returns and 30 schemes gave double-digit returns. Around 67 schemes gave negative returns in the same period. <iframe title="Equity Mutual Funds: Top 10 performers in March" aria-label="Bar Chart" id="datawrapper-chart-cnZk9" src="https://et-infographics.indiatimes.com/graphs/cnZk9/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="445" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}))}();</script>Also Read | Technology-based mutual funds lost up to 18% in 2025. Time favourable to allocate more?SBI PSU Fund delivered a return of around 12.80% in March, followed by Bandhan Infrastructure Fund which gave a return of around 12.67% in the said period. SBI Energy Opportunities Fund offered a return of around 12.19% in the mentioned period.Two schemes from HSBC Mutual Fund - HSBC Infrastructure Fund and HSBC Business Cycles Fund - offered 12.09% and 11.96% returns respectively in March. Two schemes from Motilal Oswal Mutual Fund - Motilal Oswal Large & Midcap Fund and Motilal Oswal ELSS Tax Saver Fund - offered 10.58% return each in the same period.DSP India T.I.G.E.R Fund offered 10.20% return in the said period, followed by Bank of India Mfg & Infra Fund which gave 10.04% return in the same period.Two schemes from HDFC Mutual Fund - HDFC Pharma and Healthcare Fund and HDFC Infrastructure Fund - gave 9.27% and 9.26% returns respectively in March. ICICI Pru Infrastructure Fund and SBI Magnum Comma Fund gave 9.08% returns each in the same period.Two large and mid cap funds - Bank of India Large & Mid Cap Equity Fund and Sundaram Large and Mid Cap Fund - gave 8.73% and 8.71% returns respectively in the said period. The second largest mid cap fund based on assets managed - Kotak Emerging Equity Fund - offered a return of around 8.62% in the said period.HSBC Flexi Cap Fund, Quant Mid Cap Fund, and Canara Rob Manufacturing Fund offered a return of 8.37% each in the mentioned period. Kotak Small Cap Fund and Kotak Flexicap Fund gave 8.08% return each in the similar time period.SBI Small Cap Fund and Quant Small Cap Fund gave 6.68% and 6.67% returns respectively in March. ICICI Pru Technology Fund offered the lowest positive return of around 0.26% in March.Also Read | Quant Mutual Fund using cash to cherry pick smallcap stocks in falling marketNegative performersOut of 67 schemes which gave negative returns, seven schemes lost in double-digit in March. Nippon India Taiwan Equity Fund lost the most of around 17.18%, followed by Edelweiss US Technology Equity FOF which lost 14.54% in the same period. <iframe title="Equity Mutual Funds: Double-digit losers in March" aria-label="Bar Chart" id="datawrapper-chart-fNQYi" src="https://et-infographics.indiatimes.com/graphs/fNQYi/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="271" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}))}();</script>Invesco India - Invesco Global Consumer Trends FoF, Mirae Asset S&P 500 Top 50 ETF FoF, and PGIM India Global Equity Opp Fund lost 13.72%, 12.38%, and 11.79% respectively in the said period.Invesco India - Invesco EQQQ NASDAQ-100 ETF FoF and Navi NASDAQ 100 FoF lost 9.82% each in the said period, followed by Aditya Birla SL NASDAQ 100 FOF which lost 9.80% in the same period.Three other Nasdaq benchmarked funds lost between 9.49% to 9.69% in March. Mirae Asset Hang Seng TECH ETF FoF gave a negative return of 7.61% in the mentioned time frame.Mirae Asset NYSE FANG+ETF FoF lost 5.59% in March.Franklin India Technology Fund and Kotak Global Emerging Mkt Fund lost 1.89% each in March. Franklin Asian Equity Fund and Edelweiss ASEAN Equity Off-Shore Fund lost the lowest of around 0.53% and 0.30% in March.We considered all equity mutual fund categories. We considered regular and growth options. We calculated the performance of equity mutual funds from March 1, 2025 to March 31, 2025..Note, the above mentioned exercise is not a recommendation. The exercise was done to find how the equity mutual funds have performed in March 2025. One should not make investment or redemption decisions based on the above exercise.One should always consider risk appetite, investment horizon, and goals before making any investment decisions.