MUMBAI: Equities are set to weaken on Thursday in reaction to Trump’s tariff announcement. The GIFT Nifty futures were down 129 points, or 0.52%, at 24,725 at the time of going to print.

“Markets will react negatively,” said Nilesh Shah, MD Kotak Mahindra AMC. “Despite the unpredictable policy making of US, the market was expecting a tariff deal to work out as long-term US-India strategic interests are aligned. Markets will hope for a “TACO” trade if better senses prevail.” TACO stands for Trump Always Chickens Out. Shares of companies in export-oriented sectors could be impacted the most on Thursday.