‘Beware the Ides of March’ is a phrase immortalised by William Shakespeare in his classic Julius Caesar. If the Bard of Avon were alive today, he might have said, Beware the Ides of April. A lot has happened in the month of April.

Tariffs, counter-tariffs, retaliatory tariffs, non-tariff barriers, suspension of tariffs, potential supply chain disruptions, inflation, and risk to economic growth—the world is going through it all with consequences unimaginable.

After announcing stiff tariffs, US President Trump has suspended them for 90 days (till early July), but no one knows what’s in store. Of course, there are incipient signs that Trump may soften his stand, especially against China.

The current conditions have turned uncertain, and even somewhat scary. The outlook for the second half of this year is rather hazy at this point in time.

What are the key takeaways from the ongoing tariff tango? The global demand outlook is set to weaken substantially, but not all markets are likely to be affected severely or equally.

Costs for corporates, especially in the US, will move higher due to tariffs on imports. This is likely to create competitive........

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