Some thoughts on what is needed for global markets to stabilize. Views welcome. US market have sold off in a unhinged way ! (over 10% in last 2 days) Why ? Because the tariffs imposed were unhinged ! Instead of reciprocal (I do to you what you do to me) they were calculated in a arbitrary manner - based on the total trade imbalance with each country ! And that makes the Trump administration look unhinged. These moves suggest that they want to wipe off deficits meaningfully.. not just tariffs but more structural & non-trade barriers as well.. but eliminating deeply in-built non tariff barriers will take years or may never happen.. so this is just not credible ! basically it has become a credibility issue ! For global markets to stabilize - we need to see credible off ramps for countries with respect to these tariffs. Basically a message or path forward from Trump or his team - which tells other countries - 'you do this & this and we will bring these tariffs lower' So all the market may actually need to stabilize may be a headline away ! And I hope it is sooner rather than later ! #stockmarketcrash# #TrumpTariffs# #Trump# #Nifty# #BankNifty#