As Trump tariffs impact markets, the Sensex and Nifty 50 finish lower but outperform their Asian counterparts; pharmaceutical stocks rise.

The Donald Trump administration's announcement on Tuesday of a 26% charge on Indian exports made India one of the least tariffied Asian exporters, thus although Indian markets closed Thursday's session, April 3, lower, they outperformed most of their Asian counterparts.

Trump's decision to remove tariffs on medication imports was a huge relief, and because the pharmaceutical industry is heavily exposed to the U.S. market, domestic stocks surged.

Other industries, like electronics manufacturing services (EMS) and textiles, also attracted attention since analysts think India stands to gain from Trump's comparatively higher tariffs on other Asian countries.

The reciprocal duties, however, have stoked more concerns that the US economy would enter a recession, which has caused technology stocks to decline in today's trading. Pressure has persisted in other industries including metals and automobiles. On Tuesday, U.S. President Donald Trump declared retaliatory duties on 180 nations, including China, the country's largest adversary, and some of its closest allies, including India.

The White House proposed additional greater tariffs on China, Bangladesh, and Vietnam, while imposing a 26% duty on Indian exports.

The White House posted a series of figures on social media showing that China now has a 54% duty on its exports to the U.S., Vietnam has a 46% tariff, Bangladesh has a 37% tariff, and South Korea has a 25% duty.

The global economy is now much more uncertain as a result of Trump's drastic action, which has sparked worries about supply chain interruptions, inflationary pressures, and the possibility of retaliatory tariffs from impacted countries.