On March 31, Matt Weller, head of global market research at StoneX, emphasized in his latest report that "market aversion to uncertainty" is an ancient motto on Wall Street. The ambiguity of tariff statements has undoubtedly hit risk appetite. "Once the boots land, risky assets and the US dollar may rebound briefly." But he warned that if Trump continues to increase tariffs after April 2, "any rebound in risk assets will be a flash in the pan unless traders are convinced that these economic disruptive policies have been completely over."

And Jed Ellerbroek, portfolio manager at Argent Capital, observed that this tariff uncertainty is driving funds into low-volatility and value stocks, while the weak performance of tech giants over the past few weeks has confirmed the market's defensive mentality. He believes that to reverse this risk aversion, "improving visibility of tariff policies is a necessary prerequisite."