India’s hopes of being on friendly terms with Trump 2.0 were dashed when the U.S. slapped 50% tariffs on the country. To soften the blow, the Indian government announced sweeping reductions in the goods and services tax in September to boost consumption by making a range of items, including cars, cheaper. But a weaker rupee and a 3% decline in the benchmark Sensex since we last measured fortunes resulted in a 9% erosion in combined wealth to $1 trillion.