Billionaire Ambani Becomes Collateral Damage in Trump Trade Fury

Back in January, India’s richest man and his wife were in Washington, attending a pre-inauguration dinner thrown for Donald Trump. In a photograph of the event shared by Reliance Industries Ltd., all three beam for the camera.

Seven months on, the US President is locked in a bitter trade skirmish with India, and Reliance boss Mukesh Ambani is caught in the crossfire.

Keen to narrow a trade deficit with India but simultaneously eager to press Vladimir Putin to strike a deal in Ukraine, Trump has homed in on the South Asian nation’s purchases of Russian crude, demanding its ...