The Billionaire Fortunes at Risk From Trump’s 50% India Tariffs

For years, India’s wealthiest families thrived in a geopolitical sweet spot.

As China’s economy faltered, global investors poured money into their companies. They benefited as Prime Minister Narendra Modi courted Russian capital for India’s steel industry, and was feted at the White House and Élysée Palace. And the richest of them all, Mukesh Ambani, saw his fortune surge to a record $120 billion last year.

Now, that momentum is under threat. Donald Trump’s 50% tariffs on Indian goods are putting many of the family empires squarely in the crosshairs.

“We’re in the midst of a hornet’s nest right ...