India’s largest shoemaker Farida Group had already staked out the land — a 150-acre plot in southern Tamil Nadu — for a sprawling new export facility. Then came the blow from Washington: President Donald Trump announced he was doubling tariffs on Indian exports to 50%.

The U.S. president argued that Russia, having lost India as its “second largest customer,” was forced back to the table. “India was the second largest, and getting pretty close to China. China is the largest purchaser of Russian oil,