Dear Readers, This is an out of band communication because we felt that the financial news industry was not doing justice to the issue of Tariffs. Below, we deconstruct the worst case and then assess the possible impact. The goods exported from India to the US are roughly $81B, out of which ~$15B is exempt (Pharma, Steel etc.). The 25% tariffs on $66B amount to $16.5B. Indian exports to US can be estimated to have a GDP multiplier of 1.3*. That means a GDP loss of ~$21B. That