Chicago – January 11, 2026
ndia’s richest tycoons, Mukesh Ambani and Gautam Adani, expected Donald Trump’s second presidency to strengthen their fortunes, but worsening US–India relations have instead hurt their interests. Trump, angered by India’s continued imports of Russian oil, doubled tariffs on Indian goods to 50 per cent, directly impacting Reliance Industries, which had earned billions by refining discounted Russian crude. Reliance subsequently halted Russian oil purchases to comply with US sanctions, underscoring the limits of personal ties between Ambani and the Trump family.
Adani, meanwhile, hoped Trump would weaken US anti-corruption enforcement and help resolve bribery cases brought by US authorities. Despite increased lobbying, the cases remain unresolved, and Adani lacks the personal connection with Trump that Ambani has. The episode highlights India’s miscalculation of its strategic importance to Washington and marks a shift toward realpolitik, revealing that business influence and personal relationships cannot override US geopolitical priorities.
