India’s run of trade growth hit 23 months in July after a 23% expansion on a year earlier in imports and exports. Imports were the main driver (29% growth) as a result of a 57% surge in energy purchases. With a 26% rise in electronics and 31% in electrical machinery it’s clear that “Make in India” tariffs are not yet having an effect, though that doesn’t appear to be stopping the government from expanding their coverage. Export expansion is at risk. Excluding energy the increase was 14% from 18% a month earlier due to a slump in pharmaceuticals to 2% from 31%. With the U.S., which acc...