India Economic Activity Cools After Tariffs, Flash PMIs Show (1)

India’s economic activity cooled in September, after US President Donald Trump’s 50% tariffs took effect, a flash survey by HSBC Holdings Plc showed.

The manufacturing purchasing managers’ index slipped to 58.5 from 59.3 in August, while the services purchasing managers’ index fell to 61.6 from 62.9 last month. That pulled the composite index down to 61.9 compared with 63.2 in August.

The loss of momentum in economic activity may indicate an early sign of growth slowing in Asia’s third largest economy, though the government is sticking to its 6.3%–6.8% forecast for the current year.

Trump doubled tariffs on ...