Donald Trump’s “Liberation Day” package of tariffs is being interpreted in India in three different ways. The immediate reaction is relief mixed with schadenfreude: At 26%, the tax on India is not the slap on the wrist that diplomats in New Delhi would have hoped for, especially after making concessions to Elon Musk’s Tesla Inc., and Starlink Inc., as well as to Alphabet Inc. and Meta Platforms Inc. But it’s at least less severe than China’s 34% and Vietnam’s 46%.