India’s manufacturing sector posted a nine-month low in growth on Monday, attributed largely to downward pressure on demand caused by U.S. tariffs.

Monday’s report was a major collapse from solid growth of 8.2 percent in the previous quarter down to 0.4 percent in October, coming in well below economist estimates of 3.1 percent. Manufacturing output was down from 4.8 percent in September to 1.8 percent in October, with comparable drops in mining and energy.

The October numbers were particularly disappointing because the Indian government just implemented a reduction in the Goods and Services Tax (GST) that was intended to boost domestic consumption and offset the effect of U.S. tariffs.

On the bright side, government income from the new tax system was up slightly over

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