Podcast Episode
To mark the end of 2025 and Grand Tamasha's 14th season, Milan reflects on some of hist most impactful conversations with authors and researchers this year, and their books.
Milan Vaishnav
Podcast Episode
Trade Wars: Trump Targets India
Will U.S.-India relations survive U.S. President Donald Trump's trade wars? On this special episode of Grand Tamasha, Milan welcomes back Tanvi Madan and Sadanand Dhume to discuss the United States' historic tariffs on India and their impact on this fragile bilateral relationship.
Published on Aug 12, 2025
Last week, U.S. President Donald Trump issued an executive order slapping India with a 25 percent special tariff due to its purchases of Russian oil. This surprise measure raised the total tariff on Indian exports to the United States to 50 percent—among the highest rates imposed by the United States on any country in the world.
But India is not just “any country.” Over the last quarter-century, it has emerged as one of America’s most valuable strategic partners. Trump’s tariff move has plunged the bilateral relationship into crisis, raising difficult questions about the future of both U.S. and Indian foreign policy.
Grand Tamasha emerged from its summer hiatus for an emergency episode to make sense of these developments and their global ramifications. For this special episode, Milan is joined by Grand Tamasha regulars, Sadanand Dhume of the American Enterprise Institute and the Wall Street Journal and Tanvi Madan of the Brookings Institution.
The trio discuss the drivers behind Trump’s decision, India’s response to the crisis, and the future of India’s policy of “multi-alignment.” Plus, the two discuss the U.S. government’s 180-degree turn on Pakistan and the prospects for an amicable resolution of the U.S.-India trade spat by summer’s end.
Episode notes:
1. Praveen Swami, “Asim Munir’s India nuke threat from US ballroom—‘will take half the world down,’” ThePrint, August 10, 2025.
2. Sadanand Dhume, “India Is Losing Its Best and Brightest,” Wall Street Journal, July 30, 2025.
3. “Tanvi Madan on the geopolitical shifts revealed by the India-Pakistan crisis,” The Economist, May 12, 2025.
4. Ashley J. Tellis, “India’s Great-Power Delusions,” Foreign Affairs (July/August 2025).
5. Nirupama Rao, Dhruva Jaishankar, Lisa Curtis, and Ashley J. Tellis, “What Kind of Great Power Will India Be?” Foreign Affairs (September/October 2025).
6. Milan Vaishnav, “How India Can Placate America,” Foreign Affairs, July 16, 2025.
7. “What Kind of Great Power Will India Become? (with Ashley J. Tellis),” Grand Tamasha, July 2, 2025.
Carnegie does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
More Work from Grand Tamasha
- Grand Tamasha’s Best Books of 2025
- The Quiet Resilience of U.S.–India Defense CooperationPodcast Episode
What is the state of the U.S.-India defense relationship? Sameer Lalwani joins Milan to analyze the success of these two countries' defense ties, even in spite of turmoil in their overarching relationship.
Milan Vaishnav, Sameer Lalwani
- Rewriting India’s Education Story, One Girl at a TimePodcast Episode
CEO of Educate Girls, a leading non-profit in India working to expand girls' education, joins Milan this week to discuss her organization's impactful work and the launch of the first Development Impact Bond.
Milan Vaishnav, Gayatri Nair Lobo
- Beyond the Raj: Recasting the India–UK PartnershipPodcast Episode
Are India-UK relations entering a new era? Their recent signing of a landmark trade agreement may signal a new chapter in the two countries' post-colonial relationship. Avinash Paliwal returns to the show to discuss the evolving India-UK relationship with Milan.
Milan Vaishnav, Avinash Paliwal
- Interpreting the 2025 Bihar VerdictPodcast Episode
Data and political economy editor Roshan Kishore joins Milan on this week's episode to analyze the outcomes of Bihar's assembly elections results, including changing voter behavior and attitudes toward the BJP.
Milan Vaishnav, Roshan Kishore
