How have the Indian markets read Trump's tariff threats? Why are they relatively calm? What are they factoring in? And what is the anticipation for the future? How are they reading the US and the fracturing global markets? In this conversation, Hindol Sengupta and Harsh Madhusudan Gupta, Fund Manager, Ionic Asset by Angel One, discuss how markets have absorbed the tariff shocks introduced by the policies of US President Donald Trump, with a special focus on the tapering off of Foreign Direct Investment (FDI) in India. Harsh is a strong proponent of the 'long India' theory which means, simply put, that he is a believer in the long-potential of the Indian growth story. He talks about why the fundamentals of the Indian economy make it an unbeatable site for accessing services talent at the right competitive price. This is a leverage, argues Gupta, against the US, of the same kind that China has in goods. This gives India more policy room to negotiate with the US than is usually argued on Raisina Hill. The anticipation, though, is still that Trump is overplaying his hand and 50% tariffs are unlikely. And globalisation - whose demise is now widely declared - may well prove to be far more resilient than most people imagine. The genie of national competitiveness based on specialisation and outsourcing is not something that any government can stop in any comprehensive way without damaging their own economy tremendously. The conversation also covers how investors are reassessing risks and opportunities in a post-globalization world where conventional trade and investment patterns are being redefined. They delve into the future economic outlook for the United States amid these tariff-induced challenges and examine whether India holds strategic leverage in this evolving geopolitical and economic landscape. They also stress the crucial role of the state in geopolitics, emphasizing that no geopolitical rise is possible without strong state structures. A key highlight is the discussion on how these tariff policies impact India's economic sovereignty, raising questions around energy security, trade autonomy, and the country’s ability to navigate great power competition while asserting its independence in the global order. Chapters 00:00 - 02:37 - Opening 02:38 - 11:54 - How have the markets absorbed the tariff shocks? 11:55 - 24:39 - Tapering off of FDI in India 24:40 - 26:20 - The case of Vietnam 26:21 - 32:20 - How are investors assessing the post-globalisation world? 32:21 - 45:54 - How will the situation pan out for the US? 45:55 - 01:03:24 - Does India have leverage over the US in this situation? 01:03:25 - 01:07:13 - No geopolitical rise without the state #india #us #ustariffs #tariffwar #trade #geopolitics #usa #unitedstates #markets #finance #globalpolitics #globalaffairs

Isabel Hilton points out that the Ganden Phodrang Trust may wish to consider documenting the forthcoming search for the 15th Dalai Lama, using every means at their disposal to empirically demonstrate both respect for tradition and the authenticity of the process. Such a record would be of asset to them should the authenticity of their choice be contested, not least by Beijing. Watch the full interview here - https://www.youtube.com/watch?v=9He6BoPWmr4

Isabel Hilton cautions against underestimating just how seriously China views the succession of His Holiness the 14th Dalai Lama, warning that once the process unfolds Beijing will exert immense pressure. She notes this is likely to become a major episode—not only between China and India, and other nations with Buddhist populations, but also with countries such as the United Kingdom. Watch the full interview here - https://www.youtube.com/watch?v=9He6BoPWmr4

Isabel Hilton notes that, through a careful blend of diplomacy and tact, the 10th Panchen Lama’s Han Chinese widow and their daughter have avoided endorsing Gyaltsen Norbu, Beijing’s appointed 11th Panchen Lama, despite being well integrated into the Beijing elite. Their authenticity as the 10th Panchen Lama’s family has served as their “protection.” Although the marriage was controversial—given that the Gelugpa order, to which both the Dalai and Panchen Lamas belong, requires celibacy—Renji, the daughter, is still received with deep reverence whenever she visits Tibet, a reverence conspicuously absent for Gyaltsen Norbu. Hilton interprets this as a popular, symbolic rejection of the Chinese-appointed 11th Panchen Lama. Watch the full interview here - https://www.youtube.com/watch?v=9He6BoPWmr4

Isabel Hilton describes how the 10th Panchen Lama, once regarded by the Chinese as a “useful” asset in Tibet, gradually emerged as an “opposition” figure—a defender of his people—his transformation triggered by Beijing’s own policies. Watch the full interview here - https://www.youtube.com/watch?v=9He6BoPWmr4

The speaker explains that Mission Sudarshan Chakra, like Israel’s Golden Dome, will act as a shield to protect India’s strategic centers, major cities, military installations, and religious sites. Watch the full interview here - https://www.youtube.com/watch?v=23m1XHoLLoA

The speaker admits India is lagging in space capabilities compared to global powers, stressing the need to advance satellite technologies and counter-space operations to ensure timely threat detection. Watch the full interview here - https://www.youtube.com/watch?v=23m1XHoLLoA

The speaker explains why India needs a multi-layered defense system integrating missiles like Akash, MR-SAMs, S-400, and future systems like KUSHA—to counter evolving threats such as China’s hypersonic weapons, envisioning a “Sudarshan Chakra” for modern warfare. Watch the full interview here - https://www.youtube.com/watch?v=23m1XHoLLoA