President Donald Trump announced last week that he had secured a historic trade agreement with India. The terms, as he described them, were unambiguous: Prime Minister Narendra Modi had committed to cease purchases of Russian oil, and in exchange the United States would reduce tariffs on Indian goods from twenty-five percent to eighteen percent. India would redirect its demand toward American and Venezuelan barrels. Trump cast this as a strategic blow to Vladimir Putin’s war machine, a tariff...

President Donald Trump announced last week that he had secured a historic trade agreement with India. The terms, as he described them, were unambiguous: Prime Minister Narendra Modi had committed to cease purchases of Russian oil, and in exchange the United States would reduce tariffs on Indian goods from twenty-five percent to eighteen percent. India would redirect its demand toward American and Venezuelan barrels. Trump cast this as a strategic blow to Vladimir Putin’s war machine, a tariff...