This article analyses US-India strategic relations and the potential role of defence trade. First, it argues that cooperative relations between the two countries are hindered by “competing exceptionalisms” and the lack of a pre-existing model for the relationship. At the same time, bilateral relations are being strengthened by a convergence of interests and increasing societal linkages. Even on issues that have historically divided New Delhi and Washington-such as relations with third countries-there is a more nuanced understanding of differing perspectives in both capitals.