In a medium saucepan, bring 2 cups of water to a boil.
Once boiling, remove from heat and add the loose black tea or tea bags. Let steep for about 10 minutes.
Strain the tea into a large pitcher to remove the tea leaves or bags.
Stir in the sugar while the tea is still warm, ensuring it dissolves completely.
Allow the tea to cool to room temperature, then refrigerate until chilled (about 1 hour).
To serve, fill a glass with ice cubes and pour the chilled tea over the ice, filling the glass about three-quarters full.
Top with equal parts of evaporated milk and sweetened condensed milk to taste. Stir gently to combine.
If desired, add a star anise or a pinch of crushed cardamom for extra flavor.