Rising energy prices, higher inflation, and growing economic uncertainty — a Harvard economist says the fallout from the Iran war is already being felt.

On the GZERO World Podcast, Ian Bremmer sits down with Harvard economist and former IMF Deputy Managing Director Gita Gopinath to unpack how the conflict is rippling through the global economy. As oil and gas prices surge, inflation is climbing, adding new costs for households and businesses and putting pressure on growth worldwide.

Gopinath explains that while the immediate hit to global growth may seem modest, the bigger concern is longer-term “structural damage”—the slow-moving economic shifts caused by trade fragmentation, strained alliances, and geopolitical conflict. They also discuss why the US may be more insulated than other economies, how China is positioning itself for a more fragmented world, and whether the recent boom in AI investment can offset some of the economic drag.

As inflation rises and global economic ties continue to shift, what comes next may matter even more than the immediate shock.

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Ian Bremmer sits down with Ivan Krastev, Chairman of the Centre for Liberal Strategies and political scientist, to discuss Hungary's consequential upcoming election and what it means for the far right globally.

For sixteen years, Viktor Orbán has dominated Hungarian politics, rewriting rules, consolidating power, and positioning himself as Europe's leading nationalist and Donald Trump's closest ally on the continent. But with parliamentary elections approaching on April 12th, his aura of invincibility is finally cracking. Opposition candidate Péter Magyar, a conservative former Orbán insider, is polling ahead by double digits, and the Trump administration is scrambling to help keep its favorite European in office.

Krastev explains what most Americans get wrong about Orbán: that his real economic patron isn't Trump but China. Chinese investment in Hungary now exceeds Chinese investment in Germany and France combined, and Beijing's interest is straightforward: Orbán's willingness to veto any EU anti-China policy. Krastev also breaks down Orbán's ideological roots, arguing he is far closer to Putin than to Trump, anchored in 19th-century Hungarian nationalism and the grief of a nation that lost everything after World War I.

Together, Krastev and Bremmer look ahead to what an Orbán loss would mean for Europe's far-right parties, for EU policy on Ukraine, and for Trump's own political brand. "For President Trump and for President Putin," Krastev says, "Orbán losing is going to be their personal loss." And if Trump's oldest, best-known European ally falls, being backed by Washington may soon be worth far less than it once was.

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Ian Bremmer and Rahm Emanuel discuss the deepening conflict in the Middle East, US foreign policy under Trump, and the upcoming midterms.

Rahm Emanuel argues that this is a war of choice, one President Trump made himself, not one driven by external pressures like Israel’s influence. While the Prime Minister of Israel has long pushed for military action, Emanuel stresses that the responsibility for war ultimately lies with the US president, not foreign actors. He also highlights how America’s fractured political system has complicated decision-making, making it harder for the US to act with a unified voice on the world stage.

Emanuel argues that Trump’s actions have eroded relationships with critical allies, particularly in Europe and the Gulf. “The price of belittling your allies is now coming home to roost,” Emanuel warns, pointing to the growing isolation the US faces at a time when global cooperation is needed most. He also discusses the broader implications of US military deployments in the region and the rising threat of Iran's growing influence.

Emanuel also addresses the internal division within the US, explaining how China is carefully watching America’s internal dysfunction. “Nothing China does scares me,” he says. “It’s what we don’t do here at home that scares me.”"

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