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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Ian Bremmer sits down with Thomas Wright, Brookings Institution fellow and former Senior Director at the US National Security Council, to unpack the deepening war in Iran and the divergent strategies shaping it.

What are the possible outcomes for the widening conflict in Iran? What began as a dramatic opening strike has evolved into a far more complex war, with Washington, Jerusalem, and Tehran all pursuing different aims. Wright argues this isn’t simply about degrading military capability; it’s about competing endgames that may pull the region in unpredictable directions.

As Wright explains, the United States is hoping for a pragmatic partner inside Iran, while Israel pushes for full regime change. “Trump couldn’t care less if Larijani runs Iran. The Israelis do… They’re going to go full bore for regime change,” he says. At the same time, efforts to fragment the country risk creating “a much bigger problem… a Syria civil war on steroids.”

The conversation also examines how other global players are responding. Europe has been muted, trying to accommodate the US, while China and Russia tread carefully, balancing economic and strategic interests without directly confronting Washington. Wright also discusses domestic implications, including the Pentagon’s evolving relationship with Silicon Valley and how frontier technologies like AI are intersecting with national security concerns.

Looking ahead, Wright outlines both best-and worst-case scenarios — from the emergence of a more legitimate leadership to the specter of fragmentation that could intensify regional instability. With no clear exit ramp in sight, this conversation explores what might come next and why the endgame of this war remains so uncertain.

Host: Ian Bremmer

Guest: Thomas Wright

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While Washington has become more hostile to globalization, Americans continue to buy foreign goods in record numbers. Lincicome notes that economic nationalism is “about an inch deep,” with support collapsing when Americans face higher prices for domestic products.

The conversation also explores the impact of tariffs on businesses and consumers. Lincicome explains that if certain tariffs are ruled illegal, companies could seek refunds totaling up to $175 billion, potentially through litigation rather than administrative action. Krugman emphasizes that while policy debates grab headlines, public perception and midterm politics may ultimately matter more than the details of trade law or corporate strategy.

From the immediate fallout of legal challenges to the broader question of how the U.S. navigates trade and globalization, Bremmer, Lincicome, and Krugman explore the delicate balance between politics, policy, and the economy—and what it could mean for American consumers, businesses, and the upcoming midterms.

Host: Ian Bremmer

Guests: Paul Krugman, Scott Lincicome

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Ian Bremmer sits down with Karim Sadjadpour of the Carnegie Endowment for Peace to examine Iran’s precarious position on the global stage and the forces shaping the country. At the heart of the discussion is the regime’s internal fragility. Sadjadpour explains that many inside Iran, including elements of the Revolutionary Guards, are “waiting for Ayatollah Khamenei to die.”

The conversation also explores Iran’s isolation in the international arena. While 90% of its oil goes to China at deep discounts, Sadjadpour points out that Chinese and Russian interests in Iran diverge sharply. Despite the pressures at home and abroad, Sadjadpour argues that many ordinary Iranians recognize that reconciliation with the United States is essential if the country is ever to realize its enormous potential.

From leadership uncertainty to global isolation, Bremmer and Sadjadpour explore the delicate balance Iran faces today—and the choices that will determine its path forward.

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From sweeping tariffs to threats of military action and withdrawal from international institutions, Trump has demonstrated a willingness to break with the United States' approach to international relations. When the US shifts from global order architect to challenger, what kind of system emerges, and how do other countries react? On the GZERO World Podcast, Ian Bremmer sits down with former US Trade Representative and Council on Foreign Relations President Michael Froman to discuss.

Michael Froman tells Ian Bremmer that under Trump's second term, he’s been less surprised by a single policy shift than by how quickly other countries have adapted to them. As allies hedge and adversaries like China step into new leadership roles, they unpack how the world order is evolving and discuss the most pressing issues.

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As more small businesses move sales, payments, and customer relationships online, they unlock new opportunities, but they also become easier targets for cyber-criminals and other threat actors.

In this episode of Local to global: The power of small business, host JJ Ramberg sits down with Shamina Singh, Founder & President of the Mastercard Center for Inclusive Growth, and Brian Cute, Interim CEO and Director of Capacity & Resilience at the Global Cyber Alliance, to explore what Southeast Asia’s fast-growing digital economy reveals about the cybersecurity challenges facing micro, small and medium-sized businesses everywhere.

Together, they unpack what cyber-risk looks like on the ground, from phishing, ransomware, and malware to low-tech scams like QR-code sticker switching. They also examine why the damage rarely stays local; when a small supplier gets hit, disruptions can cascade through regional networks and even global supply chains.

The good news is that their collaboration in Southeast Asia is also surfacing solutions that the rest of the world can borrow. Singh and Cute share what works, including public-private partnerships that deliver practical toolkits, localized training, and basic cyber hygiene that businesses can adopt, especially as AI-driven fraud and deepfakes make scams harder to spot.

Local to global: The power of small business is a podcast series from GZERO Media’s Blue Circle Studios and Mastercard, exploring why small businesses are poised to play an even bigger role in the future of the global economy.

Host: JJ Ramberg

Guests: Shamina Singh, Brian Cute

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