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President Macron is down but not out
Everybody thinks President Emmanuel Macron is on political life support, but Eurasia Group's Mujtaba Rahman has spent a week in Paris and he thinks Macron has a way out.
I'm standing in front of La Rotonde, which is the restaurant where Emmanuel Macron celebrated his win in 2017. That seems like a really long time ago given the absolute political and fiscal chaos that's engulfed France and Macron's presidency over the course of the last one-plus years. Tomorrow, Emmanuel Macron is going to appoint his fourth prime minister in a year and a bit. And even though we don't know who the identity of that prime minister is, here's why I think it might stick.
Macron came very close to pulling an early election this week. In that focused mind, Macron doesn't want an early election, and really no MPs in Parliament wants an early election, except the far right, because they are France's most popular party and they would win that early election. In combination with the fact Macron is now willing to potentially reverse an increase in the retirement age, there may be enough there for restless MPs to do a deal and put this crisis to bed.
Now, the crisis doesn't just matter for France, it also matters for Europe. France is the Euro area's second-largest economy, it's a G7 country, a nuclear power, and across all the major foreign policy issues of our time, the French have been a leading player. It's about the global role he's playing in the world at a time when the US is withdrawing and there are existential and important questions hanging over the future of Gaza, the future of Ukraine where he has been a leading voice. The outcome of this crisis matters way beyond France's borders. It's also going to have really important implications for the rest of the world.
Spy games and loyalty tests with Senator Mark Warner
It’s been a banner stretch for President Trump: a major strike on Iran’s nuclear sites, a sprawling tax-and-spending bill pushed through Congress, and a growing foreign policy resume. But beneath the surface of all the flag-waving and victory laps, Democrats like Senator Mark Warner are warning that the real story is unfolding in the shadows—inside an increasingly politicized US intelligence community.
In this episode of the GZERO World podcast, Ian Bremmer sits down with the senior Senator from Virginia at his Capitol Hill office for a wide-ranging conversation about what’s breaking inside America’s national security institutions—and what that means for foreign policy decisions from Tehran to Gaza. Warner doesn’t hold back: “We’re in uncharted, dangerous territory. [Intelligence] Analysts are being told to change their conclusions—or lose their jobs.”
The two also dive into the fallout from the US-Israeli strikes on Iran, the fragile push for a Gaza ceasefire, and why Warner sees a largely ignored civil war in Sudan as one of the world’s worst ongoing humanitarian crises—and a rare opportunity for the US to lead.
Subscribe to the GZERO World Podcast on Apple Podcasts, Spotify, Stitcher, or your preferred podcast platform, to receive new episodes as soon as they're publishedMalibu, California, USA: A pickup truck with a President Donald Trump decal and decorated in U.S. Flags drives on Pacific Coast Highway on July 4th in Malibu, California.
Opinion: US in the driver’s seat
Even still, with six months under their belt, US allies and adversaries continue to be confounded by the pace of dynamics coming their way. The influx of volatility is largely treated as an unknown variable to be built into strategic conversations and planning. An imperative to hold space for the “known unknowns” that will require navigation and policy response. The United Kingdom’s 2025 National Security Strategy released in June, for instance, labels this moment “an era of radical uncertainty” with no “stable equilibrium” in sight.
For the US administration, dysregulation is part of the end game. The intention is keeping global stakeholders on their toes, or as the White House calls it, “Keeping America in the Driver’s Seat.”
Security sphere uneasiness
Without a clear sense of what lies ahead, the working global response is to brace for impact, hope the ripples emerging from the US are not directed your way, and when they are, to do the best to ride the waves. In Europe, where the memory of US Vice President JD Vance’s remarks at this year’s Munich Security Conference still brings a shudder, there is a fleeting sense of relief at surviving June’s NATO Summit unscathed. A commitment to invest 5% of annual GDP on core defense requirements and defense- and security-related spending by 2035 feels like a fair price to keep the US engaged. After a decade or so wandering through the wilderness and being chided by successive US presidents about fair dues, European capitals find themselves buoyed by a reenergized NATO alliance.
With the hurdle of the NATO Summit cleared, Europe returns its focus to another summer offensive in Ukraine. Initial optimism that a change in the US administration might provide exit ramps for the war has subsided. Trump’s own promises to bring the war to an end quickly have been frustrated by the realities of an intractable conflict and the limits of relational diplomacy. Amidst an intensifying Russian missile and drone campaign of late, Europe is not sure which messaging from Washington is noise and which is signal. Reporting that the US Defense Department would halt the delivery of air defenses and artillery to Ukraine as part of a stockpile review had a chilling effect. Trump’s subsequent critical comments of Russian President Vladimir Putin at a US Cabinet meeting, alongside plans to sell weapons bound for Ukraine to NATO allies, reduced some of Europe’s anxiety. But each time Europe thinks it is doing a two-step with Trump only to find itself facing radical uncertainty, the known unknowns leave a mark.
A cresting trade tidal wave
Alongside security, the other major wave rippling around the globe this summer is a trade tidal wave. Just under the wire, the Trump administration extended implementation of so-called “reciprocal tariffs” from July 9th to August 1st. According to the White House, the further pause was based on “information and recommendations from senior officials, including information on the status of trade negotiations.” Thus far, a “Liberation Day” target of 90 deals in 90 days has resulted in trade agreements with the UK and Vietnam and a temporary trade truce with China (even as it has imposed new export restrictions on rare earths).
While the Trump team will be privately disappointed by the number of deals achieved to date, it is unlikely to be discouraged. As the world looks to interpret what comes next on trade, global stakeholders would do well to hold firm to a couple of framing principles. The first is that the US administration is ideological on trade, and has positioned these ideals at the center of its current-term ambitions.
The second grounding principle is that the president views himself as dealmaker-in-chief. He prefers to anchor negotiations by naming a price early in the process: in this case the Liberation Day reciprocal tariff rates. The anchoring position may not be where negotiations land, but it has the effect of shifting perspectives and forcing behavioral change. Europe’s 2025 NATO defensive spend commitments provide Trump with proof that this approach (plus patience) works. Likewise, Canadian Prime Minister Mark Carney’s rescission of a digital services tax (DST), disfavored by the US administration, is another data point for Trump’s negotiating strategy. Canada, for its part, is being repaid for its cooperation with a renewed threat of 35% tariffs on US imports.
Given all its levers of power, the US administration has taken to a tariff-letter-writing campaign. South Korea, Brazil, Philippines, Malaysia and a dozen or so others have been the recipients of letters notifying them of US willingness to continue its trading relationship but on new terms. What gets overlooked by too narrow a focus on the latest trade threats, and viral memes suggesting “Trump always chickens out,” is that against the wider perspective the US administration has already succeeded. Whether Brazil is hit with 50% tariffs over Trump’s displeasure with former Brazilian President Jair Bolsonaro’s legal investigations, whether Japan’s government falls over the precariousness that the threatened 25% tariffs have wrought, whether copper imports face 50% duties now and pharmaceuticals 200% in a year’s time or not; trade is at the top of everyone’s priorities.
The Trump administration has set a target of a new Golden Age for the American people. Through adopting an elusive approach to security expectations and defensive support, unsettling the global trade infrastructure, exporting risk, the president makes clear the US will be driving the agenda. Everyone else is sitting in the passenger seat.
Iran was the clear loser of its war with Israel and the US. So, what happens next?
Less than a month after Iran’s stunning defeat in a brief but consequential war with Israel and the United States, Prime Minister Benjamin Netanyahu has emerged politically stronger—at least for now. But as New York Times columnist Thomas Friedman notes to Ian in the latest episode of GZERO World, that boost may be short-lived unless Bibi finds a credible way to resolve the crisis in Gaza. “The people who won this war for Israel...were, for the most part, the very same people who were in the streets of Israel for nine months against Netanyahu and his judicial coup,” he says. That internal contradiction, he argues, is likely to reassert itself as the conflict continues.
Friedman warns that Netanyahu still faces the same three unappealing choices in Gaza: permanent occupation, rule by local warlords, or a phased withdrawal in partnership with an Arab-led peacekeeping force and the Palestinian Authority. If he were to choose door number three, then Bibi would win the next five elections, Friedman says. But doing so would likely require pressure from Washington. With Trump now touting his foreign policy win in Iran, Friedman believes the moment is ripe for the US to push hard for a ceasefire in Gaza.
The conversation also explores the uncertain road ahead for Iran’s leadership. In the wake of military humiliation, Friedman anticipates an internal debate over whether to double down on nuclear ambitions or seek reintegration into the international community. “All real politics in the Middle East happens the morning after the morning after,” he says. As both Israel and Iran attempt to move forward, Friedman suggests the real reckoning—for governments, publics, and the global order—may just be beginning.
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Iran's retaliation shows strategic weakness
In his latest Quick Take, Ian Bremmer unpacks Iran’s carefully calibrated retaliation against the United States after a major American strike on its nuclear program. Tehran launched missiles at a massive US base in Qatar, but warned Washington ahead of time, resulting in no casualties.
“It shows incredible weakness on the part of the Iranian government,” Ian notes, emphasizing the Islamic Republic’s desire to avoid provoking further US escalation.
Ian calls the moment “the biggest foreign policy win for President Trump” so far in his second term, as Iran appears increasingly isolated and risk averse. He also highlights how the regime's top leadership is in hiding, further hampering its ability to coordinate or negotiate.
While the immediate threat of escalation has eased, Ian still warns that “rogue actors” within Iran’s military still pose a risk. For now, though, oil prices are down and the region is holding its breath.
US President Donald Trump is welcomed by Saudi Crown Prince Mohammed Bin Salman in Riyadh, Saudi Arabia, on May 13, 2025.
Dollar diplomacy: Finance is the focus as Trump heads to the Gulf
In his first diplomatic overseas trip since returning to office, Donald Trump is embarking on a four-day tour through a trio of Gulf states with the goal of bringing home over $1 trillion in deals and investment pledges – and a free $400 million plane for good measure.
The US president will visit Saudi Arabia – his first overseas trip of his debut term was also to Riyadh – as well as Qatar and the United Arab Emirates.
Trump scored an early diplomatic win ahead of his visit when Hamas released Israeli-American hostage Edan Alexander on Monday — a move the paramilitary group framed as a gesture of goodwill toward the president. The release — made without any demands — was aimed at showing the US and Israel that Hamas is serious about pursuing another ceasefire and willing to negotiate, per Jonathan Panikoff, director of the Middle East Security Initiative at the Atlantic Council.
“Hamas clearly believes that the US is the only country — and Trump is probably the only person — with sufficient leverage over Netanyahu to compel him to make a deal,” Panikoff said.
Alexander’s release comes as Israel threatens to escalate its military campaign in Gaza, warning it may move toward full occupation of the strip after Trump’s visit to the region, if no new ceasefire agreement is reached.
White House Press Secretary Karoline Leavitt hinted that the trip would involve peace talks, too, saying that Trump still aims for a “prosperous and successful Middle East” where “extremism is defeated in place of commerce and cultural exchanges.”
But the Gaza War isn’t likely to be high on the agenda for Trump. Despite the Gulf’s support for Palestine, the focus is instead on business.
Saudi Crown Prince Mohammed bin Salman has pledged to invest $600 billion in the US over the next four years, which the Trump administration is trying to push up to $1 trillion. The UAE wants to go a step further, committing $1.4 trillion of investment over the next decade, with the majority of the funds going to AI and energy.
While Qatar has not committed to how much it is planning to invest, they’ve set the tone by readying a $400-million gift to the president in the form of a Boeing 747, raising ethics concerns about the US president accepting such a lavish gift from a foreign government.
The meetings are designed to be symbiotic: Gulf nations are opening their sovereign wealth coffers with the expectation of attracting investment from US tech giants — CEOs including Mark Zuckerberg are among those accompanying Trump on the trip. As these countries push to diversify their economies beyond oil, their decade-long investment promises aim to anchor their economic relevance to the US.
“They want it to be a place where the US thinks of trade with the Gulf countries in the same way that we think of trade with Canada, Germany, or Japan,” says Panikoff.
Hidden figures: Even if these investment pledges reach fruition, the Gulf countries would still have a long way to go until they reach the annual foreign direct investment levels from Japan, Canada, and Germany – the three countries which invest the most in the US. In 2023 alone, Japan ploughed $783.3 billion in the US – mostly in the automobile industry – followed by Canada at $749.6 billion, and Germany at $657.8 billion.
And what about Iran? Like Gaza, this isn’t likely to dominate talks. While Trump’s “maximum pressure” campaign once thrilled Gulf monarchies, they are now more skeptical of US security guarantees and more interested in stabilizing ties with Tehran. If Iran comes up on Trump’s trip, it will be behind closed doors.
“[The Gulf states have] gone largely onto plan B when it comes to Iran,” says Panikoff. “And plan B is détente.”
President Donald Trump and Russian President Vladimir Putin shake hands as they meet in Helsinki, Finland, in July 2018.
Trump embraces Russia, attacks Ukraine
The realignment was announced at a meeting in Saudi Arabia between US Secretary of State Marco Rubio and Russian Foreign Minister Sergey Lavrov, which was initially expected to focus on ending the war in Ukraine but ended up being about improving their diplomatic and economic ties. This would end the isolation that Vladimir Putin’s government has endured since he ordered the invasion of Ukraine three years ago.
The meeting – held without the presence of Ukraine or European countries – was a huge win for Putin. The Americans had already signaled that they accepted his terms for talks on ending the war: No NATO membership for Ukraine, no territorial concessions by the Russians, and no US military presence to enforce the peace.
Even as European leaders were scrambling to respond, Trump cranked up the pressure, denouncing Volodymyr Zelensky as a dictator and blaming him for the war. Zelensky replied that Trump is “living in a disinformation space.” Vance denounced him in turn.
Trump’s friends in the Kremlin say Putin and he may meet this month, at which point their plans may be clearer.
Two GOP senators have spoken against Putin, but Trump’s control over his party looks too strong to turn him, which leaves Ukraine in a desperate position, pleading for European help to either keep fighting or enforce a peace that the Americans force on him.
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The rise of a leaderless world: Why 2025 marks a turning point, with Francis Fukuyama
Listen: On the GZERO World Podcast, we’re taking a look at some of the top geopolitical risks of 2025. This looks to be the year that the G-Zero wins. As longtime listeners will know, a G-Zero world is an era when no one power or group of powers is both willing and able to drive a global agenda and maintain international order. We’ve been living with this lack of international leadership for nearly a decade now. But in 2025, the problem will get a lot worse. We are heading back to the law of the jungle. A world where the strongest do what they can while the weakest are condemned to suffer what they must. And the former—whether states, companies, or individuals—can't be trusted to act in the interest of those they have power over. It's not a sustainable trajectory. But it’s the one we’re on. Joining Ian Bremmer to peer into this cloudy crystal ball is renowned Stanford political scientist Francis Fukuyama.
Subscribe to the GZERO World Podcast on Apple Podcasts, Spotify, Stitcher, or your preferred podcast platform, to receive new episodes as soon as they're published.
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