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Three big shocks facing the global economy - Zanny Minton Beddoes
According to The Economist editor-in-chief Zanny Minton Beddoes, 2025 is shaping to be a historic turning point defined by three massive global shocks. “Each of which is big enough for our grandchildren to have a chapter in their history books,” she warns on GZERO World with Ian Bremmer.
The first is geopolitical: the United States, once the architect of the global alliance system, is now actively challenging—and possibly undermining—it. The second is economic: the U.S. has abandoned free trade in favor of escalating tariff wars, threatening the global trading system that has defined the past 80 years. And the third, perhaps most transformative, is technological: the rapid rise of artificial intelligence, which is reshaping industries and economies faster than governments can respond. The combination of these three forces, Beddoes argues, creates massive uncertainty with the potential for severe damage.
While acknowledging that some aspects of the Trump administration’s policies—such as cutting bureaucracy and rationalizing government—may have merit, Beddoes is deeply concerned about its overall trajectory. “I just find the combination of this… bullying, transactional approach, where the view is that your gain must be my loss… fundamentally misguided,” she says. With global institutions struggling to keep pace with these shifts, the question is no longer whether the old order will survive—it’s whether the world can build a new one before chaos takes hold.
Watch full episode: Trump’s trade war: Who really wins?
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
New digital episodes of GZERO World are released every Monday on YouTube. Don't miss an episode: subscribe to GZERO's YouTube channel and turn on notifications (🔔).GZERO World with Ian Bremmer airs on US public television weekly - check local listings.
US travel warnings issued by its closest allies
Ian Bremmer shares his insights on global politics this week on World In :60.
Why are some countries issuing travel advisories for visiting the United States?
You'd call it an abundance of caution, but things are moving very quickly in the US. It's only been two months since Trump has been inaugurated. And many countries, allies of the US, feel that treatment of their citizens will not be aligned with rule of law in the United States. Certainly, worry given, for example, some green card holders facing deportation for what would be considered for an American citizen just exercise of freedom of speech, freedom of organization.
Also, they've seen what's happened with law firms and the chilling impact of Trump going after them if they are engaged in supporting lawsuits against the government. All of those things and a recognition that these are moving fast and getting more challenging quickly, quickly, quickly, is making a whole bunch of American allies issue travel advisories telling their citizens, "You shouldn't be traveling to the US right now." We've already seen a big economic impact of Canada tourism to the United States hurting the US economy. Haven't seen that as much from Europe yet, but I expect that you will. And of course, in terms of people that are applying for green cards and wanting to get jobs in top American corporations or apply to be students at top American universities, I think that's going to have a big impact going forward longer term.
How are the political tensions in Netanyahu's government impacting the war with Hamas?
Well, the fact that the far-right coalition is fully back together because the war has restarted. That's why the far-right party left, and that was because they didn't like the ceasefire and they certainly were opposed to phase two that would've led to the Israelis to do a full pullout of the military from Gaza. Well, now the war has restarted, the Israeli government is talking directly about annexation if the hostages are not all released. And they're doing that with full support of the United States. Big demonstrations in Israel, concerned that Israel is no longer going to be a democracy, especially because the prime minister has now sacked his Attorney General, has sacked the head of the Shin Bet, both unprecedented for Israel since independence. But Netanyahu has full support from his coalition and from the United States. So, he's in a strong position right now.
Will public outcry over the arrest of Istanbul's mayor lead to major political reforms or shifts within the Turkish government?
I don't expect so at all. They are allowing for large demonstrations to continue in Istanbul, even though President Erdogan has said that's illegal, in part because there's a lot of media there. There's a lot of focus there. They clearly want to limit that violence. But they've been cracking down really hard everywhere else in the country, including the capital, Ankara. They've dealt with this sort of thing in the past. The military is fully aligned with Erdogan, and the top is quite politicized. Media, dido, overwhelmingly aligned with the state. So is the judiciary after the failed coup attempt.
So for all of those reasons, I think this is going to be a move from Erdogan towards a more direct autocracy as opposed to a hybrid system. Unfortunate and yet one more place where the Europeans are in trouble. But nonetheless he's been quite useful to a number of other countries around the world in terms of dealing with refugees from Syria. If you're the Europeans, dealing with Turkey on the ground, dealing with Syria on the ground, and stability if you're the United States. And the Gulf States have found him useful as an interlocutor as well on Russia-Ukraine too. So for all of those reasons, very important internationally, very repressive domestically. Two things I expect to continue.
Trump is increasingly hostile to Europe, says Zanny Minton Beddoes
As Trump’s second term unfolds, European leaders are no longer just questioning America’s reliability—they’re beginning to worry that the US is actively hostile. Economist editor-in-chief Zanny Minton Beddoes points to growing frustration across the continent, and it's not just about America's reliability on defense. Trump’s aggressive trade policies, including escalating tariffs on European goods, have compounded the rift. “You have an anger at the United States amongst its allies that is damaging,” Beddoes warns.
But beyond policy, it’s Trump’s approach to foreign relations that is sparking the greatest alarm. Beddoes argues that his White House operates with a “mafia mobster kind of foreign policy,” where allies are strong-armed rather than supported. The result? Europe is starting to hedge its bets, strengthening its own defense industries and reducing economic reliance on the U.S. If Trump continues treating allies like adversaries, they may start acting accordingly.
Watch full episode: Trump’s trade war: Who really wins?
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
New digital episodes of GZERO World are released every Monday on YouTube. Don't miss an episode: subscribe to GZERO's YouTube channel and turn on notifications (🔔).GZERO World with Ian Bremmer airs on US public television weekly - check local listings.
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Is Europe in trouble as the US pulls away?
Ian Bremmer's Quick Take: I want to talk about the transatlantic relationship. The US relationship with Europe. Because of all of the geopolitics in the world, this is the one that I think has been impacted in a permanent and structural way in the first two months of the Trump administration. I wouldn't say that, for example, look at the Middle East and US relations with Israel, the Saudis, the Emiratis, the rest of the Gulf States, frankly, all very comfortable with Trump. If there's a significant change, I would say it's incrementally more engaged, and in terms of worldview than under the Biden administration. Japan, South Korea, Australia, India, you look at Asia relations and certainly Trump and the US on trade worrying them, making them sort of react in a more defensive posture. Seeing how much, how more quickly, they can get something to the US that will lead to trying to diffuse potential conflict there. But not radically different from the way they thought about the United States in 2017 in the first Trump term.
Mexico, Canada, Panama, here you've got countries that are facing very significant challenges from the United States, but also ultimately understand that they have no other options. Now, in Canada, that's a bigger fight because there are elections coming up at the end of April. But after those elections are over, I certainly expect that they will move quickly to try to ensure that ongoing relations are functional and stable. That's already true for the Mexican government with a president who has 85% approval, can do pretty much everything necessary to ensure that US-Mexico relations aren't dramatically impacted by everything Trump is demanding. So that's everywhere else.
But in Europe, that's just not the case. Three different reasons why the Europeans are facing a much more permanent impact. The first is on the trade side, like everybody else, and trade is well within the European Union's competency. They understand that they have leverage. If the Americans are going to hit them with significant tariffs, they're going to hit back with the same numbers. But that doesn't mean it's going to be relatively difficult and take a long time to resolve it, as opposed to places that are much weaker where they just fold quickly to the United States. Okay, fair enough. But still, that's not all that dramatically different from first term. Second point is there's a war going on in Ukraine, and the United States has made it very clear that they want to engage, to re-engage with Putin, who is Europe's principal enemy. And they're going to do that irrespective of how much the Europeans oppose it, and they're not going to take any European input in those conversations.
Trump would like a rapprochement with Russia to include a Ukrainian ceasefire. But if that doesn't happen, he is oriented towards blaming the Ukrainians for it, towards taking Kremlin talking points on Ukraine not really being a country, and then on moving to ensure that US-Russia relations are functional again. All of that is deeply concerning, is existentially concerning, particularly for a bunch of European countries that are on the front lines spending a lot more in defense, not because the Americans are telling them to, but because they're worried about Russia themselves, feel like they have to be more independent. Then finally, because Europe is the supranational political experiment that relies most on common values and rule of law, and the United States under Trump is undoing that component of the US-led order specifically.
I wouldn't necessarily say that about collective security or existing alliances and willingness to provide some sort of defense umbrella, but I would certainly say that in terms of rule of law and territorial integrity. And here, the fact that the United States no longer really cares about territorial integrity, is prepared to tell Denmark, "Hey, you're not a good ally. You're not defending Greenland. We're interested in moving forward ourselves, and we don't care how you've treated us historically. We're going to send our leaders and we're going to cut our own deal inside your territory." That's exactly the way the Germans felt when JD Vance said that he wanted to engage directly with the Alternatives für Deutschland, who the Germans consider to be a neo-Nazi party.
Everything that's core to the Europeans in their statehood and in the EU, the United States under Trump is on the other side of that, and it's increasingly conflictual. It's directly adversarial. And so I would say number one, the Europeans are aware of these problems. Number two, they're taking them late, but nonetheless finally very seriously. And so they understand that the Europeans are going to have to create an independent strategy for their own self-defense, for their national security, for their political stability, for their democracies, and they have to do that outside of the United States. In fact, they have to do that and defend themselves against the United States.
Now that reality doesn't mean they're going to be successful. And indeed, the more summits I see on Ukraine, frankly the less I have been convinced that the Europeans will be able to do enough, quick enough to really help Ukraine dramatically cut a better deal with the Russian Federation that is very uninterested in doing anything that is sustainable for the Ukrainians long term. It makes me worry that the EU longer term is not fit for purpose in an environment where the principle, the most powerful actors don't care about rule of law. The United States, China, and for Europe, Russia right on their borders. So for all of those reasons, I mean, the European markets have gone up recently. European growth expectations have gone up because the Germans and others are planning on spending a lot more, that's short-term. Long-term here. I worry that the Europeans are in an awful lot of trouble. So something we'll be focusing on very closely going forward over the coming weeks and months. I hope you all are well, and I'll talk to you all real soon.
- Trump, Musk sow election interference controversy in India - and Europe ›
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Trump’s trade war: Who really wins?
“Who benefits from this trade war?” That’s the question that Zanny Minton Beddoes rhetorically poses midway through her interview with Ian Bremmer on GZERO World. And it’s the question at the heart of this episode. US President Donald Trump has a simple answer: We do. The rest of the world, though, may beg to differ. So how does Trump’s tit-for-tat tariff war threaten to reshape the global economy? And is it necessarily a bad thing if it does?
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
New digital episodes of GZERO World are released every Monday on YouTube. Don't miss an episode: subscribe to GZERO's YouTube channel and turn on notifications (🔔).GZERO World with Ian Bremmer airs on US public television weekly - check local listings.
The economic waves of Trump 2.0: Insights from The Economist's Zanny Minton Beddoes
Listen: On the GZERO World Podcast with Ian Bremmer, we ask The Economist's editor-in-chief Zanny Minton Beddoes: Did Wall Street get President Trump wrong?
Candidate Trump promised to lower taxes and drastically reduce government regulation. This message resonated as much with Wall Street as it did with Main Street. After surviving, if not thriving, under President Trump's first term in office, the business community no longer feared Trump's unpredictability. They overlooked his fixation on tariffs and his promises of mass deportations.
However, the first months of Trump 2.0 have been a time of economic warfare and market volatility. President Trump slapped tariffs on America's largest trading partners and closest allies and began to make good on a promise to deport millions of illegal immigrants. So where is this all heading, and what does it mean for the rest of the world?
China’s next move
As the Trump administration continues to reshape US foreign policy and retreat from global commitments, does that create an opportunity for China to step in? On GZERO World, Ian Bremmer is joined by Bill Bishop, writer of the Sinocism newsletter, for a wide-ranging conversation on China's political and economic landscape under President Xi Jinping and global ambitions in the wake of Trump 2.0. So far, 2025 is off to a decent start for China—the release of DeepSeek sent tech stocks soaring and Chinese diplomats have cast Beijing as a “steadfast” global partner while the US ramps up criticism of European allies. But China’s economy is still struggling from a property market in crisis, high youth unemployment, and the specter of deflation. So what’s next for the People’s Republic? How strong is Xi's hold on power? Will Beijing benefit from US retrenchment and increasing global uncertainty, or will its domestic issues hold it back?
“One of the big goals of the Chinese over the last several years has been to pry the US and EU apart,” Bishop says, “From Beijing's perspective, Trump has just created more space and opportunity.”
GZERO World with Ian Bremmer, the award-winning weekly global affairs series, airs nationwide on US public television stations (check local listings).
New digital episodes of GZERO World are released every Monday on YouTube. Don't miss an episode: subscribe to GZERO's YouTube channel and turn on notifications (🔔).GZERO World with Ian Bremmer airs on US public television weekly - check local listings.
Will America's global retreat open new doors for Beijing? Insights from Bill Bishop
Listen: In seven short weeks, the Trump administration has completely reshaped US foreign policy and upended trade alliances. Will China benefit from US retrenchment and increasing global uncertainty, or will its struggling economy hold it back? On the GZERO World Podcast, Bill Bishop, a China analyst and author of the Sinocism newsletter, joins Ian Bremmer for a wide-ranging conversation about China—its domestic priorities, global administration, and whether America’s retreat from global commitments is opening new doors for Beijing.
President Xi Jinping has consolidated power and control in China, but its economy is still dealing with sluggish growth, a property market in crisis, and the specter of deflation. Yet Xi is confident he can bring the People’s Republic into a new era, pushing through major structural reforms, working to transition to a more high-tech economy, and ramping up territorial aggression in the South China Sea. So what’s next for the People’s Republic? Can China shake its economic blues? Has the Trump administration's foreign policy approach created new opportunities for Beijing to expand its influence? Bishop and Bremmer break down China's political and economic landscape.
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