Why It Matters

The war in Ukraine is redefining modern conflict and what it takes to win a war. Ushering in a new era of mass warfare and blurring the idea of a front line, millions of low-cost drones are swarming the battlefield—striking, sensing, and reshaping the nature of combat in real time. In this episode, we explore how innovation under fire is transforming power and forcing nations to rethink strategy and military capacity. Guests Michael C. Horowitz (Senior Fellow for Technology and Innovation, CFR) Erin D. Dumbacher (Stanton Nuclear Security Senior Fellow, CFR) Why It Matters is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the host and guests, not of the Council, which takes no institutional positions on matters of policy.

As 2025 draws to a close, U.S. foreign policy stands at an inflection point. Under the second Trump administration, traditional alliances have been tested, a hard-edged national security strategy has been rolled out, and for the first time, CFR’s annual Preventive Priorities Survey has ranked a military conflict with Venezuela as a top threat facing the U.S. in 2026. Whether these and other flashpoints erupt next year will hinge on how world leaders manage mounting pressures, both at home and abroad. Read the full 2026 Preventive Priorities Survey. Featured Guest: Paul B. Stares (General John W. Vessey Senior Fellow for Conflict Prevention and Director of the Center for Preventive Action) Why It Matters is a production of the Council on Foreign Relations. The opinions expressed on the show are solely those of the guests, not of CFR, which takes no institutional positions on matters of policy.

The unprecedented trade policies since the beginning of this year, driven largely by the Donald Trump administration’s pro-tariff agenda, have propelled the United States into uncertain and rocky territory. When it comes to our trading partners, the potential damage to U.S. alliances has left economists and policymakers in Washington questioning what’s next. Where do experts foresee U.S. trade policy heading? This season, Why It Matters is taking you through the ins and outs of trade. In this season finale, CFR’s Michael Froman and Shannon K. O’Neil tackle your biggest questions about what’s at stake and what’s next for U.S. trade policy. Featured Guests: Michael Froman (President of the Council on Foreign Relations) Shannon K. O’Neil (Senior Vice President, Director of Studies, and Maurice R. Greenberg Chair, CFR) To hear more from Michael Froman, subscribe to his newsletter, The World This Week. For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/wim/where-does-trade-go-here

Is having a trade deficit necessarily a bad thing? Many experts argue that the U.S. trade deficit is largely good for our economy. It allows Americans to enjoy a wider variety of cheap goods, attracts foreign investment, and reflects the strength of the U.S. dollar. Others believe it’s a warning sign that we’re relying too much on imports, hurting American jobs, and racking up debt owed to other countries. This season, Why It Matters is taking you through the ins and outs of trade. In this episode, we unpack the trade deficit. What is it and why has it become a primary focus of the second Trump administration? Featured Guests Brad W. Setser (The Whitney Shepardson Senior Fellow specializing in global trade and capital flows, financial vulnerability analysis, and sovereign debt restructuring, CFR) Heather Hurlburt (Associate Fellow for the U.S. and the Americas Programme, Chatham House) For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/mind-trade-gap

Host Gabrielle Sierra and podcast guests Johanna Mendelson Forman and Matthew Costello discuss food diplomacy, share stories from White House state dinners, and unpack how food has helped to create lasting international partnerships. This taping was originally recorded on April 17, 2025. Featured Guests Johanna Mendelson Forman (Distinguished Fellow at the Stimson Center, Adjunct Professor at American University’s School of International Service) Matthew Costello (Chief Education Officer and Director of the David M. Rubenstein National Center for White House History at the White House Historical Association)

With allies and adversaries alike impacted by new economic barriers and tariffs, the global map of U.S. trade relationships hangs in question. As the U.S. rethinks its commitments with its trading partners, allies may seek deals elsewhere, even with historic rivals. Can the president single-handedly tear up a trade deal, and what happens when deals that took decades to craft are suddenly up for renegotiation? Featured Guest: Inu Manak (Fellow for trade policy at the Council on Foreign Relations) For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/trade-agreements-deal-or-no-deal

Tariffs have sparked intense debate in Washington, but their consequences land far from Capitol Hill. Tariffs can shape paychecks, shift prices for consumers, and affect markets. At best, tariffs offer short-term protection for certain industries. At worst, they can uproot the lives of American workers. In this episode, Why It Matters looks at what tariffs mean for a U.S. steel manufacturer and small business owner trying to stay afloat. Featured Guests Matthew P. Goodman, Distinguished Fellow and Director of the Greenberg Center for Geoeconomic Studies, CFR Jamie Sychak, President of United Auto Workers Local 3303 Debbie Hendrickx, Founder and CEO of Swell Gelato For an episode transcript and show notes, visit us at: https://www.cfr.org/podcasts/tariff-turmoil-part-2-steel-and-dog-gelato

Tariffs are often discussed in big, abstract terms—trade wars, economic strategy, global power struggles. But for ginseng farmers in Wisconsin, their effects are painfully personal. In this episode, Why It Matters dives into how tariffs work and how they’re hitting one of America's most niche yet lucrative exports: Wisconsin-grown ginseng. Featured Guests Matthew P. Goodman, Distinguished Fellow and Director of the Greenberg Center for Geoeconomic Studies, CFR Will Hsu, President of Hsu's Ginseng Enterprises Inc. For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/wim/tariff-turmoil-part-1-how-tariffs-are-affecting-farmers

Is a trade consensus in Washington even possible? Well, it used to be. In 1989, the Washington Consensus introduced ten economic principles that championed global trade and guided U.S. policy. This vision was embraced for decades, with trade seen as a bridge connecting nations and strengthening economies. However, by 2025, protectionism and trade wars are now threatening to unravel years of cooperation. So how did trade evolve from a symbol of unity to a flash point for global conflict? Featured Guests Shannon K. O’Neil, Senior Vice President, Director of Studies, and Maurice R. Greenberg Chair, CFR Edward Alden, Senior Fellow specializing in U.S. economic competitiveness, trade, and immigration policy For an episode transcript and show notes, visit us athttps://www.cfr.org/podcasts/wim/washington-consensus-could-not-hold

There was once a broad consensus in Washington that trade was a force for good—a way to connect, grow, and prosper. But today, trade has evolved into something much bigger than just the exchange of goods. It’s become a powerful tool to rewrite the rules of foreign policy, reshape how the United States is viewed by the rest of the world, and steer us toward an increasingly uncertain future. When did this change begin, and where did we go off course? This season, Why It Matters is taking you through the ins and outs of trade. In this episode, we’re diving into the history books to learn what can the past tell us about the future of U.S. trade policy. Featured Guest Edward Alden, senior fellow specializing in U.S. economic competitiveness, trade, and immigration policy For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/weve-been-looking-trade-all-wrong

Why It Matters is back and this time we are dedicating an entire season to talking about trade. Alongside CFR’s leading experts, we are bringing you stories from Americans around the country and trying to figure out where Washington went wrong when it comes to U.S. trade policy.

As the climate crisis intensifies, so do discussions about the utilization of nuclear energy. In the aftermath of nuclear meltdowns such as Chernobyl and Fukushima, climate skeptics say the environmental benefits do not outweigh the associated costs and risks. But others think that nuclear energy might be the best option for a greener future. Weighed against the world’s continued reliance on fossil fuels, how could nuclear be a safeguard for our energy supply? This episode was originally released on October 29, 2021. Featured Guests Leslie Dewan, CEO, RadiantNano Shirley Ann Jackson, President, Rensselaer Polytechnic Institute For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/the-climate-for-nuclear-energy

Emerging technologies are transforming international relations and our country’s economy. So how do we connect science and engineering labs with Washington and the world of business? The Interconnect, a new podcast series from the Council on Foreign Relations and the Stanford Emerging Technology Review, brings together leading minds in cutting-edge technology and foreign policy to explore recent ground-breaking developments, what's coming over the horizon, and the implications for U.S. innovation leadership. In this featured episode, Stanford Emerging Technology Review Faculty Council Member Mark Horowitz and CFR’s technologist-in-residence Sebastian Elbaum discuss where chip manufacturing is heading, how hardware advances are powering the new artificial intelligence (AI) era, and what the United States should prioritize in order to sustain its leadership in this crucial domain. Host Martin Giles, Managing Editor of the Stanford Emerging Technology Review Guests Mark Horowitz, chair of the Electrical Engineering Department at Stanford University Sebastian Elbaum, the Technologist in Residence at the Council on Foreign Relations

Fresh water sustains all life, but in many regions, especially arid ones, it is becoming increasingly scarce due to climate change. Aging infrastructure and ineffective policies are only making the situation worse, affecting communities, economies, and even the political stability of some countries. As water shortages intensify, it’s crucial to rethink how we manage this vital resource and develop more adaptable systems that can better withstand the effects of climate change. This episode was originally released on July 8, 2021. Featured Guests Sandra Postel, Founder and Director, Global Water Policy Project Mark Giordano, Professor of Geography and Cinco Hermanos Chair in Environment and International Affairs, Georgetown University For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/water-scarcity

Under international law, the North Pole and the Arctic waters surrounding it are not owned by any country. But this January, President Donald Trump announced his plans to buy the Arctic territory of Greenland, testing the claims of rivals and opening up a greater conversation around who governs the Arctic Circle. On top of these icy tensions, the North Pole is warming. Melting ice caps are opening up new shipping routes and making the region increasingly mineable, generating even more interest from leaders around the world. This episode was originally released on March 29, 2023. Featured Guests Esther Brimmer, James H. Binger Senior Fellow in Global Governance Jeff Randall, Military Fellow, U.S. Coast Guard For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/whats-cracking-arctic

What does it mean to price our climate? The goal of fees like the “carbon tax” is to put a price on pollutants such as carbon dioxide that contribute to climate change, and incentivize businesses to reduce their emissions and make cleaner choices. But many companies are continuing to value profit over protecting the planet, backing out of their clean energy goals and sinking more money into fossil fuels and other short-term investments that harm the Earth. This has been happening for years, but has ramped up in anticipation of a new Trump administration which has pulled away from climate initiatives like the Paris Accord and Inflation Reduction Act since taking office. This episode was originally released on July 29, 2020. Featured Guests Kate Mackenzie, Green Columnist, Bloomberg Michael Greenstone, Professor of Economics, University of Chicago For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/pricing-our-climate

For decades, U.S. homeowners have counted on property insurance to protect them from catastrophic loss if their homes are destroyed. But last year, private companies pulled their coverage in multiple climate-sensitive states, only months before the fires in Los Angeles and the hurricanes in the Southeast region wreaked havoc. As climate disasters become more frequent, can home insurance hold up? Featured Guests David Marlett, Managing Director of the Brantley Risk & Insurance Center, Appalachian State University Nancy Watkins, Principal and Consulting Actuary, Milliman For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/could-climate-change-break-home-insurance

Our editors top picks of Why It Matters episodes on climate.

What powers artificial intelligence (AI)? As global electricity use is surging, with unprecedented demand coming from an increase in data centers, AI’s dependence on fossil fuels presents a serious issue for the planet. In the United States, data center power usage is on track to double by 2030, largely due to the proliferation of AI technology. But while the application of AI shows potential to mitigate climate problems, will its power grab stall the clean energy transition? Featured Guests: Varun Sivaram, Senior Fellow for Climate and Energy, CFR For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/wim/dirty-energy-powering-ai

Tumultuous events have rocked the last four years: the COVID-19 pandemic, Europe’s largest land war in eighty years, and an escalating Middle Eastern conflict between Israel and Iran-backed forces. On top of that, the United States faces an intensifying geopolitical struggle with China and Russia. Now, U.S. President Joe Biden is running out of time to secure his legacy while the transition to a second Donald Trump administration comes sharply into focus. The U.S. president-elect has been quickly nominating leaders to his cabinet and receiving calls from foreign leaders. Why It Matters sits down with the hosts of The World Next Week to talk about what the United States–and a closely watching world–should expect in the weeks and months to come as incoming President Trump takes office. Featured Guests: Robert McMahon (Managing Editor, CFR) Carla Anne Robbins (Senior Fellow, CFR) For an episode transcript and show notes, visit us at https://www.cfr.org/podcasts/why-world-next-week-matters