The Rachman Review

Gideon talks to Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund and author of a new book: How Countries Go Broke. They discuss the size of the US debt and what history tells us about identifying warning signs. Clip: CBS Free links to read more on this topic: Is Donald Trump’s ‘big, beautiful bill’ a political curse for Republicans? Fears over US debt load and inflation ignite exodus from long-term bonds Donald Trump’s big, beautiful act of self-harm The fall in the dollar is not scary Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner and the executive producer is Flo Phillips. Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Gideon discusses whether the fragile ceasefire between Israel and Iran can hold with Vali Nasr, Professor of Middle East Studies at Johns Hopkins University. Can anyone claim victory from the war? Where does this leave the battered regime in Tehran and its nuclear ambitions? And what will the US need to do to ensure that intense fighting doesn’t break out again? Clips: Channel 4 News; BBC Free links to read more on this topic: Best summer books of 2025: Politics How Donald Trump brokered a shaky Israel-Iran ceasefire Gulf expat bubble punctured by missiles Where is Iran’s uranium? Search continues for 400kg stockpile Iran’s supreme leader faces his defining moment Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Simon Panayi and the executive producer is Flo Phillips. Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Hosted on Acast. See acast.com/privacy for more information.

Israel has launched an aerial bombardment of Iran, with the aim, it says, of ending Iran’s nuclear ambitions. Gideon talks to Philip Gordon, who was national security adviser to former US vice-president Kamala Harris, about how realistic Israel’s aims are, Iran’s capacity to fight back, and whether the US is about to be drawn into another conflict in the Middle East. Clips: Channel 4 News, The Independent Free links to read more on this topic: War on Iran is splitting Trump’s Maga movement Can an American bunker-buster destroy Iran’s nuclear mountain? Could strikes on Iran cause a nuclear disaster? Let them kill us’: millions of Iranians refuse to leave Tehran Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner and the executive producer is Flo Phillips. Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Hosted on Acast. See acast.com/privacy for more information.

Gideon talks to Oana Lungescu, Nato's former and longest-serving spokesperson, about what to expect from this month’s summit and what's at stake? Can Europe convince the Trump administration that Russia is a risk they need to take seriously, and will an agreement to increase defence spending be enough to satisfy the US president? Clips: Sky; Channel 4, Aljazeera Free links to read more on this topic: Europe, the US and the question of values Europe confronts Trump’s triple threat on Ukraine, Nato and trade Europe has a weaker hand than it thinks on Ukraine Nato defence ministers to discuss path to 5% military spending Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Simon Panayi and the executive producer is Flo Phillips. Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Gideon Rachman and China historian Rana Mitter discuss the evolution of Xi Jinping from internal exile, to party apparatchik, to strongman leader. What motivates Xi and what’s behind his friendship with the Russian leader? This episode is an edited recording of an event organised by Intelligence Squared that took place in central London late last month. Clip: CGTN Free links to read more on this topic: Donald Trump says China’s Xi Jinping is ‘hard to make a deal with’ Xi’s history shapes China’s diplomatic strategy Chinese defence minister set to skip security forum in Singapore China’s Xi Jinping likens ‘US hegemony’ to ‘fascist forces’ ahead of Vladimir Putin summit Xi and Putin are the greatest beneficiaries of Trump’s chaos Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner and the executive producer is Flo Phillips. Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

In a special six-part series of The Economics Show, Martin Wolf, the FT’s chief economics commentator, and Nobel Prize-winning economist Paul Krugman discuss the economic events reshaping the world in the wake of US President Donald Trump’s election. Subscribe and listen to this series on The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Episodes will also be available on the FT’s YouTube channel. If you’d like to get in touch and ask Martin and Paul a question, please email economics.show@ft.com Read Martin’s FT column here Subscribe to Paul’s substack here Hosted on Acast. See acast.com/privacy for more information.

President Biden’s time in office was a momentous period in world affairs and American foreign policy. The Taliban returned to rule Afghanistan, Russia invaded Ukraine, and Hamas attacked Israel all on the watch of National Security Adviser, Jake Sullivan. Gideon talks to Sullivan about the Biden legacy and hears how and why events unfolded and what the Trump administration is doing now. Clips: BBC, CBS, Sky News, The Guardian, Radio Free Europe, CGTN Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman More on this topic: Europe needs to keep up the pressure on Netanyahu Putin thinks that time is on his side Former national security adviser Jake Sullivan: ‘The core engines of American power are humming Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Clare Williamson. Sound design is by Breen Turner and the executive producer is Flo Phillips. Hosted on Acast. See acast.com/privacy for more information.

The EU is in Donald Trump’s cross hairs. So how should it respond? In this week’s episode, Paschal Donohoe, Ireland’s finance minister and president of the Eurogroup of finance ministers, discusses whether the euro can challenge the dollar. He tells Gideon that European integration should go even further - and makes the case for immigration and a new relationship between the EU and the UK. Clips: Euronews,PBS Newshour Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman More on this topic: Why the EU beats Trump at the art of the deal How the UK and EU thrashed out a post-Brexit reset in relations Donald Trump says US will ‘100%’ strike trade deal with EU Euro has ‘clear path’ towards greater reserve currency use, says Eurogroup president Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Clare Williamson. Sound design is by Breen Turner and the executive producer is Flo Phillips. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

After a short but intense clash, a ceasefire is holding between India and Pakistan, but tensions remain high. Both sides claim victory, but the rapid escalation in the conflict bodes ill for future diplomacy between the two countries. Gideon talks to Professor Sushant Singh, lecturer in south Asian Studies at Yale University, about the conflict and what’s at stake if tensions escalate again. Clips: Times of India, Fox News Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman More on this topic: How India and Pakistan pulled back from brink of war India and Pakistan’s fragile ceasefire holds after alleged breaches ​​Narendra Modi says India has proved ‘superiority’ over Pakistan in clashes India and Pakistan: a conflict in the hands of two religious strongmen Military briefing: India and Pakistan test red lines of nuclear rivalry Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Clare Williamson. Sound design is by Breen Turner and the executive producer is Flo Phillips. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Donald Trump continues to issue a blizzard of controversial statements and executive orders. His political opponents often seem confused, even stunned. So how should the Democratic party take on the US president? Gideon talks to Senator Andy Kim, a new Democrat from New Jersey, on the merits of different approaches to opposition and what is needed to win back voters. Clips: KTVU Fox This is Gavin Newsom Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman More on this topic: Take no comfort from America’s Trump backlash ‘Nadir for the party’: US Democrats edge towards civil war Lessons from Russia, Turkey and India for Trump’s America Traders made $100mn from buying Melania Trump memecoin before launch Trump’s assault on the rule of law: ‘the speed and intent is remarkable’ Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Clare Williamson. The executive producer is Flo Phillips and the sound design is by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

US efforts to end Russia’s war in Ukraine have so far not yielded anything close to a peace deal. Both Russia and Ukraine have objected to some aspects of the Trump administration’s plan. What – if anything – might make a lasting peace possible? Gideon Rachman speaks to Sir Lawrence Freedman, emeritus professor of war studies at King’s College London, about what each party wants from a peace deal. Free links to read more on this topic: Podcast: Future weapons: Ukraine’s army of drone: https://on.ft.com/3GKlW00 US and Ukraine sign natural resources deal https://on.ft.com/4iRd4mY Steve Witkoff, the Trump loyalist disrupting diplomacy https://on.ft.com/3EKE89q Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Mischa Frankl-Duval. Sound design is by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Gideon talks to the FT’s Michael Stott about Nayib Bukele, president of El Salvador, whose friendship with Donald Trump has been in the spotlight over his willingness to imprison US deportees, notably Kilmar Armando Abrego Garcia. Clip: The White House Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Free links to read more on this topic: Nayib Bukele: the TikTok authoritarian feted across Latin America El Salvador’s Bukele refuses to repatriate man wrongly deported from US How El Salvador became a model for the global far right Trump is halfway to making America a police state El Salvador offers to swap Venezuelan US deportees for political prisoners Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Nuclear talks between the US and Iran began last weekend in Oman, and are set to continue in the coming weeks. President Trump has warned that if the talks fail the US could take military action against the Islamic republic – an idea that Israel's government is pressing for. What might a new nuclear deal with Iran look like – and how might it change the geopolitical picture in the Middle East? Clip: The Express Tribune Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Free links to read more on this topic: The false promise of regime change in Iran: https://on.ft.com/4ioWvyl US and Iran agree to follow-up talks over nuclear crisis: https://on.ft.com/4jtTSw4 Is Iran on a collision course with the west?: https://on.ft.com/3Yzva5j Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Mischa Frankl-Duval. Sound design is by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Gideon talks to the economic historian Harold James about the economic and political implications of Donald Trump's tariffs. What are the similarities with the Smoot-Hawley Tariff Act of 1930? What kind of forces will his decision to smash the global economic order unleash? Clip: CBC Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Free links to read more on this topic: It falls to Congress to unravel Trump’s reckless tariffs Trump’s ‘reshoring’ ambitions threatened by tariff chaos Market turmoil strains bro-sphere’s bromance with Donald Trump Trump and the mob boss approach to global markets Markets could get a lot worse — and quickly Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

German businessman Joerg Wuttke has been an observer of China since the 1980s, watching it evolve from backwater to superpower. He talks to Gideon about US-China rivalry and how Europe can find its place as a trading partner to both powers. Clip: CNBC Free links to read more on this topic: China launches large-scale military exercises around Taiwan China’s Xi Jinping tells top global CEOs to use their influence to defend trade China is suffering its own ‘China shock’ BASF’s Joerg Wuttke: ‘The essence of China is this warrior’ Follow Gideon on Bluesky or X @gideonrachman.bsky.social, @gideonrachman Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner. Read a transcript of this episode Hosted on Acast. See acast.com/privacy for more information.

Gideon talks to Russia experts Catherine Belton and Arkady Ostrovsky about Vladimir Putin’s goals. They discuss his early ambition to restore Russia’s status as a global superpower. And they go on to analyse why, after a quarter of a century in power, Putin may see his best chance yet of achieving that goal - at a cost of hundreds of thousands of Russian lives. This episode is an edited recording of an event organised by Intelligence Squared that took place in central London earlier this month. Free links to read more on this topic: The age of the strongman Trump, Putin, Xi and the new age of empire US agrees maritime ceasefire deal with Ukraine and Russia Ukraine ceasefire: what is Vladimir Putin’s game? Russia trained officers for attacks on Japan and South Korea Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Thirty years ago Mexico made a fateful decision to open its economy and engage with the US. Now that decision is being tested by Donald Trump’s tariff threat. Gideon talks to Mexican economist Luis de la Calle about the impact this could have on his country's economy and that of the US. Clips: ABC News; Claudia Sheinbaum Pardo Free links to read more on this topic: How Trump could destroy his own political movement Half of Mexico’s exports to US risk steep tariffs Mexico’s Claudia Sheinbaum is riding high on Donald Trump’s trade war China delays approval of BYD’s Mexico plant amid fears tech could leak to US Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner. Follow Gideon on X @gideonrachman Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Europe is facing its biggest defence challenge since the second world war. This is compounded by the destabilising impact of US tariffs. So how is it measuring up? Gideon puts this question to Arancha González Laya, dean of the Paris School of International Affairs at Science Po and a former foreign minister of Spain. Clip: Emmanuel Macron Free links to read more on this topic: EU retaliates after Donald Trump’s steel and aluminium tariffs take effect Trump is making Europe great again How Europe can take up America’s mantle Sweden to expand arms and space capabilities without US Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Canada’s Liberal party will elect a new leader this weekend and Chrystia Freeland is running to replace Justin Trudeau as prime minister. Donald Trump’s belligerence towards his northern neighbour seems to have restored the party’s popularity ahead of a general election this year. Chrystia tells host Gideon Rachman that Canadians are sticking together and that they have some strong cards to play. Follow Gideon on X @gideonrachman or Bluesky @gideonrachman.bsky.social. Gideon Rachman is the chief foreign affairs commentator at the Financial Times. You can find his column here. Want more? Free links: Donald Trump’s tariffs loom suddenly through the fog of trade war Europe has bought Zelenskyy some time Donald Trump warns tariffs will cause ‘a little disturbance’ in defiant speech Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

Gideon tests the mood in Kiev three years after the Russian invasion as the Trump presidency upends previous tenets of international politics. He talks to Ukrainian MP Lesia Vasylenko and Oleksandr Khomiak, director of Drone Space Labs, a defence start-up. Clip: European Commission Free links to read more on this topic: Ukraine agrees minerals deal with US US drives Ukraine war measure through UN with Russian backing Volodymyr Zelenskyy’s toughest battle begins Now is the time for Europe really to step up on Ukraine Subscribe to The Rachman Review wherever you get your podcasts - please listen, rate and subscribe. Presented by Gideon Rachman. Produced by Fiona Symon. Sound design is by Breen Turner. Follow Gideon on X @gideonrachman Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.