Why It Matters

As the war in Ukraine enters its fifth year, Russian and Ukrainian forces remain locked in a brutal stalemate. Advanced technology and battlefield adaptation have shaped the conflict, but outside support has also been critical to sustaining the fight. Ukraine depends heavily on aid from the United States and its NATO partners, while Russia draws on backing from countries such as China, Iran, and North Korea. Still, these relationships come with their own limitations and tensions. In this episode, experts outline the global network sustaining both sides of the war and what shifting alliances could mean for the conflict’s next phase and the broader security risks facing the world.

 

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Featured Guests: 

Liana Fix (Senior Fellow for Europe, CFR) 

Joseph Torigian (Senior Fellow for Asia Studies, 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.

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/wim/mind-trade-gap