The Global Gambit

Donald Trump's war with Iran is the reflection of something much bigger, perhaps much worse, happening with the USA, its foreign policy and its standing in the evolving world order. Can the United States still impose political outcomes abroad without triggering wider economic, geopolitical, and strategic blowback?In this part 1 of 2 Retired Australian Major General Mick Ryan joins The Global Gambit to break down the dangerous new phase of the US-Iran conflict, why Trump’s strategy may be backfiring, and what this confrontation reveals about the future of American power. From escalation traps and nuclear deterrence to China’s growing advantage and the global economic fallout, this conversation explores why the Iran crisis is about far more than just the Middle East.

The US-Iran ceasefire may still technically be holding — but experts worry and warn that it is already beginning to rot. In this conversation, we break down why Iran is targeting the UAE, why the Strait of Hormuz remains the key pressure point, and why Trump’s attempt to claim victory may be colliding with economic reality. Alan Eyre - distinguished diplomatic fellow at the Middle East Institute, argues that the real test is not rhetoric, press conferences, or military theatre — it is whether ships actually return to Hormuz. If maritime traffic does not resume, the crisis could become far more expensive, far more global, and far harder for Washington to control.

Global democracy is changing and Hungary’s election may signal more than just a political shift — it could mark the beginning of a broader democratic rebound.In this episode, I speak with Katherine Stewart about whether the world is moving out of a decade-long “democracy recession,” why Orbán’s defeat matters, and what it tells us about the resilience of democratic systems. We also explore the global implications — from Ukraine and Europe to rising political risk and shifting power dynamics worldwide.Katherine Stewart is the Head of Impact Research at Economist Impact, part of The Economist Group.

The collapse of US–Iran negotiations highlights a deeper structural problem: escalation is now outpacing diplomacy. Following a high-level meeting in Islamabad that failed to produce any meaningful breakthrough, the United States has escalated by moving to blockade the Strait of Hormuz—raising serious questions about strategy, sustainability, and the risk of broader regional spillover.In this episode, I speak with Ross Harrison about the strategic logic behind both sides’ actions. We analyse the role of coercive diplomacy, the limits of military pressure as a negotiating tool, and the increasing complexity of the conflict as Iran expands the theatre horizontally through proxies and regional pressure points.We also explore whether the United States has a coherent theory of change, how Iran is leveraging asymmetric tactics to shape outcomes, and why the absence of a clear off-ramp may be the most dangerous factor of all.Ross Harrison is a senior fellow at the Middle East Institute, specialising in US foreign policy, Iran, and regional security dynamics.

While Trump's fragile ceasefire with Iran continues to hold, Israel is now going after Hezbollah in Lebanon, putting the entire Middle East on edge. We are joined by David Daoud of the FDD to understand why Israel’s escalation in Lebanon was likely once the Iran front quietened, and why Hezbollah remains far harder to uproot than many assume. We discuss the limits of decapitation strategies, Hezbollah’s deep roots in Lebanese Shiite society, the risk of a prolonged Israeli security zone in southern Lebanon, and why Washington may see Hezbollah as a core threat without wanting direct US involvement. The conversation also explores the wider geopolitical fallout for Europe, NATO, and Israel’s standing in American politics as the war drags on.David Daoud is Senior Fellow at the Foundation for Defense of Democracies.

Russia’s apparent momentum in Ukraine is misleading. As David Petraeus argues, it reflects adaptation and external support rather than lasting strength, while Ukraine’s innovation has been underestimated.The war is also reshaping how conflicts are fought — with drones, decentralised tactics, and rapid adaptation replacing traditional military dominance. Ultimately, the outcome will depend less on the battlefield and more on Western unity and Europe’s economic backing, which remain decisive.David Petraeus is a retired U.S. Army four-star general, former commander of U.S. and NATO forces in Iraq and Afghanistan, and ex-Director of the CIA.