Trump says he is weighing whether to “annihilate” Iran next week. We have reached a point where it is increasingly difficult to know how much weight to put behind his threats. The bond markets are beginning to speak, inflation is rising, and U.S. military capabilities are under strain. Trump pays attention to all three. The constraints on both sides are far tighter than they were nine months ago. So why continue with maximalist rhetoric that risks eroding American credibility and deterrence?

This week also saw Mark Carney and Ursula von der Leyen signal a much closer relationship between Canada and Europe, including the possibility of Canada becoming the EU’s first associate member. What does that actually mean? And why pursue this partnership when the world’s growth and dynamism are increasingly shifting toward Asia and the Indo-Pacific?

In the second half of the show, Rudyard and Janice turn to AI and a growing chorus of warnings from the industry’s own leaders, who are calling for stronger safeguards to limit the potential damage if AI systems break out and cause serious disruption to the systems that underpin our everyday life. How much weight should we put behind the argument that regulation and inspection could handicap American AI development and allow China to pull ahead?