Rudyard and Janice begin with a recap of last night’s Munk Debate, America’s Liberal Reckoning, featuring Fareed Zakaria and Patrick Deneen. The debate highlighted growing fractures within the Republican coalition, with elements of the New Right increasingly distancing themselves from Trump, while deep anger over American inequality remains largely unaddressed. Patrick Deneen gave voice to the frustrations of younger Americans who feel the political establishment has failed to address their concerns.

They then turn to Iran, where the president appears to be back on the offensive and JD Vance has stepped away from the file. Rumours of a possible Iranian strike are circulating across the region, raising fears that a single attack could reignite the conflict. Are Vance and Marco Rubio quietly positioning themselves for the exits, looking to distance themselves from Trump and protect their own political futures?

In the second half, Rudyard and Janice examine a tumultuous week in big tech. Nvidia CEO Jensen Huang is facing scrutiny over an alleged relationship with an employee suspected of spying for China. But the story goes beyond an alleged affair: questions are being raised about his judgement, the transfer of AI chips to China, and what U.S. officials knew despite existing export restrictions.

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Rudyard and Andrew examine the aftershocks of the U.S. midterm elections, with Trump refusing to take responsibility for the Republicans’ heavy losses and some of his most loyal allies beginning to distance themselves. Has the president lost control of his party? One clear miscalculation was his failure to recognize just how unpopular the Iran war had become, even among his own supporters. Have we reached the uncomfortable conclusion that Iran has won the war on its own terms? What might a negotiated settlement look like? And for Canada, should the election results prompt a rethink of our approach to trade negotiations with Washington?

In the second half of the program, Rudyard and Andrew turn to last week’s federal budget. What grade would Andrew give it? With revenues rising and spending falling, the government has roughly $30 billion a year in additional fiscal room. Yet rather than put that money toward reducing the deficit, the budget commits it to new spending. Why is the government choosing to spend rather than save? And does the budget signal that the prime minister may be preparing for a spring election?

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Rudyard and Janice examine the midterm results through the lens of the Iran conflict. Tehran may be the biggest beneficiary: a wounded U.S. president, a vice-president openly citing the war as a factor in the Republicans’ defeat, and Benjamin Netanyahu's political prospects diminishing Israel. If the Iranian regime can survive the conflict, it may emerge into a dramatically altered strategic environment. The next two weeks could prove decisive. What will Iran’s gains - as a relatively weak military power - signal to China and Russia about American power?

In the second half of the show, Rudyard and Janice turn to what the midterms mean for Canada. A more moderate United States would be a welcome development, and Tuesday’s results may open the door to a return to political normalcy and a retreat from chaos. But Canada must also draw its own lessons: it needs to invest in its strength and resilience to protect itself against the next Trump-like threat.

Become a Munk Donor ($50 annually) to get 72-hour advanced access to the full length editions of Friday Focus and Munk Dialogues. Go to www.munkdebates.com to sign up.

Hosted on Acast. See acast.com/privacy for more information.