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Iran, Pope, Economy: How many battles can Trump fight at once?

33 min17 april 2026

From Hormuz to Hungary and the Vatican to the Federal Reserve, it has been an unusually contentious week for the White House, even by the standards of President Trump's second administration.

This week's podcast comes from the US, where our analysts assess the political and economic state of the US as it begins gearing up for the midterm elections. From New York, Chatham House Director Bronwen Maddox and Director of the US and North America Programme, Laurel Rapp, are joined by David Lubin, Senior Research Fellow in the Global Economy and Finance Programme, who is in Washington for the International Monetary Fund and World Bank's annual Spring Meetings to discuss the global economy and financial markets. The panel discuss the Iran ceasefire, nuclear negotiations, the Strait of Hormuz blockade, the health of the global economy, a setback for one Trump ally in Budapest and domestic criticism for President Trump over tensions between the White House and Pope Leo.

For further reading, see David Lubin's commentary 'Dollar dominance is surviving the Iran war - just about'

Produced by Stephen Farrell.

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