The Risk Report for 2026

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.