Different oceanic and atmospheric mechanisms have been proposed to describe the response of the tropical Pacific to global warming, yet large uncertainties persist on their relative importance and potential interaction. Here, we use idealized experiments forced with a wide range of both abrupt and gradual CO₂ increases in a coupled climate model (CESM) together with a simplified box model to explore the interaction between, and time scales of, different mechanisms driving Walker circulation changes. We find a robust transient response to CO₂ forcing across all simulations, lasting between 20 and 100 years, depending on how abruptly the system is perturbed. This initial response is characterized by the strengthening of the Indo-Pacific zonal SST gradient and a westward shift of the Walker cell. In contrast, the equilibrium response, emerging after 50–100 years, is characterized by a warmer cold tongue, reduced zonal winds, and a weaker Walker cell. The magnitude of the equilibrium response in the fully coupled model is set primarily by enhanced extratropical warming and weaker oceanic subtropical cells, reducing the supply of cold water to equatorial upwelling. In contrast, in the slab ocean simulations, the weakening of the Walker cell is more modest and driven by differential evaporative cooling along the equator. The “weaker Walker” mechanism implied by atmospheric energetics is also observed for the midtroposphere vertical velocity, but its surface manifestation is not robust. Correctly diagnosing the balance between these transient and equilibrium responses will improve understanding of ongoing and future climate change in the tropical Pacific.