Walter Russell Mead discusses the American Southwest’s pumping more crude oil than Kuwait, the International Criminal Court’s threat to arrest Israeli officials, the financial industry’s exodus from New York and California, and how support for Hamas could split the Democratic coalition on What Really Matters.

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US President Donald Trump reacts after signing executive orders imposing tariffs on imported goods in the Rose Garden at the White House on April 2, 2025, in Washington, DC. (Andrew Harnik via Getty Images)