On What Really Matters, Walter Russell Mead discusses President Trump’s call with Putin, Israel’s attacks in Gaza, America’s attacks on the Houthis, and how the Sino-Russian-Iranian bloc is measuring up against what’s left of the United States-led alliance system.

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A robot from AgiBot is seen during the Global Developer Conference, organized by the Shanghai AI Industry Association, in Shanghai on February 21, 2025. (Hector Retamal via Getty Images)