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.

Caption
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)