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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Ceremonial soldiers parade during the 79th anniversary of the Victory Day in Red Square in Moscow, Russia, on May 9, 2024. (Sefa Karacan via Getty Images)