On What Really Matters, Walter Russell Mead discusses Donald Trump’s take-it-or-leave-it Ukraine deal, why he walked back threats against China and the Federal Reserve, what the terror attack in Kashmir means for Narendra Modi’s India, and the legacy of Pope Francis.

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)