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.

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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)