On What Really Matters, Walter Russell Mead discusses the impact of tariffs on China’s economy, Trump’s mineral deal with Ukraine, the Canadian election, and how rising tensions between India and Pakistan could suck the United States and China into war.

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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)