On What Really Matters, Walter Russell Mead discusses the effect of President Donald Trump’s tariffs on Russia’s economy, Prime Minister Benjamin Netanyahu’s visit to the White House, and how tariffs are concentrating power in President Trump’s hands.

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This photograph shows a Dassault Rafale aircraft parked on the tarmac of the French Air and Space Force Luxeuil-Saint-Sauveur Airbase in Saint-Sauveur, France, on March 18, 2025. (Ludovic Marin/AFP via Getty Images)