Bangladesh, Oct. 23 -- AAt the UN General Assembly last month, US President Donald Trump delivered a victory speech. A decade after telling his supporters that he'd stack so many victories that "you may even get tired of winning," he offered a list of successes, including the settlement of eight wars, action against "the bully of the Middle East" in Iran, a deal with Denmark on Greenland, and the arrest of Venezuela's "outlaw dictator," Nicolás Maduro.

To Trump's credit, some of these wins are significant. He has presided over a fragile but important ceasefire in Gaza, and his intervention in Venezuela, while in contravention of international law and now framed primarily around the "spoils" of the country's resources, did remove a...