Ending two wars. He has closed out the war in Iraq on acceptable terms. He is on course to do the same thing in Afghanistan. Ending two wars is a big deal.

Stabilizing relations with Russia. Russia-U.S. relations were in a tailspin when Obama entered office. Thanks to the Russia “reset,” they are stable today. Russia could certainly be more cooperative on Iran and Syria, but it is quietly helping us in Afghanistan (where it could instead be a major irritant) and generally not putting bite behind its bark.

Stabilizing relations with China. The administration built enough capital with Beijing to smuggle a prominent dissident out of the country with barely a diplomatic ripple—an extraordinary thing, if you think about it. Hardly less extraordinary is that the administration’s “Asia pivot,” which is really a move to counterbalance China, is also clicking smoothly into place.

Isolating Iran. Partly thanks to Obama’s show of willingness to negotiate, Europe is joining with the U.S. in boycotting Iranian oil, a remarkable show of solidarity behind exceptionally tough sanctions.