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Trump Authorizes 90-Day Pause On Some Tariffs; Trump Orders 90- Day Pause On New Tariffs Except For China; Treasury Secretary Speaks As Trump Pauses Most Tariffs. Aired 1:30-2p ET
Aired April 09, 2025 - 13:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[13:30:00]
BRIANNA KEILAR, CNN HOST: This is what they had been hoping for, the markets. They actually kind of imagined it the other day and had a little bit of a jump into positive territory. But this is the announcement from the president, Jeff.
JEFF ZELENY, CNN CHIEF NATIONAL AFFAIRS CORRESPONDENT: Well, Brianna, that was certainly a test run, but certainly not an intended one to see the markets go up when there was a false report of a pause.
But now we are hearing from the president for the first time during this escalating trade war, saying that he is putting a 90-day pause. And you can just see to the right of our screen there what the markets are doing with this.
From a policy standpoint, it is a bit more murky. The White House has not filled in any details of this, but we are getting this from the president on social media, as you were reading there.
And he is explaining it as adding more to the China tariff pot, which is really growing day by day here, adding another tariff to China, even as he is praising the countries who he said have not retaliated.
And those, of course, are the countries who are lining up to have discussions with the treasury secretary, with the White House, with the administration, on trying to renegotiate.
So the president is saying -- and let me just read it to you here. He said, "The countries who have not, at my strong suggestion, retaliated in any way, shape or form against the United States, I have authorized a 90-day pause and substantially lowered reciprocal tariff during this period of 10 percent, also effective immediately."
So what this would seem to be -- and again, we will have to fill in the blanks here. What this would seem to be, to be taking all the countries back to that baseline, 10 percent, if you will, which went into effect last Saturday for most countries.
And then, of course, the reciprocal tariffs went into effect at midnight. So the president is putting a pause on those. Of course, this is adding to the policy uncertainty.
But you can see what the market is doing. It's adding a bit of certainty to the market.
So we're expected to see the president in the next hour here at the White House. We will see if he adds any meat on this bone here.
But certainly a significant, reaction from the White House. They have been reeling here, watching the financial markets really have a -- a deep negative effect on this.
The president has long said, at least during this period, he's not watched the markets. We know, of course, watching him for a long time, he does.
And clearly, this is something that he's been hearing from Republicans on Capitol Hill, Republican donors, really people who are supportive of his policies saying it's time for an exit ramp.
So that's what it looks like this will be, at least for now, a 90-day pause on those reciprocal tariffs -- Boris, Brianna?
BORIS SANCHEZ, CNN HOST: Jeff, please stand by.
We've just learned that the treasury secretary, Scott Bessent, will be speaking publicly soon. This also as we await to hear from President Trump.
Markets, as you can see on your screen right now, are reacting very positively to this news.
Let's bring in CNN's Matt Egan and Richard Quest.
Richard, first to you.
I wonder what you make of this announcement from the president, given the insistence from some folks in his administration that these tariffs were here to stay?
RICHARD QUEST, CNN BUSINESS EDITOR-AT-LARGE & CNN ANCHOR, "QUEST MEANS BUSINESS": I think that there's -- there's a sort of duopoly of issues taking place. The first is the tariffs, and the second is the execution.
The tariffs themselves, the president still loves tariffs. So he's going to want to, in some shape or form, bring them back. This is his raison d'etre in terms of economic policy.
But he's seen how damaging, and now he says he's got so many countries coming towards him wanting to negotiate. He wants to give time for that to take place.
It all begs the question, why, when they announced the reciprocal tariffs, didn't the president say they take effect in 90-days? You all have 90-days to negotiate. Why did it have to be done this way to get to a result?
What -- there is -- let's be clear, there is no more certainty about U.S. trade policy now than there was half an hour ago than before this announcement.
The only difference is that the sword of Damocles has actually it's actually been dropped, has now been lifted back lifted back up again. And so you're seeing the market. This is a relief rally. This is not back to the races. This is them saying the worst has not happened just yet.
But it does not -- and this I can't emphasize enough. It does not take us back to anything like the level of certainty that business seeks about what the U.S. trade policy actually is.
KEILAR: Yes. No, it's a stay of execution.
QUEST: Yes.
KEILAR: Richard Quest, hang with us, if you will.
I want to bring former treasury secretary, Larry Summers, back into the conversation.
Larry, react to this news.
LAWRENCE SUMMERS, FORMER TREASURY SECRETARY: Look, this is a welcome development. What everyone has been saying is that the policies that are being pursued are very dangerous. That the truculence is catastrophic for economic interests because of the uncertainty that it generates.
[13:35:11]
And we've seen a major retreat, by the president from the truculence. It doesn't put the genie all the way back in the bottle, it doesn't eliminate all the uncertainty, but it's obviously a welcome step that we are backing away from major blunders.
And the market is appropriately welcoming that step. But credibility is a thing where it takes a long time to build up, and only a short time to lose. And we've lost a lot of it in the last few days.
So this action is welcome, as it is, certainly doesn't leave our credibility completely restored. But I'm glad that we've had a demonstration that the president is able to listen.
And I wonder whether the secretary of the treasury wants to reconsider his remarks about the -- Spain cutting its own throat in light of the president's prudent decision, to back off. And hopefully, we will now start listening to sense in the formulation of our policy.
But this is a very welcome development. But no one should be confused. If anyone thought there was a carefully crafted, well-designed strategy behind what went on -- on Liberation Day or since, this reversal, after all the statements that were made even earlier this morning, should remind people that we are engaged in dangerous rhetorical improvisation, not serious policy making.
SANCHEZ: Larry, please stand by. You're seeing at the bottom of your screen a position in the White
House grounds known as the Sticks. And it's essentially a live position where we are listening to Karoline Leavitt, the press secretary, alongside treasury secretary, Scott Bessent.
Let's listen.
KAROLINE LEAVITT, WHITE HOUSE PRESS SECRETARY: -- trade plan. As you all know, the president just put out a statement announcing an additional tariff on China. The tariff on China will now go up to 125 percent, because China imprudently decided to retaliate against the United States.
And as I said at the podium yesterday, when you punch at the United States of America, President Trump is going to punch back harder.
In that same vein, we have had more than 75 countries from around the world reach out to President Trump and his team here at the White House to negotiate better trade deals for the American worker.
We have been overwhelmed with the amount of requests from countries around the world. I'll let the secretary speak to that.
We will continue with the tailor-made negotiations that I spoke about yesterday.
In the meantime, there will be a 90-day pause on the reciprocal tariffs as these negotiations are ongoing and the tariff level will be brought down to a universal 10 percent tariff.
The secretary here has been a huge part of the presidents trade team, of course, and will continue to lead these negotiations moving forward to look out for the American worker, which is always President Trump's goal.
So I'll kick it over to our great treasury secretary, Scott Bessent.
SCOTT BESSENT, TREASURY SECRETARY Thank you.
And we saw the successful negotiating strategy that President Trump implemented a week ago today. It has brought more than 75 countries forward to negotiate.
It took great courage, great courage for him to stay the course until this moment. And what we have ended up with here, as I told everyone a week ago, they're -- in this very spot, do not retaliate and you will be rewarded.
So every country in the world, who wants to come and negotiate, we are willing to hear you. We're going to go down to a 10 percent baseline tariff they have 00 for them. And China will be raised to 125 due to their insistence on escalation.
(CROSSTALK)
LEAVITT: Go ahead. UNIDENTIFIED REPORTER: Mr. Secretary, thank you for doing this.
Let me ask you three quick things just for the sake of clarity, because the markets are open and they're wondering, first of all, Mexico and China, are they part of this 10 percent universal?
BESSENT: Well, China -- no, China --
UNIDENTIFIED REPORTER: No, Canada, Mexico and Canada. Are they part of the 10 percent?
BESSENT: Yes.
UNIDENTIFIED REPORTER: OK. Second, given then that you have the rest of the world essentially calling it, it's not China. Is this now just all about China?
BESSENT: Well, it's about bad actors. And you know, what we will see is some of the very early countries are China's neighbors that we're going to see -- I'm seeing Vietnam today. Japan is at the front of the queue, South Korea, India. So we will see.
[13:40:11]
And as I've repeatedly said, and President Trump has been saying it for years, China is the most imbalanced economy in the history of the modern world. And they are the biggest source of the U.S. trade problems.
And, indeed, they are problems for the rest of the world, because what we've seen is that, as the U.S. announced a tariff wall last week, many of those goods have already started flooding into Europe.
UNIDENTIFIED REPORTER: So as you see it now, this trade war is China versus the rest of the world?
BESSENT: Well, I'm not calling it a trade war. But I am saying that China has escalated. And President Trump responded very courageously to that. And we are going to work on a solution with the -- our trading partners.
(CROSSTALK)
LEAVITT: And excuse me, excuse me, excuse me.
Raquel, if I could just add to what the secretary said. Many of you in the media clearly missed the "Art of the Deal." You clearly failed to see what President Trump is doing here.
You -- you tried to say that the rest of the world would be moved closer to China, when, in fact, we've seen the opposite effect.
The entire world is calling the United States of America, not China, because they need our markets, they need our consumers, and they need this president in the Oval Office to talk to them. And that's exactly why more than 75 countries have called, because the
United States of America is the best place in the world to do business.
And as the president has shown great courage, as the secretary has said, in choosing to retaliate against China even higher.
Elena, go ahead.
UNIDENTIFIED REPORTER: Thank you.
Treasury Secretary Bessent, can you explain where the decision making on what feels like a reversal here? I mean, just these went into effect less than 15 hours ago, these tariffs. Why the pause now? What led to that?
BESSENT: No. Again, President Trump created maximum negotiating leverage for himself. And the tariffs went into effect 15 hours ago. The ones that we have lowered went into effect a week ago. They are or they we're announced a week ago.
And we have just been overwhelmed, overwhelmed by the response from mostly our allies who want to come and negotiate in good faith. So we are expecting them to come with their best deal.
As I said a week ago today, don't retaliate, hold your ground, let's see what happens.
And China, they kept escalating and escalating, and now they have 125 percent tariffs that will be effective immediately.
UNIDENTIFIED REPORTER: Mr. Secretary?
(CROSSTALK)
LEAVITT: Go ahead.
UNIDENTIFIED REPORTER: Mr. Secretary, thanks for doing this.
The 90-day pause when there were some tariffs, is that because of the whiplash that we've been seeing across the financial markets? How much was what we saw in the stock markets a part of this decision?
BESSENT: No, it's because it's going to -- because of the large number of inbounds, we've had more than 75 countries contact us. And I imagine after today, there will be more. So it is just a processing problem.
Each one of -- each one of these solutions is going to be bespoke. It is going to take some time. And President Trump wants to be personally involved. So that's why we're getting the 90-day pause.
(CROSSTALK)
LEAVITT: Emily? UNIDENTIFIED REPORTER: Mr. Secretary, there was a tweet that you and
secretary in the Oval Office with the president talking about this. Can you talk about what that conversation looked like and -- and what you guys said to one another that wasn't this decision.
BESSENT: Look, look, it's all the president's decision. And we were -- the president had a level in mind to raise the China tariffs. And then he had the three month -- essentially the three-month pause in mind. And we were discussing the exact wording.
(CROSSTALK)
UNIDENTIFIED REPORTER: Mr. Secretary --
(CROSSTALK)
BESSENT: Sorry?
UNIDENTIFIED REPORTER: (INAUDIBLE)
BESSENT: Of course.
LEAVITT: The president's decision.
BESSENT: The president's decision. It was the president's decision to wait until today. And again, as I've said in the past, no one creates leverage for himself like President Trump.
UNIDENTIFIED REPORTER: Mr. Secretary?
(CROSSTALK)
LEAVITT: Shelby. Shelby. Go ahead.
UNIDENTIFIED REPORTER: Mr. Secretary, what does the president want to see by this, I think its July 9th deadline, to keep things paused. Is it just trade barriers coming down or is it more than that?
BESSENT: Well, the -- these are trade negotiations. But if countries want to come and offer other things -- you know, I talked about yesterday that we are thinking about a big LNG project in Alaska that Korea, South Korea, Japan, Taiwan are interested in financing and taking a substantial portion of the offtake.
But again, in essence, that is trade, because it will decrease the trade deficit that we have with those countries. So everything is on the table,
(CROSSTALK)
LEAVITT: Go ahead.
UNIDENTIFIED REPORTER: A clarification on the 10-day pause. What happened to those countries who just had 10 percent baseline tariffs, like Brazil and others? Are they still going to have this pause?
Because you were saying that there will be a tariff, 10 percent, for others. So what happened to those who just had a 10 percent?
[13:45:01]
BESSENT: Yes, that's going to remain.
(CROSSTALK)
UNIDENTIFIED REPORTER: Mr. Secretary?
UNIDENTIFIED REPORTER: Do you call this an embargo to China?
BESSENT: Pardon?
UNIDENTIFIED REPORTER: You call this an embargo to China? A trade embargo?
BESSENT: Well, the -- I'm not sure what you mean by the word embargo.
UNIDENTIFIED REPORTER: 100 -- 125 percent tariffs like on those. And then they impose 84 percent. Isn't this an embargo?
BESSENT: Well, it's not -- it's -- look, it's Chinas decision that we have the deficit with them. They sell us almost five times what we sell them. So again, I think it's an own goal by China.
UNIDENTIFIED REPORTER: Mr. Secretary.
(CROSSTALK)
LEAVITT: Meredith?
UNIDENTIFIED REPORTER: Mr. Secretary, does this signal that you're confident that you're going to be able to strike a satisfactory deal with all these 75 nations that you (INAUDIBLE)
BESSENT: It signals that President Trump cares about trade and that we want to negotiate in good faith.
And as I said, each one of these is going to be a separate bespoke negotiation. So we are confident that the -- you know, having seen the other side of where this could go -- and it was like I said last week that the market didn't understand.
Those were maximum levels. The countries can think about those levels as they come to us to bring down their tariffs, their non-tariff trade barriers. We're going to discuss currency manipulation, subsidy of labor and industry.
(CROSSTALK)
UNIDENTIFIED REPORTER: Mr. Secretary, thank you.
Will the pause also apply to the sectorial tariffs that the president has announced? Pharma, lumber? Anything else?
BESSENT: No, it's on the reciprocal. (CROSSTALK)
UNIDENTIFIED REPORTER: -- will still be coming here soon?
(CROSSTALK)
UNIDENTIFIED REPORTER: Mr. Secretary, the negotiations with --
(CROSSTALK)
LEAVITT: Go ahead.
UNIDENTIFIED REPORTER: Mr. Secretary, I want to ask you about the -- the what you're doing here. So the market is reacting crazily, right?
BESSENT: I haven't seen it.
UNIDENTIFIED REPORTER: This -- this move is going to kind of change or calm down the market reaction?
BESSENT: What?
UNIDENTIFIED REPORTER: The market the markets have tanked. Right? You know, there's been a lot of volatility in the market. Not just in terms of -- of stock markets, but also in terms of bonds.
So will this move in your -- in your -- in your mind, do you anticipate that this is going to calm the market?
BESSENT: Well, I think what we've seen -- I think the willingness by more than 75 countries to come and negotiate, I think now the market understands that everything they saw last Wednesday was a ceiling. And now we have a 10 percent temporary floor.
And I think the market my 35 years in the market, I always wanted certainty. So I think we've got more certainty.
(CROSSTALK)
UNIDENTIFIED REPORTER: But Mr. Secretary --
LEAVITT: Maggie, Maggie, go ahead.
UNIDENTIFIED REPORTER: Mr. Secretary, why do people assume this is the last word? The president began this morning saying, be cool. Five hours later, he announces a new policy. Why will investors in the market assume that this is (INAUDIBLE)
BESSENT: Because, again, as I said, we've given 90-days. And the only certainty we can provide is that the U.S. is going to negotiate in good faith. And we assume that our allies will, too.
And the in terms of certainty, we will see what China does. But what I am certain of, what I'm certain of, is that what China is doing will affect their economy much more than it will ours.
Because they have an export-driven, "flood the world with cheap export" models, and the rest of the world now understands.
Because when we put up our tariff wall, those exports were already flowing to the rest of the G-7 and to the global south.
UNIDENTIFIED REPORTER: And you think --
(CROSSTALK)
UNIDENTIFIED REPORTER: Mr. Secretary, how much of this decision was driven by the bond market cratering overnight? What is happening with China selling their bonds?
BESSENT: I am -- I have nothing that says that. And we actually had quite a good 10-year auction today.
And all this was -- again, this was driven by the presidents strategy. He and I had a long talk on Sunday, and this was his strategy all along.
And that -- you know, you might even say that he goaded China into a bad position. They -- they responded. They have shown themselves to the world to be the bad actors.
(CROSSTALK)
BESSENT: And -- and we are willing to cooperate with our allies and with our trading partners who did not retaliate. It wasn't a hard message. Don't retaliate. Things will turn out well.
UNIDENTIFIED REPORTER: And what's your message --
(CROSSTALK)
LEAVITT: John?
UNIDENTIFIED REPORTER: There's a "Politico" article saying that the countries weren't getting calls back --
(CROSSTALK)
UNIDENTIFIED REPORTER: -- with these 75 countries. How long will that take? Will it be a matter of weeks? Will it be a matter of months? Do you expect financial markets to be stable during that time period?
[13:49:58]
BESSENT: Well, we've started with a 90-day pause and we will see if more countries turn up. What will happen?
But we have a meeting with Vietnam today. And we have one of the largest trade deficits with them. So I'm hoping it will move in a good direction.
I was at the Japanese ambassador's house last night for the Cherry Blossom Festival, which was quite festive. And they -- he and I had a good chat. They are going to send a deal team over. So we'll see. These are complicated negotiations. These are imbalances that have
taken decades to create. And, but I think having seen the maximum level that Donald Trump is willing to go to, President Trump has created this negotiating leverage.
(CROSSTALK)
UNIDENTIFIED REPORTER: Can you say --
LEAVITT: Excuse me, everybody. Excuse me.
(CROSSTALK)
LEAVITT: The secretary -- excuse me.
The secretary is obviously a very busy man. As he has said, he's had more than 75 countries that the trade team has to respond to.
I'd just like to end with this. For decades, Republicans and Democrats have said that these unfair trade practices are ripping off the American people, are ripping off our country, but nobody has ever done anything to address it.
We finally have a president here at the White House who is playing the long game, who is doing what is right for the American worker and our industries here at home.
And he has put together a fantastic team and Secretary Bessent, Secretary Lutnick, the entire trade team, who will be focusing on negotiating these good deals to put the American workers first.
And we're going to get to work to do that. Thank you.
(CROSSTALK)
UNIDENTIFIED REPORTER: What about the E.U.? What about the E.U.? They retaliated this morning.
(CROSSTALK)
UNIDENTIFIED REPORTER: Why aren't they being treated like China?
KEILAR: All right. That also was a very interesting question there. What about the E.U.? Because they obviously have been given a respite in this pause of 90-days of these tariffs. China has not.
But what we hear there is the treasury secretary and the White House press secretary taking a victory lap. Scott Bessent describing this as the president's plan all along.
There are going to be many people who are doubtful of that, who are going to say the president looked at the bond markets overnight and felt a lot of pressure. But that's certainly not what is coming from the White House.
SANCHEZ: It's fascinating. And they were asked about this. I think it was Maggie Haberman from the "New York Times" who was asking about Trump putting out on social media just a few hours ago, "Be cool" to markets, to Americans.
And then just a few hours later, you have what appears to be from the White House, a reversal.
Again, what you're hearing from the administration is that this was the plan all along. Karoline Leavitt saying, "You clearly missed the 'Art of the Deal.' The entire world is calling us because they need our markets. They need our consumer's."
Bessent there saying that Trump created massive negotiating leverage.
And now the focus is on China. They we're asked if this was specifically about China. And Bessant there essentially saying, "This is about bad actors. China is the biggest source of U.S. trade problems. They are a problem for the rest of the world."
We have a number of reporters and analysts who have been listening alongside us.
Let's go to Jeff Zeleny, who is live at the White House right now.
Jeff, what did you draw from what we just heard there?
ZELENY: Well, certainly some questions were answered by the treasury secretary, who has really been at the front edge of trying to calm the markets all week long.
He's been delivering speeches, sort of signifying for the first time that the president was open to negotiations.
But we have more questions. And perhaps the first one is this: If this was the plan all along, if this was the "Art of the Deal," as the White House press secretary just said, then was it, indeed, worth this massive loss in income, in stocks, in profits from average Americans, 401s to small businesses, to others?
So if this was the plan, was this the best approach? We will see if the president has to answer that.
We'll also see if -- he declared a national emergency to do these tariffs in the first place. Is there, indeed, a national emergency about this?
But for the short time, just to sort of reset a bit, putting a three- month pause on these so-called reciprocal tariffs for a lot of allies and adversaries alike, is a major admission from this White House that this policy was not going in the direction that they had a suggested, insisted it was.
I mean, the president, again, saying this morning, be cool. And then a few hours later reversing course entirely.
But there has been a big discussion inside this White House. From Elon Musk, as we've seen, he was throwing rocks quite literally at the top trade adviser, Peter Navarro.
But the president obviously came to the realization himself, we are told, and he crafted that message in the Oval Office with his commerce secretary and his treasury secretary at his side.
So going forward, what does this mean for China? The trade war with China is still very much on. The U.S. is hoping that the allies of Japan and South Korea will essentially work with the U.S. against China. That's an open question as well.
[13:54:59]
But at this hour, with a couple hours left in the markets, clearly the markets are responding positively. It's what they have been waiting for all along.
KEILAR: Yes, certainly. We see how they're responding there on the screen.
And I want to bring in Scott Lincicome, who is the V.P. of General Economics.
Scott, as you're looking at this, we also just have to remember -- and I'm curious what you think about the White House trying to take a victory lap here.
There are still 10 percent tariffs across the board in effect, as well as a 125 percent tariff on China, which is huge for American consumers. How are you seeing this?
SCOTT LINCICOME, VICE PRESIDENT, GENERAL ECONOMICS: Right. And we still have the automotive tariffs. We have the Canada-Mexico fentanyl tariffs. We have new investigations of lumber and copper. We have the steel and aluminum tariffs.
So, yes, we can be happy a bit that the worst aspects of these reciprocal tariffs have been paused. But we're certainly not out of the woods, especially with this global 10 percent tariff in place.
And you know, it really puts the lie to the idea that these were about reciprocity at all. It's just a global tariff. It's just protectionism.
And finally, I think it's important to remember that, I don't know, I mean, markets are relieved a bit, but I don't know how you could possibly think the U.S. is a sound, safe and stable place to invest when the president is flipping tariffs on and off like a light switch.
And there could be more of these things in a mere 90-days. So a bit of a reprieve, but we're definitely not out of the woods.
SANCHEZ: Let's bring back Larry Summers, who is still with us, I believe.
And, Larry, I wanted to get your thoughts specifically on -- actually, he -- he just left us. But we have more analysts with us.
We have Jeff Stein with "The Washington Post."
And, Jeff, are you with us?
JEFF STEIN, WHITE HOUSE ECONOMICS REPORTER, "THE WAHINGTON POST": Yes, yes. Can you hear me?
SANCHEZ: OK. Perfect.
So the question I was going to ask Larry was specifically about the approach to China. The United States trying to band together allies and sort of create trade deals that are bespoke with them but use them for maximum leverage against China.
The specifics might be different, but that sounds a lot like what the U.S. was trying to do almost a decade ago with the TPP.
STEIN: Yes, it sure does. This is obviously a much more confrontational, disruptive, painful way to do it.
But there's -- there's no doubt that, the Obama administration, the Biden administration and Trump's first term all saw, you know, this desire to isolate China. And you know, take on its -- you know, the trade imbalance and the trade surplus that many economists have identified as a serious problem.
Why we had to, you know, strain our relations with 70-plus other countries, I think the White House would say that, look, even though China is the worst offender, we are still trying to deal with, you know, bad trade practices from many other countries.
But I think it still raises the question of, why are other countries going to deepen their ties with us after we punch them in the face?
And, you know, maybe we walked away at the last minute, but as Scott was just alluding to, there are still lots of other punitive measures going into effect.
And lots of foreign leaders, you know, we've talked to are deeply alarmed by the trajectory of U.S. leadership and reconsidering their financial ties with the U.S.
So whether this actually helps us rally the world to take on China or not very much remains to be seen.
KEILAR: All right, Jeff, stay with us.
Everyone stay with us, please. We have much more just ahead.
ANNOUNCER: This is CNN breaking news.
SANCHEZ: A quick reset as we follow major breaking news from the Trump administration and President Trump's trade war. The president announcing just minutes ago that he's now, quote, "authorized a 90-day pause" on some of his new tariffs.
KEILAR: But not for China. Trump says Chinas tariffs are now at 125 percent. That is up 21 percent just from last hour.
The news, big news and the markets are responding very positively. The Dow so far spiking way up. You can see it there up 2,500 points.
Let's bring back our team of experts to talk a little bit about this.
All right, Richard Quest, let's start with you.
Because you're hearing the White House, they're taking a victory lap. There's still though a ton of tariffs that are in effect right now.
[13:59:43]
And I wonder if you see that messaging of, hey, this is the "Art of the Deal," this is the plan all along, is that a political message for, you know, voters and Americans? Is that something that people in the economic sphere are believing at all?
QUEST: No. No, I think the important thing here is that the worst tariff numbers on Japan, 24 percent, South Korea 15 percent, the E.U. 20 percent, Mexico and Canada --
