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Trump Defends Tariffs as Asian Markets, U.S. Futures Plunge; Basketball Grows in International Appeal. Aired 12-1a ET

Aired April 07, 2025 - 00:00   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

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BEN HUNTE, CNN INTERNATIONAL ANCHOR: Hello. Wherever you are in the world, you are now in the CNN NEWSROOM with me, Ben Hunte in Atlanta. And it is so good to have you here.

[00:00:39]

Coming up on the show, President Trump is defending his tariff war, but markets are bracing for more volatility. We'll have all of the latest numbers.

Plus, an expert joins me to talk money. She'll explain what you should be doing during this economic uncertainty.

And America's craze for basketball has gone global. Athletes from dozens of countries are now joining American teams as the NBA considers starting a new league in Europe. We'll dig deeper.

U.S. President Donald Trump's tariff-induced market mayhem isn't over yet. Asian markets are plunging. Look at these numbers. A sea of red across the board. Hong Kong's Hang Seng hit hardest of all, down more than 10 percent right now.

U.S. stock futures aren't faring much better. The Dow, NASDAQ, and S&P 500 futures all down ahead of the new trading week.

But despite the turmoil, Mr. Trump defended his tariff moves to reporters aboard Air Force One on Sunday. Have a listen.

(BEGIN VIDEO CLIP)

DONALD TRUMP, U.S. PRESIDENT: Because of the tariffs, we have $7 trillion already committed to be invested in the United States: building auto plants, building chip companies. And all sorts of companies are coming into our country at levels that we've never seen before.

You know, I was elected on this. This was one of the biggest reasons I got elected was exactly because of this. And we're going to put tariffs. We've already put them on. It's not a question of we will. We're going to put them on.

And those tariffs next year will make us $1 trillion. In addition to the $1 trillion, thousands of companies are going to relocate back into the United States.

(END VIDEO CLIP)

HUNTE: And while the Trump administration is downplaying this market volatility, there may be even more uncertainty ahead. Larger U.S. tariffs are scheduled to go into effect on Wednesday. That's when the U.S. will place a 54 percent tariff on all goods imported from China.

Well, you know, we need to dig into this. So, CNN's Kristie Lu Stout is joining us now, live from Hong Kong.

Hey, Kristie, thanks for being with me. Can you tell me: what is the latest over there, please?

KRISTIE LU STOUT, CNN INTERNATIONAL ANCHOR/CORRESPONDENT: Ben, stock markets here across the Asia Pacific region are plunging. In fact, this is the worst two-day stretch for Asian markets in five years, as investors here in the region and around the world reject U.S. President Donald Trump's sweeping tariff policy.

We are in the middle of the Asian trading day. Let's bring up the latest numbers for you. And if you look at your screen, you will see a sea of red.

The Hong Kong Hang Seng here in Hong Kong down over 10 percent. Nikkei in Japan losing over 6 percent. The Seoul KOSPI down about 5 percent. The S&P ASX 200 in Australia down about almost 4 percent, and the Shanghai composite losing six and a third.

We're also, from Asia, keeping an eye on U.S. futures. The Dow, the S&P, the NASDAQ all pointing to a lower open when these markets open just a couple hours from now.

Last week, U.S. President Donald Trump upended the global trade norms when he announced those tariffs of at least 10 percent on all U.S. imports. And since then, governments here across Asia have been scrambling for a response.

Earlier today, we heard from the Japan prime minister. He said that his government will ask the Trump administration to lower tariffs.

South Korea and its acting president is calling for more talks.

But we have heard a more forceful response from China. China just a couple of days ago, announcing retaliatory reciprocal tariffs of about 34 percent, which Donald Trump, in response, shrugged off and said that he's going to stay the course.

Over the weekend, we also heard a very defiant tone from China through state-run media. There was one "People's Daily" commentary that said, look, the tariffs are going to have an impact. But the sky won't fall.

And this commentary that was published on Sunday in "The People's Daily" also said something very interesting. Let's bring it up for you. Saying that this moment can present a strategic opportunity for China. It said this: quote, "As a responsible global power, we should turn pressure into motivation and see the U.S. impact as a strategic opportunity," unquote.

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Now, Ben, "The People's Daily" also added that China has not closed the door on talks with Donald Trump.

Ben, back to you.

HUNTE: Well, yes, you just mentioned China there. And President Trump also mentioned China directly on Sunday. Let's have a listen.

(BEGIN VIDEO CLIP)

TRUMP: We have $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose with China. And unless we solve that problem, I'm not going to make a deal. I'm willing to deal with China, but they have to solve their surplus.

(END VIDEO CLIP)

HUNTE: So, Kristie, bring me into this. How is China reacting to all of this?

STOUT: Well, we heard that defiant tone from state-run media over the weekend, saying, look, we are doing these reciprocal tariffs. We're striking back hard.

And it's really interesting to note the forcefulness in the response from China is quite in stark contrast with what we've seen from other Asian economies. China striking back with retaliatory tariffs.

And you have another giant economy in Southeast Asia, the largest one there, Indonesia. We heard from its economic minister saying that it is not going to announce reciprocal tariffs. It is calling for talks. And it will look to find ways to expand market opportunities in Europe and elsewhere.

We also heard from other Southeast Asian economies like Vietnam, like Malaysia, calling for leadership, calling for talks, but all, again, in stark contrast with China, which is pushing back forcefully.

Back to you, Ben.

HUNTE: Yes. Well, let's see what happens next. For now, Kristie Lu Stout in Hong Kong. Thank you so much for joining me. Appreciate it.

STOUT: You got it.

HUNTE: The White House is conducting a media blitz to downplay this market chaos. On Sunday, the administration officials claimed that Donald Trump's tariffs are a, quote, "reset" of the U.S. economy and global trade. They're also denying the risk of a recession.

(BEGIN VIDEO CLIP)

BROOKE ROLLINS, U.S. AGRICULTURE SECRETARY: I think we'll see, in short order, really positive outcome from this.

KEVIN HASSETT, DIRECTOR, NATIONAL ECONOMIC COUNCIL OF THE U.S.: It is not a strategy for the markets. It's a strategy to create a golden age in America for the American worker. That's his strategy.

PETER NAVARRO, COUNSELOR FOR PRESIDENT TRUMP: We are going to have the biggest boom in the stock market we've ever seen under the Trump policies.

SCOTT BESSENT, U.S. TREASURY SECRETARY: I reject that, the assumption. there doesn't have to be a recession. The -- who knows how the market is going to react the -- in a day and a week?

HOWARD LUTNICK, U.S. COMMERCE SECRETARY: You need to reset the power of the United States of America and reset it against all our allies and our enemies alike.

(END VIDEO CLIP)

HUNTE: Meanwhile, some lawmakers are fighting to rein in the tariffs. One Democratic senator says a bill requiring congressional approval for new tariffs is gaining bipartisan support. And a Republican House representative plans to introduce a companion bill on Monday.

As lawmakers push back, one Democrat says Trump is securing his legacy, and the image is unflattering.

(BEGIN VIDEO CLIP)

SEN. ADAM SCHIFF (D-CA): He's wrecking our economy. I think people have seen their retirement savings on fire. And there he is, out on the golf course. That may end up being the most enduring image of the Trump presidency. That is, the president out on a golf cart while people's retirement is in flames.

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HUNTE: Let's dig deeper with Michelle Singletary. She's a personal finance columnist for "The Washington Post" and the author of "What to Do with Your Money When Crisis Hits: A Survival Guide."

Thank you so much for being with me, Michelle. How are you doing?

MICHELLE SINGLETARY, PERSONAL FINANCE COLUMNIST, "THE WASHINGTON POST": I'm -- well, I was going to say I'm doing OK, but I'm not OK.

HUNTE: I don't want you to lie on my show. I don't want you to lie on my show. We need truth on this show.

Tell me. Let's get into it. Have you been surprised by President Trump's moves so far? I'm guessing yes.

SINGLETARY: You know, actually, no. HUNTE: Oh.

SINGLETARY: He did telegraph this when he was running, that he was going to do all of this. So, I'm not surprised. I am surprised at the level and speed at which it is happening, like many other folks.

So, not surprised, but pretty ticked off, like a lot of investors right now.

HUNTE: Oh, yes. I mean, I've been seeing them 401(k)s. I'm like, oh, I shouldn't have logged in. Shouldn't have logged in.

What is the No. 1 concern that people have been contacting you about recently?

SINGLETARY: You know, lots of people are obviously worried about the -- how far it has dipped in such a short period of time. I mean, most investors understand that the market is going to kind of go like this. Right? But when it goes like this and like that, you're just like, oh, wait a minute. I didn't sign up for this. I don't want this kind of roller coaster ride.

And they just, you know, and -- and I've been hearing from young people and people near retirement or in retirement. In fact, I was at church this morning, and my 24-year-old daughter texted me; says, mom, you said I should get into the market. Do you mean right now with what's happening?

And all I said was, yes, ma'am. That's all I said. Because she's got plenty of time, at 24, for the market to rebound.

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HUNTE: That's interesting. I like that point. I mean, I'm 32, so I'm kind of taking good vibes from that, even though I'm very scared right now. I appreciate it.

You wrote a book about what to do with your money when crisis hits. So, advise me like I'm your daughter. Tell me, what can I do?

SINGLETARY: Well, first of all, if he was my daughter or my son, I would say make sure you don't have any debt. So, I wouldn't be advising her to invest right now if she had debt, which she doesn't, because she's my child.

And so, you know, I wrote that book during the pandemic, and when I wrote that book at the beginning, it says it's not a matter of if the economy will tank, but when. So, even back then, I knew that it was going to come again.

We've recovered from the pandemic, and we knew that something was going to come. We didn't know it was going to be this something. But, you know, that's how the economy rolls.

And so, the best thing is to have a good command of your budget, not carry debt if you can. And then, when you hit these kinds of roller coasters in the market, you can ride that ride.

I don't like roller coasters, but if you're on it, you know there's going to be some dives. And then it's going to, you know, come into a landing, and you're going to be OK. You're going to get off that ride.

Now, having said that, I know people in retirement is like, girl, I don't know what you're talking about. I need this money right now.

HUNTE: For real.

SINGLETARY: But even in retirement, you have, you know, 20 or maybe even 30 years. So, you need some of your money in growth. But you do need to have some money that is not subject to these wild swings.

So, you know, money in CD's or money markets or treasuries, bonds, high-yield bonds. So, you want to have some safety money. Safer money, I should say.

HUNTE: OK.

SINGLETARY: Than in equities, than all in equities.

HUNTE: I like that, I like that. I mean I'm -- I'm buying a place in Atlanta. So, I've had to pull out my money from the market. So, I'm kind of just observing right now and just looking at all of this madness.

But yes, imagine if I hadn't. Gosh, crazy.

How does what's happening right now compare to other times of economic uncertainty that you've covered? You talk about the pandemic there and that you knew that something was going to happen. But this is kind of like a man-made thing. It isn't really just the markets reacting to nothing.

SINGLETARY: Yes. You hit the nail on the head. You know, during the housing crisis, there was an underlying issue with the economy. Something really bad, right?

During the pandemic, there was something that was out of our control. And so, we were trying to get all of those cases under control.

This is purely manmade. This is a policy that is idiotic. And scary and unnecessary. And really, it just -- it really makes me upset, that there's such little concern for the regular person out there all across, not just the U.S., but the world.

And people look to the U.S. for stability. And this is creating instability at a time that is not necessary.

My goodness, we all came through a global pandemic. And at least in the U.S., without a recession, and we were just breathing like, thank you. And now we're like, what the what?

HUNTE: Well, place your bets for me very quickly. Will things get better or worse over the next few months? SINGLETARY: I don't know about the next few months. Time will tell.

This is a very unstable administration.

I will say that historically, the market has returned. And if you have faith and you have a long horizon, you will do well. You will beat inflation. You will have some stability in your portfolio.

But you got to just clutch your heart, feel what you need to feel. I have not been telling people not to panic. You should go ahead and scream. And I'm not going to give you permission to curse. But if you want to, in the privacy of your home, go ahead and do that.

But I will say that you can't act on that fear. If you have a well- balanced portfolio and a plan -- that's the most important thing -- then you have to weather this out.

You know, I told you before that I'm not a big fan of roller coasters, but I have rode those roller coasters. And when it gets to those times when it's dipping, I just close my eyes. I hold onto the pole, because I know eventually, it's going to come in.

HUNTE: OK.

SINGLETARY: And I'll be safe. And I think that the -- our markets have shown that that's what will happen historically.

HUNTE: Well, Michelle, I'm going to trust you. I like that. I love roller coasters personally, but please be aware that a new "Final Destination" film is coming out later this year. So, you know, sometimes things go wrong.

So hopefully -- fingers crossed -- it will be good.

But yes, thank you for joining me. I appreciate it. And yes, hopefully speak to you again soon.

SINGLETARY: Oh, thank you for having me.

HUNTE: French far-right leader Marine Le Pen is calling her guilty verdict a political decision, telling supporters she will fight her conviction. That story when we come back.

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But first, air raid sirens sounded in Southern Israel as Hamas launched a rocket attack. The latest on the fighting and how Israel plans to respond.

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HUNTE: Israeli Prime Minister Benjamin Netanyahu is now in Washington ahead of his meeting with the U.S. president, Donald Trump, at the White House in the coming hours.

The visit comes as the Trump administration slaps 17 percent tariffs on Israel. That topic, along with Israel-Turkey relations, Gaza, and efforts to return the hostages will all be on the agenda when the two leaders sit down for discussions.

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They will later hold a joint news conference, and that is the second between the two world leaders this year.

At least one rocket hit the Southern Israeli city of Ashkelon on Sunday, after Hamas launched its largest barrage of rockets since Israel renewed its offensive in Gaza last month.

The Israeli military says five of ten rockets were intercepted.

In Ashkelon, damage could be seen on the streets, and at least one man there was being treated for minor injuries.

The armed wing of Hamas says the attack was in response to massacres committed against civilians. Israel says it has since struck the rocket launcher used by Hamas and plans to intensify its operations against the militant group in response.

An autopsy by an Israeli pathologist has found that a Palestinian teen died in an Israeli prison after suffering, quote, "likely prolonged malnutrition."

Seventeen-year-old Walid Khalid Ahmad was arrested in September last year in the West Bank, allegedly for offenses that included throwing stones and Molotov cocktails. He was never charged and denied the accusations.

Ahmad is believed to be the first minor to have died in Israeli custody since the war between Israel and Hamas began in October of 2023.

And we're just learning, a Palestinian-American teen has been shot and killed in the West Bank. Palestinian officials say Israeli soldiers fatally shot the 14-year-old and wounded two others, aged 14 and 15.

The Israeli military says soldiers opened fire during a counterterrorism operation when they claimed to have seen, quote, "three terrorists" hurling rocks toward the highway, endangering civilians.

Marine Le Pen, leader of France's far-right National Rally Party, told supporters she would fight being banned from running for office after being convicted of embezzlement.

Demonstrators gathered in Paris on Sunday, a large-scale protest.

The next presidential election in France takes place in 2027, but with a legal appeal expected to be decided next year, the status of Le Pen and her party is far from settled.

March Madness hype has gone global. Coming up, the latest on the U.S. national title games and how basketball's popularity continues to grow worldwide.

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[00:27:24]

HUNTE: Welcome back. I'm Ben Hunte. Let's take a look at today's top stories.

U.S. President Donald Trump is defending his tariff agenda, even as mayhem spreads across global financial markets. Asian markets and U.S. stock futures are plunging, and things may get worse, with President Trump planning even steeper U.S. tariffs on Wednesday.

Texas's growing measles outbreak has now claimed the life of a second child. The state has reported nearly 500 outbreak-associated cases, according to the Texas Department of Health. Nearly all cases were in unvaccinated people, and 70 percent were among children and teens.

Pope Francis made a surprise public appearance on Sunday, giving the crowd gathered in St. Peter's Square an unexpected treat. It's the first time the pontiff has been seen in public since leaving hospital two weeks ago, where he was treated for double pneumonia.

A dramatic win for the University of Connecticut over South Carolina on Sunday. After an 82-to-59 victory, the Huskies have now been crowned the NCAA women's champions.

UCONN's commanding performance marks a record 12th title for the program.

And later on Monday, Florida and Houston will face off in an NCAA men's championship game. Both are No. 1 seeds in their respective regions.

Now, this all comes as the sport grows in popularity all around the world. The NCAA itself has become a destination for international talent, with 264 players representing 65 countries and territories in this year's men's and women's tournaments.

And the hype isn't just at the collegiate level. Oh, no. The NBA is also looking to capitalize on the sport's global appeal by expanding into Europe with a new professional basketball league there.

Well, let's dig deeper into that. Joining me now live from Lithuania is Jonas Miklovas, editor-in-chief of "Basket News."

Thank you so much for being with me. How are you doing?

JONAS MIKLOVAS, EDITOR-IN-CHIEF, "BASKET NEWS": Thank you for having me here. Hello.

HUNTE: You're so, so welcome. So, soccer is by far the most popular sport in the world, but basketball is right up there. What do you think is behind the growth in the popularity?

MIKLOVAS: Well, we all know that this started back in 1992 with the Barcelona Olympics opening the door for NBA players and young children throughout the world. Growing up, seeing those stars of USA team of 1992.

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And obviously, when we had all these guys like Dirk Nowitzki, Tony Parker, Pau Gasol. Now, we're having Nikola Jokic, Giannis Antetokounmpo, Luka Doncic.

So, obviously, that wave from Olympics is still high, and -- and is still helping basketball grow worldwide.

HUNTE: Wow. And it's not just the fan base that's gone global but the athletes, as you just mentioned there. Fifteen percent of all March Madness players this year are from other countries. And a quarter of all NBA players are.

What do you think is bringing them all here to the U.S., and are they helping to generate more attention and interest abroad, too?

MIKLOVAS: Well, with NCAA, it's pretty obvious. You know, what has changed in the recent years with those new contracts. That's name, image and likeness. So, now those young athletes are being paid to play basketball. And for young guys from Europe, it's basically a very good chance to earn more money compared to this European team.

So, those guys will -- they used to turn pro early, like 17, 18, 19 years old. Now they can head over to U.S. and make like two, three, even four times more, compared to European wages. So, money has to do a lot with that.

HUNTE: That makes sense. Money, money, money.

The NBA is now looking to Europe to start a new league. I just wonder: tell me about the reaction there to this news. Is it that there is excitement, or does it seem like the Americans are kind of hustling in on your territory? You don't want it to happen.

MIKLOVAS: Well, actually, both. Both of your points.

So, we've heard talks with NBA wanting to -- to have something, some kind of league in Europe for 20-plus years. A long time. NBA commissioner David Stern have talked about it for many years. He saw it as a future project. And -- and we've heard with talks getting louder and louder in the last couple of years.

And obviously, now, NBA is working with FIBA. FIBA is international basketball governing body. To create this new league in Europe.

But as you -- as you said, there's still some -- some issues to be -- to be resolved. One is that the Euroleague, which is the main club competition in Europe, is not in this conversation as of yet.

So, they had these talks -- NBA, FIBA, and Euroleague -- just two years ago, but those talks stopped. And now, only NBA and FIBA are working on this project.

Hopefully, what -- what is our hope here in Europe, that Euroleague would join those talks, as well. And we won't have these two competing leagues.

Because with Euroleague, you have 25 years of -- of history, 25 years of the biggest clubs of -- of Europe playing under one umbrella. If NBA comes in and creates this new league, it could be a split into two leagues, of teams having to choose where they have to play.

HUNTE: I mean, yes, it could be. But like you say, if people are going to follow the money, then I'm guessing the NBA is where that money is going to be. So, potentially, R.I.P. to that league.

Look, I'm going to put you on the spot: Houston or Florida?

MIKLOVAS: OK, I won't pretend that I know those teams very well. You know, with time difference, I haven't been able to follow NCAA tournament.

But basically, one thing is very important for me. So, Florida has this Lithuanian guy, Kajus Kublickas, and he is the only Lithuanian playing in -- in this far in NCAA tournament.

HUNTE: Ah!

MIKLOVAS: So, I'm going for Florida.

HUNTE: Oh, I like that! OK, cool. I'm going to look out for him. Cool. Wicked.

Jonas Miklovas, thank you so much for joining us. Let's see what happens. Speak to you soon.

MIKLOVAS: Thank you.

HUNTE: Now, a second child has died from measles in Texas. The latest on how the Trump administration is handling the growing measles outbreak.

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[00:38:39]

HUNTE: In Texas, a second unvaccinated child is dead in connection with the state's ongoing measles outbreak. As of Friday, there have been nearly 600 reported cases across nearly four states.

In Texas, where a majority of the cases have been reported, nearly all were unvaccinated people. One vaccine expert says the Trump administration is to blame.

(BEGIN VIDEO CLIP)

DR. PAUL OFFIT, DIRECTOR, VACCINE EDUCATION CENTER, PHILADELPHIA CHILDREN'S HOSPITAL: So, we eliminated measles by the year 2000. We eliminated it, because we had a two-dose schedule. We had all 50 states that had state school mandates, which were enforced.

And we eliminated the most contagious infectious disease by the year 2000.

And I think what happened was it's not just that we've eliminated, I think we've eliminated the memory of it. That in combination with a lot of misinformation and disinformation that's out there, much of which has been created by our current secretary of Health and Human Services, has caused people to not fear the disease, while at the same time fear the vaccine.

(END VIDEO CLIP)

HUNTE: U.S. Health and Human Services Secretary Robert F. Kennedy Jr., who has been criticized for his handling of the outbreak before, announced that HHS is partnering with local officials to better combat the situation.

He conceded that the vaccine is the most effective way to prevent the spread of measles.

How do you like to kick off your Sunday? How about a spot of communal sparring? That's certainly what this massive crowd was eager for, as 42,000 people took to Mexico City's main plaza for a boxing training session.

[00:40:10]

Secretaries, boxing figures, and local authorities were among those taking part, and the session was led by none other than Mexico's president, Claudia Sheinbaum.

Love that. Look at those pictures.

Thank you so much for joining me and the team this hour. I'm Ben Hunte in Atlanta. It's been very real. Let's do it all again in 15 minutes' time. WORLD SPORT is coming up on CNN. See you in a bit.

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