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CNN This Morning

Trump Announces Large Tariffs on 3 Main Trading Partners; Smith Drops Charges on Trump, Will Trump Take Revenge for Prosecution?; Preparing for Thanksgiving Travel. Aired 6-6:30a ET

Aired November 26, 2024 - 06:00   ET

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

KASIE HUNT, CNN ANCHOR: It's Tuesday, November 26. Right now on CNN THIS MORNING.

[06:01:07]

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT-ELECT OF THE UNITED STATES: If I was Mr. Tariff, I would say please get me a P.R. agent. It's one of the most beautiful words in the whole world.

(END VIDEO CLIP)

HUNT: Fulfilling his vow, Donald Trump rolls out his day one plan to slap tariffs on two U.S. allies and one longtime adversary.

Plus, all clear. Special Counsel Jack Smith dropping all charges in both federal cases against the president-elect. Will Trump seek retribution?

And --

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: And have you ruled out a pardon for your son?

JOE BIDEN, PRESIDENT OF THE UNITED STATES: Yes.

(END VIDEO CLIP)

HUNT: Will he, or won't he? President Biden's final decision in office could be his most difficult. Will he pardon his son before leaving the White House?

And then --

(BEGIN VIDEO CLIP)

TRUMP: These Washington Republicans like Mitch McConnell, who's the absolute worst.

(END VIDEO CLIP)

HUNT: A new era. The longest-serving Senate leader prepares to exit his post, but Mitch McConnell is still poised to be a thorn in Donald Trump's side.

All right, 6 a.m. here on the East Coast. A live look. Kind of foggy in New York City, here on this Tuesday morning of this Thanksgiving holiday week.

Good morning, everyone. I'm Kasie Hunt. It's wonderful to have you with us.

Let the trade wars begin. Donald Trump making good on a campaign promise to increase tariffs on America's biggest trading partners.

In a Truth Social post, the president-elect announcing that, on day one of his second administration, he plans to institute a 25 percent tax on all goods imported from Canada and Mexico.

The move, he said, is retaliation for the movement of drugs and undocumented immigrants across America's borders. Trump followed up that post with another promising to raise existing tariffs on Chinese goods a further 10 percent, blaming China for their role in the fentanyl trade.

In a statement to CNN, the Chinese embassy responded, saying, quote, "No one will win a trade war or a tariff war."

Tariffs are effectively a tax on imported goods, and experts warn that they result in higher prices for goods that Americans buy every day.

Shortly before the election, the CEOs of Colombia and AutoZone said this: quote, "We'll just raise the prices. It's going to be very, very difficult to keep products affordable for Americans."

And, quote, "If we get tariffs, we will pass those tariff costs back to the consumer."

And this just last week from the CFO of America's largest retailer, Walmart.

(BEGIN VIDEO CLIP)

JOHN DAVID RAINEY, CEO, WALMART: We've actually lived in a tariff environment for the last seven years. So, we're very familiar with that.

Tariffs are going to be inflationary. There's no disputing that. And -- and likely consumers are going to pay more for the items that they -- that -- that these tariffs are applied to.

(END VIDEO CLIP)

HUNT: But Trump, who instituted tariffs on some Chinese imports during his first term, has long touted them as a way to equalize trade deficits and promote American manufacturing.

(BEGIN VIDEO CLIP)

TRUMP: Now, I say you put a 25 percent tax on everything that's made in China.

Our government should have stopped China from devaluing.

BILL O'REILLY, FORMER FOX NEWS HOST: They can't!

TRUMP: They never even bring them up. It's the number. Of course they can.

O'REILLY: How?

TRUMP: You know how they can?

O'REILLY: Yes, how?

TRUMP: Very simply. Bill, it's so simple. They put a tariff on Chinese goods.

We have to use the power of the tariff. We have to use the power of taxation.

If I was Mr. Tariff, I would say, please get me a P.R. agent. I have to straighten out. It's one of the most beautiful words in the whole world --

The word "tariff." It's more beautiful than "love."

(END VIDEO CLIP)

HUNT: "More beautiful than love."

Joining us now, Jeff Zeleny, CNN chief national affairs correspondent; Mark Preston, CNN senior political analyst; Kendra Barkoff, former press secretary to Joe Biden; and Brad Todd, Republican strategist and CNN political commentator.

Welcome to all of you.

BRAD TODD, CNN POLITICAL COMMENTATOR: Good morning.

HUNT: Thank you so much for being here.

So, Brad Todd, this tariff situation with Trump, if you look at what Americans tell us when you ask them what they think would happen when there's a tariff on goods that they buy, 60 percent of them acknowledge that they think the prices would be higher. Twenty-three percent say they think it wouldn't change.

[06:05:06]

Then when you ask them, OK, what should Donald Trump's priorities be in office, the No. 1 priority is lowering prices: 79 percent.

How do you square these things as we head toward what seem to be impending higher tariffs?

TODD: Well, first off, I want to level set the intro piece. When -- Donald Trump didn't say, oh, I'm going to certainly do this. He said, I'm going to do this if Mexico and Canada don't get the border under control and stop the flow of illegal migrants and fentanyl.

He's putting them on notice. They have two months to reverse their lax policies. You know, interdictions of illegal migrants on the Canadian border are up nine times what their previous average was just this year.

So, he's putting Justin Trudeau and Canada, who by the way, has a pretty big problem with decriminalization of hard drugs. He's got a drug issue in Canada. He's putting him and he's putting Mexico on notice. You have -- you have time.

HUNT: So, you think this is just a threat?

TODD: I think this is a warning shot.

HUNT: Trying to get action?

TODD: It's a warning shot. It's an opening gambit.

Do I think Donald Trump likes tariffs? Of course he does. CNN has footage from him from the 1980s saying that tariffs are an effective tool. They're better than love, Kasie.

So, I think that you will see some tariff action.

HUNT: Beautiful word.

TODD: But let's remember, Joe Biden renewed Donald Trump's tariffs on aluminum as one of his first actions last time. So, tariffs are a tool both parties use.

HUNT: Well, I mean, I will say, Mark -- and Jeff, you weigh in, too, because I'm sure that you encountered this on the campaign trail. I mean, there is a belief among, certainly, Americans who live in some of these hollowed-out towns in the Rust Belt of the U.S. that, you know what? Protectionist trade policies would have helped make their lives better.

MARK PRESTON, CNN SENIOR POLITICAL ANALYST: A hundred percent. And I mean, look at just -- just the mere fact that Donald Trump is making this threat right now, right? He is threatening to do it.

And we're starting to see some reaction. Of course, we've seen some reaction from China. We've seen it from -- from the leaders of Canada and Mexico, as well.

To Brad's point, I don't know if he will actually enact it, but I do think the American people, they'd like that, you know, they'd like that bellicose, you know, were going to stick it to them, you know, and we're going to push back on China and Mexico and Canada. That is what's appealing.

What's not going to be appealing, though, is when you go to Walmart, and you're not going to get something for, like, $3.99. It's going to be $13.99.

JEFF ZELENY, CNN CHIEF NATIONAL AFFAIRS CORRESPONDENT: Exactly. I mean, it's one thing to talk about what would have happened under NAFTA. You talked about some of those hollowed-out towns. But now, I mean, that is just a new reality here.

So, I'm very interested to see what happens on day one. The list of things being promised is growing. But there's no doubt this is a threat.

But I remember in 2017, he made good on his threat for China, but not on Mexico. He was talked out of that by his advisers. I think it was in 2018 or 2019. So, we'll see if that happens again this time.

But the prices are going to be a big issue.

But look, there is one thing that Donald Trump has been consistent on, really above all else, and that is his favorite word of "tariff."

I mean, he's talked about it, as Brad said, extensively. That and immigration, I'd say, are two of his most consistent things. He was elected on this. So, this shouldn't really be a surprise. We'll see if he goes through with it or not.

HUNT: Well, and Kendra, I mean, Brad's point is correct that the Biden administration did keep some of these tariffs in place, and they're -- it's not -- it's not a tool that they have entirely rejected.

Right? I mean, how do Democrats look at this?

KENDRA BARKOFF, FORMER PRESS SECRETARY TO JOE BIDEN: Well, I mean, I think, look, at the end of the day, the -- the thing is that Americans voted for Trump, because they wanted their flat-screen TVs lowered. Right?

They don't want to pay for goods and services at a really high rate.

And I think when Biden came in, we were in a very different place. COVID was still happening. There were prices that were starting to go up because of what was going on with COVID.

And so, I think they had to do things to stop what was going on around the world with the hemorrhage of -- of -- of -- of this -- of this virus that was going on.

So, I think you're in a very different place than you were when Biden came into office.

TODD: I just wish we'd been this -- this hawkish on price policies and inflationary policies when Joe Biden was using his first executive orders to drive up the cost of energy and to pause moratorium -- have a moratorium on drilling offshore.

I mean, Joe Biden's policies from the very first day were inflationary. PRESTON: Yes. But to be fair, that -- and I'm not defending him, but

-- but to be fair, they are -- they were trying to transition out of a fossil fuel economy into a new fuel economy. Right? You know, the idea --

TODD: But the public was not for that if it drives up the prices and their choices with vehicles. I mean, it's the thing that the far left wanted that Joe Biden acquiesced to.

HUNT: Well, I think we're going to talk about -- we certainly talked about it with Ron Brownstein earlier in the show. We may touch on it later.

All right. Ahead here on CNN THIS MORNING, we're going to take you inside Russia to look at what people there are saying about some of the key players in Donald Trump's inner circle.

Plus, with less than two months left in office, will President Biden intervene in the sentencing of his son, Hunter?

And will Donald Trump move on or retaliate, now that federal criminal charges against him have been dropped?

[06:10:00]

(BEGIN VIDEO CLIP)

TRUMP: It could certainly happen in reverse. What they've done is they've released the genie out of the box.

They call it weaponization, and the people aren't going to stand for it.

(END VIDEO CLIP)

(COMMERCIAL BREAK)

(BEGIN VIDEO CLIP)

JACK SMITH, SPECIAL COUNSEL: Adherence to the rule of law is a bedrock principle of the Department of Justice. And our nation's commitment to the rule of law sets an example for the world. We have one set of laws in this country, and they apply to everyone.

(END VIDEO CLIP)

HUNT: "They apply to everyone."

That was Special Counsel Jack Smith last year, announcing charges against Donald Trump. Two separate cases, one involving classified documents and the other, election subversion. Each marking the first time a former president had been indicted on federal criminal charges.

But now, both cases have been dismissed with prejudice. In his final court submission, Smith writes this, quote, "The Department's position is that the Constitution requires this case to be dismissed before the defendant is inaugurated. This outcome is not based on the merits or strength of the case against the defendant."

But even with the case dismissed, there will be one final report, a requirement for any special counsel. The attorney general is expected to publicly release it before inauguration day, and then it will be up to Trump to take the next step.

Will he turn the page? Or will he go after those who brought the case?

(BEGIN VIDEO CLIP)

HUGH HEWITT, RADIO TALK SHOW HOST: You're either going to have to pardon yourself, or you're going to have to fire Jack Smith. Which one will you do?

TRUMP (via phone): It's so easy. I would fire him within two seconds.

TRUMP: He is a person who is trying -- and he works for Kamala, and he works for Joe. This was a weaponization of government.

TRUMP (via phone): We should throw Jack Smith out with them. The mentally deranged people. Jack Smith should be considered mentally deranged. And he should be thrown out of the country.

(END VIDEO CLIP)

HUNT: "Thrown out of the country."

That is also a question for the woman that Trump tapped to be his next attorney general, Pam Bondi, who said this about the Department of Justice last August.

(BEGIN VIDEO CLIP)

PAM BONDI (R), FORMER FLORIDA ATTORNEY GENERAL: The prosecutors will be prosecuted. The bad ones. The investigators will be investigated.

Because the deep state last term for President Trump, they were hiding in the shadows. But now they have a spotlight on them, and they can all be investigated. And the house needs to be cleaned out.

(END VIDEO CLIP)

HUNT: "The house needs to be cleaned out."

Mark Preston, what does this mean for Jack Smith?

PRESTON: It means that Jack Smith sees the political reality of where he's at right now.

You know, a lot of folks, we've been talking about this over -- over the past couple of weeks about what do Democrats do right now? And we're seeing a lot of complaining, right? Understandably. And they're upset at this point.

But they've got to realize that they're in this new reality, and they've got to play by this new set of rules. And otherwise, they're just they're just going to lose.

I mean, and Jack Smith saw that. He knew that he had to step away from it. And he has done so gracefully.

HUNT: Kendra.

BARKOFF: Well, a couple of things I would say on this. One, he did see the writing on the wall.

Two, the voters made their decision. They saw the facts; they looked at it. They said, I don't care. We're going to vote him in anyways.

And three, what I would say is, on this whole weaponization piece of -- of this -- of the DOJ, he went after, you know, they went after Hunter Biden in the same way.

So, they -- they did things that they -- they followed the letter of the law and went after people that they thought committed crimes, in their mind.

TODD: You know, even if your name's not Donald Trump, you ought to be really concerned about what's happening at the Department of Justice. And you need to want things to be cleaned out. There's a nine-year rot in that department.

HUNT: Does that mean prosecutions of people like Jack Smith?

TODD: Well, I think that it means a serious investigation, and then you can make the decision about prosecution.

But let's -- let's -- let's do the inventory. The Department of Justice said parents who go to their school boards to complain might be domestic terrorists. The department said maybe Catholics who practice Latin mass might be recruited for terrorism.

Like, it's -- the department is out of control. They tried to -- They tapped Donald Trump's phone before he was even president at all. They tried to prevent him from becoming president. They tried to throw him out of office.

I mean, no matter who you are, this is why American public's confidence in the Department of Justice is so low. Somebody does have to clean it out. And that's Pam Bondi's job now.

PRESTON: When you say clean it out, though, I guess, like, that's the question here. Like, what is that going to look like?

I mean, look, you said nine years. Jeff Sessions obviously was the attorney general during some of that. So that's what this gets back to the very beginning.

I mean, this is the biggest regret from the president's first time in office, that he appointed a Jeff Sessions.

So, Pam Bondi has a choice to make. Is she going to be looking forward or looking backward at the retribution? We'll see. But again, all these things are adding up on things he's going to do

in his first moments in office.

I assume that firing Jack Smith, if he's still around, is one of them. More interestingly, the report that he submits. Is that going to be something for the record? Is that going to be something to add more to our knowledge of what happened on January 6th, from his point of view? Or will it be just more milquetoast?

My guess is it's not going to be like the Mueller report. I mean, this is a different kind of situation here. And filing with prejudice, that means they can be filed again. That is never going to happen.

HUNT: All right. Coming up here on CNN THIS MORNING, Joe Biden's final days in office. Will the president use them to keep his son Hunter from ever being sentenced?

Plus, you think American politics is crazy? A fistfight in Serbia's parliament. One of the five things you have to see this morning.

(COMMERCIAL BREAK)

[06:24:16]

HUNT: All right, 23 minutes past the hour. Five things you have to see this morning.

Two people on board a small plane survived after this terrifying crash, caught on camera in California.

The plane slammed into a tree after the pilot told air traffic control he was having engine trouble. Yikes.

A man in a stolen car taking police on a high-speed chase across several Massachusetts highways. Video of the pursuit shows the SUV swerving through traffic, at one point, crossing the median before making a U-turn and heading in the opposite direction. Officers arresting the suspect after he eventually pulled over.

In remote Alaska, where residents live off the grid, one woman has a creative solution to help people get their Thanksgiving dinner. She is airdropping frozen turkeys directly from her plane.

She says the birds don't get bruised: they just bounce off the ground. That's very kind.

A fistfight was less kind in Serbia's Parliament over a roof collapse at a train station that killed 15 people in early November. The accident becoming a flashpoint for growing discontent with Serbia's -- Serbia's authoritarian rule. Yikes.

All right, not every day you see coaches hugging on the field. Also, not every day you have two brothers coaching NFL teams against each other.

(BEGIN VIDEO CLIP) UNIDENTIFIED MALE: I love my brother, and I'd lay down my life for my brother, but I would not let him win a football game. And he wouldn't want it that way.

(END VIDEO CLIP)

HUNT: John and Jim Harbaugh facing off Monday night. the Baltimore Ravens defeating the L.A. Chargers. John improving to three and zero against his younger brother in head-to-head matchups.

All right. Time now for weather. Probably the most important story of this holiday week morning. Rain impacting parts of the Eastern U.S. today, while parts of Northern New England could see some light snow as holiday travelers prepare to hit the road ahead of Thanksgiving.

Let's get straight to our meteorologist, our weatherman, Derek van Dam, for the travel forecast.

Derek, good morning.

DEREK VAN DAM, CNN METEOROLOGIST: You say the weather is the most important, but I think that bouncing turkey story you had was pretty good.

I mean, breaking news, right?

HUNT: If you're a recipient of one of the turkeys, absolutely.

VAN DAM: I'd be happy if I got a bouncing turkey on Thanksgiving morning. What a gift.

The weather not a gift for a lot of people this morning. Unfortunately, we're going to be contending with some delays, so heads up if you're heading out of LaGuardia, perhaps JFK.

Some potentially major to moderate delays because of the weather as a cold front is moving through, bringing rainfall to the region.

And then a snow-making storm system producing snow West of Denver International into the Salt Lake City area.

Here's the cold front along the Eastern Seaboard. Zooming in the snowfall, the frozen precipitation is North of the major metropolitan areas, but this could impact places like Burlington Southward into Albany; the higher elevations of upstate New York.

But this is all rain, so as this enters the equation, this could, of course, have a knock-on effect for flights this morning. The I-95 corridor will certainly be wet into the nation's capital.

Atlanta, your rain has just come to the -- an end. So, we do expect Hartsfield-Jackson International Airport to dry out here in the coming hours.

But this is the big weather maker that's going to disrupt things as we head into Wednesday and Thursday. Wednesday actually could be your best day to travel if you do that early along the Eastern Seaboard. Notice, Wednesday afternoon, no travel problems in terms of the weather.

But look what happens 12 hours later. A major storm system on Thanksgiving morning. So, this is the one you want to plan ahead at, maybe get comfortable at your relatives' house, because this storm is going to usher in some of the coldest air of the season and kick in the lake effect snow machine behind it -- Kasie.

HUNT: All right. Good to know. Derek van Dam for us this morning. Derek, thank you. See you tomorrow.

VAN DAM: All right.

HUNT: All right. Coming up here on CNN THIS MORNING, the Trump team investigates one of its own top aides after allegations of a pay-to- play scheme surfaced.

And what Donald Trump's return to the White House means for the future of U.S.-Russia relations.

(BEGIN VIDEO CLIP)

TUCKER CARLSON, FORMER FOX NEWS HOST: Tell us why you believe the United States might strike Russia out of the blue? How did you conclude that?

(END VIDEO CLIP)

(COMMERCIAL BREAK)

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