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Quest Means Business
Two Seated Jurors Dismissed from Trump Hush Money Case; IMF-World Bank Spring Meetings; Biden Considers Tripling Tariffs on Chinese Steel. Aired 4-5p ET
Aired April 18, 2024 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:08]
RICHARD QUEST, CNN INTERNATIONAL HOST: Good evening this evening from both Washington, DC, and New York. We will have all the business news and also
bring you up to date with the Donald Trump trial with Jim Sciutto.
Jury selection is going in reverse at the hush money trial. Two of the seven jurors have been dismissed.
Here are the IMF and World Bank Spring Meetings: Optimism with warnings, beware of sticky inflation and geopolitical risk.
I'm Richard Quest. Good to see you, Jim.
JIM SCIUTTO, CNN HOST: Good to see you, Richard.
I am Jim Sciutto in Washington, notably outside the Manhattan criminal court where Donald Trump stands accused. The prosecution and defense have
just finished questioning a new batch of potential jurors.
As Richard said, we are actually down two seated jurors from the seven we started the day with. One of them said she believed her identity has
essentially been made public by the media. Judge Juan Merchan then dismissed her and urged news outlets not to provide really any physical
descriptions of the jurors, their jobs, et cetera.
Prosecutors found information on another one that called his truthfulness into question. They said someone with the same name was arrested in the
1990s for tearing down political advertisements. That juror was also then excused.
So, let's return now to the potential jurors who were just questioned. Prosecutors told them that the case was not a referendum on Trump's
presidency. The defense told them that some witnesses have a personal animus against Trump, and therefore might be seeking revenge.
Trump's attorney also pressed a potential juror on her son's work for a congressional Democrat.
Zachary Cohen is in Washington following the events inside the courtroom. So, we are were seeing a lot of questions, including some quite probing
questions from Donald Trump's defense attorneys. What have we learned inside? And is there any progress towards selecting or seating new jurors
today?
ZACHARY COHEN, CNN NATIONAL SECURITY REPORTER: Well, Jim, it is important to keep in mind, too, that Donald Trump is sitting there listening to all
of these potential jurors as they are asked questions, you know, even questions as personal about him saying, do you like Donald Trump? What do
you think about Donald Trump? And several of these potential jurors took issue with Donald Trump's demeanor, Donald Trump's political performance.
One juror, a potential juror even saying that they disliked Donald Trump's "persona" and was forced to explain that.
So Donald Trump there and listening to these potential jurors. We had 38 potential jurors left from this new pool of 96 that were questioned by both
sides, by attorneys on both sides. The questioning just concluded.
And now, both teams of attorneys are deliberating and talking about which of these potential jurors do these 18 potential jurors that have been
questioned, which ones they want to try to challenge for cause. And then after that, they're going to decide which ones, if any, do they want to
potentially try to strike using the four remaining strikes that each side both have left.
And look, that means that we are close to potentially finding out if we are going to get any new jurors seated today and if so, how many? As you
mentioned, we are down two jurors, seated jurors from where we started today.
We will see how much closer to the 12 needed we get once things wrap up in court today. We also need those six alternates as well. So still a lot to
accomplish there, but we will see if we make any progress at the end of today.
SCIUTTO: Zach Cohen, thanks so much.
Let's speak now to CNN contributor and former White House counsel to Richard Nixon, John Dean.
John, thanks for joining.
JOHN DEAN, CNN CONTRIBUTOR: Thank you, Jim.
SCIUTTO: So you were of course, involved in a potential trial of a president, although he resigned before that happened, as you watch events
here in New York, a former president and current candidate for president on the dock as jurors are selected to judge him in a criminal trial. How do
you think the system is performing here?
DEAN: I think its performing very well, actually, and it is a high-profile trial, probably the most difficult thing that's confronted the court is the
security issues because this is a president -- former president who still has security and he has to accommodate Secret Service moving around with
him, and that can be a real nuisance and headache.
SCIUTTO: Well, there is also the question of the security, the safety, the comfort of the jurors themselves, and I think we saw some of that reflected
in one of those jurors who was excused today, who was clearly concerned that her identity would be made public, and I imagined the potential the
consequences of that, given that Donald Trump, of course, has attacked the fairness of the court.
[16:05:19]
Some in the right-wing media have directly attacked the fairness of the jury here. How does the court -- how does our system get over that fear?
Because Trump himself certainly has not been -- were locked in to attack, well, judges, their family members, and perhaps others involved as well.
DEAN: Jim, I think that Trump's strongman persona, that he plays out politically as what he wants to picture himself as being a tough guy, a
potential dictator, a dictator for a day. All of this is politics for him and he is using the court system as a springboard for his politics and
attracting people who might not otherwise be attracted to him like his authoritarian streak.
And I think this is making it much more complex that he is very -- he is somebody who has never been disciplined, I think in his life.
He acts to me like a seven-year-old who is still arrested at that stage of his development and just won't listen to other people, including his
lawyers.
The question is, is he going to listen to the judge when the judge comes down on him if he continues to make disparaging remarks about the jurors or
people and witnesses and people like that in his online postings.
SCIUTTO: As the judge said earlier today, he said, those court orders, the gag orders are not suggestions, they are court orders.
As you know, next week, the Supreme Court will hear arguments in a much broader legal question as it relates to Trump and that is what exactly is
his immunity. Trump and his lawyers have claimed really limitless immunity.
The court is going to hear arguments and then take some time to decide, but that case will then relate to his other potential criminal cases for how
his handling of classified documents, but also his participation on January 6, and I wonder how important a moment is that to you? How important a
decision is that for the Supreme Court?
DEAN: It shouldn't be an important decision at all if the court were to follow the norms of the Constitution and not to make some aberrant behavior
out of what Trump is doing and asking for, everything would be growing as according to the plan of the founders of this country, but what we have
here is a president who is claiming that he can do anything while he is president of the United States, and after he becomes president of the
United States, including even putting an assassination out on a political opponent.
I mean, it is very absurd and Fort Knox would be in deep trouble because if he prevailed with this argument, which I cannot believe he will, he would
just back up a truck to Fort Knox and empty it for openers.
So I think Jim, that we've got a court that is giving him some time. They're going to hear these arguments out, but I cannot imagine that
they're going to make an exception in the rule of law for a president.
SCIUTTO: That of course the question becomes on what timeframe do they arrive at that decision? John Dean, always good to hear your expertise.
DEAN: Thanks, Jim.
SCIUTTO: Richard --
QUEST: Here in Washington, the spring meetings of the IMF and World Bank are well and truly underway, but you know it is happening because the
tulips are out, and when the tulips are out, it must be the spring meetings of the IMF and World Bank.
The seeds of last year's higher rates are now how being seen. They are in full bloom and blossom. Lower inflation is the result. The risks remain
though, those of higher energy prices and the geopolitical tensions, which are just about everywhere that you look at, at the moment.
And so to the managing director of the IMF, Kristalina Georgieva who joined me earlier and we were talking about the top concerns of higher oil prices
and economic disturbance was a result of war.
The IMF has already warned when it comes to the United States, the prospect of lower interest rates may have to be on hold for a while as inflation
remains stubbornly high, and that was something I discussed with the IMF's MD.
(BEGIN VIDEOTAPE)
KRISTALINA GEORGIEVA, MANAGING DIRECTOR, INTERNATIONAL MONETARY FUND: Let's first start by saying, thank you US for having a strong economy because
when US is strong, that lifts up the world and then let's say to the US -- please look at ways in which you may be able to bring inflation down.
We know that consumer spending is strong. We don't want it to weaken. Perhaps there could be some fiscal restraint here in the US to bring that
pressure on prices down.
QUEST: Not in an election year. There won't be physical restraint in an election year.
GEORGIEVA: This is why I said perhaps, but still they can be calibration of spending in a way that meets the interests on the political side and also
helps solve the economic side.
QUEST: You're basically saying to the US, don't cut rates just yet.
GEORGIEVA: What we have seen is that the economy is very robust, but that means that prices are stubbornly staying higher than the fed's target.
QUEST: So were back to a unipolar world in a sense, where it is the US economy that's doing the hard work of dragging everybody else along.
China is not yet playing its role.
GEORGIEVA: Well, China is contributing one-third of global growth and China in the first quarter surprised on the upside.
The problem with China is that they are facing a fundamental choice. Do they continue with the policies of the past that serve them well then, but
may not serve them well now, or they finally take this turn towards more demand domestically and more domestic assumption.
Our advice to China is please take the turn for your own good and also because it would be good news for the world economy.
QUEST: Geopolitically, things are getting worse. The war in Gaza, the war in Ukraine, but unless the US start supplying arms to Ukraine again, this
thing is going to be bloody and horrible and over.
GEORGIEVA: Ukraine has earned every penny of support they had received. Their economy is performing responsibly, growth is 5.3 percent; inflation,
3.2 percent. I mean, just think about all of these countries that are not in a war and don't have this performance. And they take very seriously the
functioning of the economy.
We have just completed an assessment and it is very positive. Obviously, obviously, they need support from both sides. They need the financial
support for the economy, and they also need the ability to stand firm in this unjust war.
QUEST: In the Middle East, the events of Iran over the last weekend and the prospect of what comes next, what's your biggest concern besides obviously,
further war?
GEORGIEVA: The biggest concern is people that would suffer unnecessarily, of course, on the economic front, oil prices, whenever something goes wrong
in the Middle East, oil prices go up.
When oil prices go up in a world that is praying for inflation to go away, that's really bad news.
QUEST: And we are not there yet, but we are teetering on the edge of that, aren't we?
GEORGIEVA: We saw on Friday when the news about potential strike came, oil prices went up one percent, just on that news.
So we are in a very uncertain time, Richard.
Adding to uncertainty is like throwing gasoline on fire. So I pray for wisdom and an ability to restrain actions that can disturb this precarious
status of the world economy.
QUEST: So there is good news and there is bad news.
GEORGIEVA: Yes.
QUEST: About you, the good news is that you have essentially been reappointed for further five years. The bad news is, you and I will be
talking every couple of months for the next five years.
GEORGIEVA: I think this is great news.
QUEST: She says that now.
GEORGIEVA: I very much look forward to see you draining answers from me, Richard.
(END VIDEOTAPE)
QUEST: That's the managing director of the IMF, Kristalina Georgieva.
Jim, there have been developments in the last hour at the court.
SCIUTTO: That's right. In fact, just in the last few minutes, we spoke earlier that two jurors had been dismissed. Well, they've added two new
jurors just to this jury that brings the number to seven, which is where we started this morning, in fact, but as we expect it to some degree, the
judge trying to make some progress here to get to that magic number of 12.
[16:15:14]
Twelve jurors to hear the case against Donald Trump, and then perhaps six alternates as well. That's the news. We are going to have more at the
bottom of the hour and we will be back right after a short break.
(COMMERCIAL BREAK)
QUEST: So, the rise of protectionism is once again on the agenda. Think about it, this week we have President Biden in one of his speeches
considering tripling taxes on Chinese steel.
Meanwhile, Donald Trump says up to 60 percent of tariffs on Chinese imports, and 10 percent tariff on all other imports. Other areas where
people are talking about it, governments, EU targeting Russian grain, Chinese electric vehicles, Mexico imposed temporary import duties, US
tariffs on Russian metals, and the WTO is warning of a free for all know, to free for everyone, I shouldn't think, that's for the Director General
Ngozi Okonju-Iweala.
Good to see you.
NGOZI OKONJU-IWEALA, DIRECTOR-GENERAL, WORLD TRADE ORGANIZATION: Good to see you, Richard.
QUEST: This protectionism wherever I am looking now. Biden, Trump, EU -- you're going to hear the French Finance Minister Bruno Le Maire in a minute
saying that there needs to be a level playing field.
OKONJU-IWEALA: Well, I agree with him. There should be a level playing field and yes, we see signs of protectionism, but I also don't want us to
exaggerate it.
Let's remember, Richard, that the bulk of trade today is still taking place on WTO terms that are sharp predictability, stability, fairness. So we
shouldn't get too excited, but yes, we are worried. We don't want to see the protectionism obviously.
QUEST: Do you see some of the measures being talked about? So far, I am trying not to take you too deep into political waters, but I will fail.
Do you see, for example, the Biden 60 percent tariffs, the French level playing fields at which means obviously restrictions on the EVs, and
things.
Do you see that as a sort of protectionism through the back door.
OKONJU-IWEALA: Let's put it this way, and I am not trying to dodge a question, Richard. It is not -- it is for our members to decide which
measures they feel either discriminate against their interests, and if they so decide, then we have avenues at the WTO for them to come and work this
out, and that is what we are hoping, that if members take measures and others feel this is not in their interest, they will come to the WTO.
[16:20:18]
They will make use of the fora that we have in order to try to sort this out.
QUEST: The world -- the situation with world trade in a physical sense, never mind that -- you've got the Red Sea. You've got all these other
issues of potential disruptions taking place. Just this week, of course, we had air space over the Middle East. This is also taking its toll.
OKONJU-IWEALA: Absolutely, that I would agree that actually there is a lot of uncertainty and that is why the forecast that we just made, we just
released a few days ago. We saw that in 2023, trade declined by 1.2 percent, which was much worse than the 0.8 percent we had predicted.
For this year, we see a slight recovery to 2.6 percent, so a lot of uncertainty, but we are seeing that happen.
QUEST: What you attribute that decline in trade? What is the principle reason?
OKONJU-IWEALA: Oh, there are quite a few factors at play. You mentioned it. There is a lot of uncertainty in the air. We have the Red Sea problems, we
have inflationary pressures, we have high Central Bank interest rates that are at play.
So the world is just not in a place where consumers are feeling really strong and empowered, except maybe in some economies like the US, which has
been really well.
QUEST: Right, and where interest rates aren't coming down as quickly as we thought.
OKONJU-IWEALA: Well, but consumers seem to have some money left over from the fiscal stimulus, which they are still willing to spend. So US economy
is quite strong, but it is not what we see everywhere.
Europe is on the weak side, and some emerging markets are struggling.
QUEST: So, is my coffee cup half full or half empty on trade at the moment?
OKONJU-IWEALA: Well in know me, Richard, I am -- the optimistic side, so I would say half-full.
QUEST: It's my coffee cup.
OKONJU-IWEALA: But with risks.
QUEST: Oh, you want the whipped cream.
OKONJU-IWEALA: I would say.
QUEST: Sugar?
OKONJU-IWEALA: Sugar, please?
QUEST: Not to the price of sugar these days?
OKONJU-IWEALA: Well, you know, cream and sugar would do, but definitely we see it half-full, but with risks on the downside.
QUEST: Good to see you as always. I am so grateful. Thank you very much.
OKONJU-IWEALA: Thank you, Richard, very much.
QUEST: Have a good spring meeting.
OKONJU-IWEALA: Always tricky. Always tricky.
QUEST: Thank you. Tricky.
OKONJU-IWEALA: Thank, you.
QUEST: Thank you very much.
Now, we were just talking there about -- oh, she has left with the microphone. That's how protectionism goes.
We were just talking about the various protectionist measures that are being taken place. And one of them, of course arguably comes from the
French who is calling for reform within the EU because Europe is lagging the US.
The minister wants a level playing field, but as we have discussed on this program, one minister's level playing field is another minister's
protectionism.
I spoke to Bruno Le Maire a short time ago.
(BEGIN VIDEOTAPE)
BRUNO LE MAIRE, FRENCH FINANCE MINISTER: No, it is really different things. You know, when we are spending so much money to have the best environmental
norms on the European industry, I think, it is fair to have summer incentives for the European industry.
It is fair to say, well, we have the public procurement, the European public procurement should give the priority to industrial goods and to the
European industrial plans just because we are using the best environmental norms.
QUEST: Giving priority to the European this or the European that, that's protectionism by another name.
LE MAIRE: No, that is not another name, it is another thing.
QUEST: If you can't compete on price, if you can't compete on quality --
LE MAIRE: But compete on price means taking into account all the costs of your production and in the European production costs, you have something
which is absolutely key which are the price of environmental norms. We have the best environmental norms in the world but are very costly for our
industries. We have to take that into account in the trade balance between China and Europe.
QUEST: You also said that Europe itself needs more reforms. Whenever I hear European politician saying more reforms, I always want to run for the
hills.
LE MAIRE: Well, you know looking just at the figures, I am just looking at the curve economic situation between the US and Europe.
Europe is lagging behind, and it is a matter of huge concern for me. I want more productivity, more competitiveness, more innovation, more key
technologies in Europe.
We have to spend more private money on those innovations and on productivity. We have to put in place capital markets union in Europe as
soon as possible together, or the private funding to have a better productivity and a better competitiveness.
[16:25:07]
QUEST: You need to reform the institutions within the EU and the EC and to make it more efficient is what you're saying.
LE MAIRE: You're right. You're right.
QUEST: Is anybody listening to you?
LE MAIRE: I think that many European countries now are aware that the lack of productivity is very costly for the growth and for the possibility of
all European countries and we need to decide more quickly.
Let's take once again the example of the capital market union. We have been talking about the capital market union for more than five years. Where are
the decisions?
QUEST: In France, the economy, it is doing okay.
LE MAIRE: It is doing okay.
QUEST: It is doing okay, but it could be better.
LE MAIRE: But it could do better. We could always do better. We could always do better, but looking at 2023, everybody say, well, there will be a
recession everywhere in Europe. There has been a recession in Germany, not in France.
And in 2024, we are expecting one percent of growth and in 2025 and 2026, I think that there will be a very strong economic recovery in France and
everywhere in Europe.
QUEST: So why do you need these tax reforms in France?
LE MAIRE: We need tax reforms because we need to have less public expenses, we need to have a fiscal and taxation stability for the investors so that
is why we are fully determined with Mr. Macron to stick to the path of reforms, to reduce the public expenses and to have more investments for
innovation and productivity.
QUEST: Can we talk about the Olympics? Are you ready?
LE MAIRE: We are ready and to ensure that it is a happy moment for the world, you need to ensure the best security for all the visitors and for
all the players of course.
QUEST: And are you ready get your checkbook for those last-minute expenses because you are within a hundred days, a billion here and a billion there,
just write the check.
LE MAIRE: No. I don't --
QUEST: Just write the check.
LE MAIRE: I don't like to write checks. You know, I am the finance minister, so I like to reduce the public expenses. I like to put the money
in innovation and investment and I don't want to sign checks anymore.
(END VIDEOTAPE)
QUEST: He doesn't want to sign checks and he is not going to either, not if he has his way.
As we continue, the threat to sack the US House Speaker over Israel, Ukraine and votes on Saturday, talking of signing checks, it is whether he
is prepared to sign checks, or at least the House is for Israel, Taiwan, and Ukraine.
QUEST MEANS BUSINESS.
[16:30:00]
(COMMERCIAL BREAK)
SCIUTTO: Two more jurors have now been seated in Donald Trump's hush money criminal trial. They are taking the places of the two jurors who were
dismissed earlier today. So far today, Trump's team has used all of its peremptory strikes, as they're known. The prosecution has used one.
The former president's lawyers are trying to get another potential juror dismissed from the case for cause. Now, they say she posted anti-Trump
content on social media. Including a post that said she wouldn't believe him if his tongue were notarized.
Back in Washington, the fight over U.S. funding for Israel, Ukraine, and Taiwan is now heating up and it seems making progress. Hardline Republicans
are still threatening to remove the House Speaker, Mike Johnson. His allies are urging him to change House rules to quash that revolt. Speaker Johnson
is holding firm, though on his decision to push through the aid package. Here's what one of his colleagues told me just earlier.
(BEGIN VIDEO CLIP)
REP. FRENCH HILL (R-AR): I absolutely believe that Speaker Johnson has done the right thing, when he became Speaker, suddenly, out of the blue in
October. Speaker Johnson was confronted with completing Fiscal 24 spending, reauthorizing the Foreign Intelligence Surveillance Act, and getting this
supplemental support for our allies, Taiwan, Israel, and Ukraine. He's worked hard. He's now reached that point.
I think he recognizes the threats that people have made toward him. But he's committed to these objectives and he's completed two of the three. And
I hope this weekend is successful in completing our responsibility in passing this defense supplemental.
(END VIDEO CLIP)
SCIUTTO: Ana Navarro is a Republican strategist and CNN Senior Political Commentator. She's joining us now. And Ana, just as I have you, we got some
news from the courthouse just behind me. And that's that three additional jurors have now been seated, it brings us to a total of 10, I believe --
sorry, two additional jurors have been seated, bringing us to a total of nine.
We started with seven today, went down to five, back up to seven now, up to nine. And I'm going to ask you about the progress of the trial first before
we move on to other topics here. From a political perspective, how much does this trial in New York impact the presidential campaign, in your view?
ANA NAVARRO, CNN SENIOR POLITICAL COMMENTATOR: Look, I have -- as somebody who does not support Donald Trump, I've lost any hope that anything will
make a difference when it comes to the Republican base. When it comes to the Trump base.
I do think this trial makes a difference in that, number one, he's not in the -- on the campaign trail. He's not raising money. He's not out there
campaigning. I do think it's going to make a difference when you see people like Stormy Daniels show up and testify to sexual dalliances. But more than
anything, I think it's going to make a difference in Donald Trump's personal life.
We saw that when revelations first came to light, Melania Trump was very upset. She left the White House. She went to Mar-a-Lago for a few days. She
finally came back for the State of the Union and refused to be in the same car with him. She took her own marine one. She was clearly very upset. And
I suspect that if an exotic dancer takes the stand and testifies about an affair with her husband when she was pregnant and -- or had just given
birth to their son, that might not be a good look at home, and that will put pressure on Donald Trump.
[16:35:00]
The question is what happens with independence? What happens with people who are not yet decided? Will this make a difference? We all know about
this affair already. But the -- hearing the details from Stormy's mouth is a completely different level.
SCIUTTO: Yes, and as the presidential campaign is underway, I should say there are three additional jurors that have been in panel just in the last
several minutes. That brings the total to 10, which is notable because of course you need to get to 12, that's a jury. Although they will also assign
some alternates.
On to other topics, Ana, separate from this trial. You heard my conversation or a portion of it there with French Hill, Republican
Congressman, making the case for Mike Johnson to remain the Speaker. I wonder, do you believe that Mike Johnson weathers this later -- latest
storm for the right? They're revolting, in effect, because he's pushing through crucial aid for Ukraine as well as Israel and Taiwan. But do you
think he survives this?
NAVARRO: I do, Jim. I do, and I think he survives it because Democrats are coming out and saying, we will vote with him if that's what we need to do.
Look, I think people who are institutionalists, even if they are in the other party, are sick of the dysfunction. We all saw what was weeks of
dysfunction leading to the ouster of Kevin McCarthy and what followed in, you know, those votes.
Mike Johnson's going to live with his Damocles sword over him the entire time he speaker, because just -- it only takes one person, one
congressperson to put in a motion to vacate. And so, that's not going away. His very narrow margin is not going away. In fact, it might get even worse
than it already is. But I think he's going to survive thanks to Democrats.
I also think it's incredibly ironic that the thing that they're threatening him about is something that until a few months ago, maybe a few years ago,
I would have told you would have been things that Republicans coalesced around. Aid to Ukraine against an invasion by Putin, aid to Israel, aid to
Taiwan. It blows my mind as somebody who's been a Republican my entire life, that these issues are what they are threatening the Republican
speaker over other Republicans.
SCIUTTO: Yes. Well, and according to French Hill, the Republican congressman I spoke to, he does believe that these bills for Ukraine,
Israel, Taiwan will get voted on this week and they will pass. And listen, Ukraine's been waiting many months and weeks and has been losing ground as
that aid has been delayed. Ana Navarro, thanks so much.
NAVARRO: Thank you, Jim.
SCIUTTO: And we do have an update from the trial as I prepared -- prepare to send this back to Richard Quest. And that is that now another three
jurors have been seated. Actually, another two in addition to the three we reported earlier. So, a total of 12 jurors have been seated. Judge Merchan,
the line from him is, we have our jury.
Richard, so, as you know, we've been bringing you all the developments here from the courthouse. Those are the words of the judge. They have their jury
to try the former president and current candidate for president once again, Donald Trump.
RICHARD QUEST, CNN BUSINESS EDITOR-AT-LARGE: So, do they have the alternates as well? Do they have the necessary, everybody else that will
sort of take over if need be?
SCIUTTO: They don't yet have that. They need 12, of course, to have a complete jury, that they have. And Judge Merchan has said they have their
jury. I believe, the next step now is to choose those alternates. But I will tell you, it's moved very quickly this afternoon towards that number.
It does, Richard, make quite conceivable that as Judge Merchan said earlier in the week, we will have opening arguments in this trial on Monday. Coming
up soon, right after the weekend.
QUEST: So, this -- Jim, this was quicker than had been expected. I mean, people didn't think it would drag on for weeks, but it certainly moved --
to use that nice phrase, at a fair clip.
SCIUTTO: That's right. Listen, I spoke to some lawyers, judges, et cetera, who did think there would be a jury empaneled by the end of this week. But
as you and I were discussing earlier, there were hiccups. One of those hiccups that we started the day with seven went back to five as two were
removed. But then very quickly, another seven shows and then you get to 12. So, the math reached that magic number, perhaps, more quickly than at least
some expect.
QUEST: 12 ready, seated, to go. Jim's at the courthouse downtown. I'm at the IMF in Washington.
[16:40:00]
The U.S. is debating ways to help Ukraine. Europe has already stumped up quite a considerable amount of money, with a great deal more likely.
Including the frozen Russian assets which could be put to use in that regard.
Christine Lagarde has warned that there are huge risks ahead, legal risks, but she's also talking about the possibilities and what's likely to happen
when it comes to economic growth.
With me is Paschal Donohoe, the Eurogroup president. I, first of all, have to congratulate you, that change of government in Ireland, and you keep
your job.
PASCHAL DONOHOE, PRESIDENT EUROGROUP: I do, and very lucky to continue my work as a member of the Irish government. We've changed Prime Minister, but
because of the arrangement we have in Ireland and the focus on delivering policies, the government itself remains in place.
QUEST: So, I won't get too much into the weeds, but how difficult is it for you to represent the Eurogroup whilst there is also a Finance Minister of
Ireland?
DONOHOE: Because with great cooperation with the Finance Minister of Ireland, who's doing an exceptional job in Minister Michael McGrath. My own
job is to focus on the delivery and the spending plans that we agree within Ireland, while also then continuing my work here as president of the
Eurogroup.
QUEST: So, if we look at the Eurogroup at the moment, what for you is the single principal concern? Because the ECB will decide on interest rates,
the Fed's going to hold on rates. There is already the next term's -- next semester's year-old spending plans in place. So, from Eurogroup's point of
view, besides the relative weakness of the Euro, which you'll deny anyway, what is your concern?
DONOHOE: Well, I think we should first acknowledge what we've managed to achieve within Europe. In recent meetings like this that I've attended, the
speculation always was that Europe and the Euro area would move into a recession because of how close we are to the war in Ukraine. We've avoided
that. We've maintained a record level of employment at the same time.
To answer your question, therefore, what is the main thing on my mind? We have been successful and are successful in getting inflation down, but we
need to get growth up in the medium term. That's the main thing on my mind.
DONOHOE: And Bruno Le Maire was here just a short moment ago, and he says to get growth up, there needs to be productivity gains that would come, say
for example, from a level playing field. Now, that could arguably, for example, restrictions, protectionists, whatever you want on, say for
example, Chinese E.V.s.
DONOHOE: So, Europe has already said we need to evaluate what is the impact, for example, of E.V. overcapacity on our own engineering and car
sector. But more broadly, we need to look at lots of different measures regarding how we can enhance our medium-term growth potential. It's about
deepening the single market. It's about what we do with capital budgets. And finally, and very quickly, it's about how we use the budget of the
European Union and national policy decisions wisely and well.
QUEST: OK. But when you talk about deepening the market, the capital market, you've been at this for years. You've been at it for years.
Progress has been relatively limited. What's it going to take?
DONOHOE: Well, progress on the regulatory front actually has been reasonably strong. And the way the European Union does work is we move in
relatively small steps over long time periods, and then look back over a decade and see what we've achieved. But we need to achieve more.
In terms of how we're going to do that, the Eurogroup reached an agreement on a vision for the development of capital markets for the next number of
years. Our leaders in Brussels, our head of state level, head of government level, are discussing that at the moment.
What are the steps that we can take? We can, for example, at member state level better develop national pension plans so it deepens the availability
of capital. And then we can look at how we could have a common supervisory approach within the European Union to make the right overall decisions and
the regulation and management of that capital.
QUEST: Finance minister for Europe, I foresee on the horizon. Good to see you, sir.
DONOHOE: Richard, thank you very much.
QUEST: Very grateful. Thank you for joining us --
DONOHOE: Thank you, mate.
QUEST: -- here today.
It is "Quest Means Business" tonight coming from both Washington, D. C. and, of course, downtown in New York with the Trump trial. We continue in a
moment.
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[16:45:00]
ANNOUNCER: This is CNN. More people get their news from CNN than any other news source.
SCIUTTO: We have our jury, those are the words of Judge Juan Merchan who is overseeing Trump's criminal hush money case here in downtown Manhattan. A
full slate of 12 jurors has now been selected. There's still some work to be done. A few more alternates need to be selected as well. But the bulk of
the work in forming this jury is complete.
Our Zach Cohen is in Washington. Zach, it came quickly in the end, this jury, did it not?
ZACHARY COHEN, CNN NATIONAL SECURITY CORRESPONDENT: Jim, it did. And it's quite a turnaround from where we were even just a few hours ago when there
were a lot of questions about when this jury might get filled out, considering the fact that we lost two jurors, we -- that's how we started
the day to day.
But yes, it escalated very quickly as both sides, sort of, ran out of their strikes. Their ability to get to get members of the jury pool disqualified
for any reason possible. Once that happened, you did see that number of jurors being seated jump up and eventually it ended up with all 12 jury
seats being filled.
Those jurors plus one alternate have all now been sworn in. And so, as you mentioned, the judge has said that he wants about six alternates total. So,
jury selection will continue tomorrow. There's been a new pool of 96 potential jurors already sworn in. So, we'll have to fill out those last
five or so slots tomorrow.
But yes, the bulk of the work, the 12 jurors have been seated and have been sworn in for Donald Trump's criminal trial in New York.
SCIUTTO: And you said one alternate as well has already been selected?
COHEN: That's right, Jim. That's what our team in the courthouse says that one of the alternates --
SCIUTTO: OK.
COHEN: -- has already been sworn in along with the 12 jurors seated. So, you know, roughly five or so seats still need to be filled. The judge does
have some leeway in how both in the number of alternates, but also how he lets defense attorneys and prosecutors handle the selection of those
alternates. He may allow more strikes for both sides through that process, too.
SCIUTTO: Right.
COHEN: So, we'll have to see. But tomorrow should be, you know, a lot more -- it should be accomplished a lot more quickly than today was and frankly,
you know, I think the most of the work is done here, and we could see opening statements as soon as Monday, as Judge Merchan has said that he
wants to do.
SCIUTTO: Yes, that's right. If they do get through those alternates tomorrow, then presumably there will be nothing standing between --
standing in the way of that. Can you explain to us now what instructions are given to the jury at this point as they are empaneled?
COHEN: Yes, Jim, absolutely. So, the judge is actually delivering those instructions now. And, you know, they basically include the -- what any
juror -- any potential juror was told when they were brought in and as they were getting vetted through this case, don't talk about the case with
anyone. Don't read about the case on social media, on news sites. Really, just keep this to yourself and for the next, however, extended period of
time, one to two months as this trial plays out, they have to remain and try to protect their own anonymity as jurors and the ones deciding
ultimately what Donald Trump's legal fate will be.
SCIUTTO: Understood. And then Donald Trump, of course, we should note, as he has been in the courtroom for jury selection, of course, he will be in
the courtroom again, will he not, as the trial begins?
[16:50:00]
COHEN: He absolutely will. And you know, along with the judge in this case, Donald Trump does know the identities and, you know, the makeup of this
jury and of these jurors. And so, we have seen a little -- the first juror who was -- who asked to be dismissed from the case today, you know, raised
concerns about their identity and personal details being out there in the public. You know, we'll see how that's handled going forward as the trial
progresses, because these jurors are in a very difficult spot and it really underscores the sensitivity and the stakes of this trial.
But look, again, we have the 12 jurors that are needed to be seated for this trial to move forward. We'll likely have those alternate slots filled
out. Judge Merchan seemed optimistic that we'll have that filled out by tomorrow, and we could see opening statements as early as Monday.
SCIUTTO: Zach Cohen, thanks so much.
So, there you have it, Richard Quest. Jury selection this week appears to be done. We have our jury, in the words of the judge, and now trial looks
like it begins next week. It's a remarkable moment.
QUEST: Oh, you don't get off that easily, Jim Sciutto. I've got a couple of questions for you since you're covering it so closely. Jim, on this
question of "The Press", the identification of the jurors. As I read each juror being seated and questioned, you know, I'm an Irishman who -- this --
married with no children, working as a lawyer in X, Y, Z.
I mean, anybody who's -- who knows these people will -- I mean, oh, hang on, that's that person. Well, that's Fred or that's Judy or whatever. It's
impossible to keep it quite a secret.
SCIUTTO: Well, I wonder. I mean, this is a city of seven million people, right? At the end of the day, as you read some of those descriptions, an
investment banker married with no children. I mean, those descriptions can -- could describe any number of New Yorkers.
But listen, this is a case, unlike any other, and that there's a heck of a lot more eyeballs on it, right? So, in the case of the juror who was
removed, she said that based on the bare details that had gone out. I believe she was an oncology nurse, et cetera, that family members and
others began to say, hey, wait a second. Could this be you?
And as it as it turned out, they were right. And that made her nervous. Perhaps understandably so that others could come to the same conclusion.
And it seems she was communicating, there are some understandable fear given all the attention on this case what that might mean for her. Would
she be targeted if she came to a decision that one side or the other didn't like? And that -- that's a fact of this case that we have to acknowledge in
the current hyper partisan atmosphere plaguing this country.
QUEST: The fascinating part about this is the pendulum, Jim. Follow my thinking. On the one hand, this is a trial like any other trial. Justice
must be seen to be done. We will make no qualms or measures. It's just because it's a former president, whoosh.
Ah, but when it comes to jurors, we must make sure there's -- because of the potential for the -- and it goes backwards and forwards this pendulum
between being told, no, it's just a legal trial. You'll be in court every day, regardless. Ah, but you are running for president.
SCIUTTO: Yes. Listen, you know, here's the thing. The system's being tested, right? It's being tested once again. Lord knows we saw that on
January 6th. We saw that in Trump's previous trials. You had the civil trial, E. Jean Carroll, et cetera.
QUEST: Yes.
SCIUTTO: You've had trials with juries seated where they've made judgments despite all these many pressures and challenges and the microscope of the
world pointed in their direction. So, yes, the pendulum swings from the outsized nature of this. Back to you -- hope, the way the system's supposed
to work, which is that no one's above the law and that it's imperfect, but you choose a jury of your period peers, they hear the evidence and they
make a judgment. That's a -- that's the best hope we can have here. But I think we should acknowledge the challenges as we embark on this trial.
QUEST: Jim, we'll -- just one last question to you and after that we'll take a look at the markets, just to remind ourselves how we've closed on
Wall Street. Before we get there, how long is this trial likely to last? Just remind me, please.
SCIUTTO: Weeks is the general thought. So, you begin next Monday and weeks to a couple of months.
QUEST: Right.
SCIUTTO: That's the best guess. I mean, there are things that could delay that. But that's what the smart lawyer folks tell me.
QUEST: All right. Jim Sciutto, down at the stock exchange. Grateful for that.
Our quick look at the markets and see how the Dow Jones has closed for the day, which closed just about an hour ago. There we are. Very little change,
which is amazing when you can think there were strong gains at the beginning, which petered out towards the end of the day. The issue is still
inflation and it is still worrying.
And there you see the broader and the Nasdaq. "Quest Means Business", we will take a "Profitable Moment" after the break.
[16:55:00]
(COMMERCIAL BREAK)
QUEST: Tonight's "Profitable Moment" from Washington, it's -- well, we have a jury, says the judge. And so, the Trump trial moves into the next phase,
which of course will be opening statements probably next week and onwards into that.
The fascinating part about it is what I was talking about in a sense with Jim Sciutto. On the one hand, you have a trial that is like any other with
a jury, following the same laws, the same rules of procedure, with a judge who has the same directions.
And then you have the rest of the world. So, here at the IMF and World Bank, yes, people are most certainly fascinated by what's going to happen
in terms of Donald Trump's trial. But they're also fascinated about what will happen in the U.S. election later this year, and what it would mean if
the defendant in the trial gets elected as president, whether acquitted or convicted. And then you've got all the other trials that are taking place
and how that will play in.
And nobody really knows, and that's the fascinating part about it. Because here at the IMF and World Bank, where they will tell you at the top of a
hat, every minister, I'm not getting involved in that. They're all fascinated to know about what happens if.
Which then throws it back to Jim Sciutto in New York, where the issue becomes, it's a trial like any other, where you and I know it's absolutely
not like any other. And if your head isn't spinning after all that, I suggest a strong drink or a cup of tea. Because that's "Quest Means
Business" for this Thursday night with Jim Sciutto in New York.
I'm Richard Quest in Washington. Whatever you're up to in the hours ahead, I hope it's profitable. We'll both be back tomorrow.
(COMMERCIAL BREAK)
[17:00:00]
END
