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The Brief with Jim Sciutto
Trump and Xi Talks About TikTok; Trump Signs Order Raising Cost of H-1B Visa Applications; NATO Intercepts Russian Fighter Jets; ABC Under Fire For Jimmy Kimmel Suspension; Protests Over Kimmel Suspension. Aired 6- 7p ET
Aired September 19, 2025 - 18:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[18:00:00]
RICHARD QUEST, CNN BUSINESS EDITOR-AT-LARGE AND CNN ANCHOR, QUEST MEANS BUSINESS: A good evening and a good morning, depending on where you're
joining us from around the world. It is morning in Asia. I'm Richard Quest in New York. Jim Sciutto is off for the day. And now, get ready, you're
about to be briefed.
In the briefing box tonight, Donald Trump talks to Xi Jinping about TikTok and the two will meet next month in South Korea. We'll be in Seoul in just
a moment or two. NATO intercepts Russian jet fighters in Estonian airspace. And the protesters are calling on Disney to defend free speech after its
network suspends Jimmy Kimmel.
Let's begin with a telephone call between President Trump and the Chinese leader, President Xi Jinping. It's their first direct conversation since
June. The U.S. president said afterwards that he will meet President Xi next month at the APEC summit in South Korea. Donald Trump also says he's
agreed to visit China early in 2026, and that Xi will come to the United States at a later date. It is a sign that the two sides are trying to lower
the temperature after their tariffs battle earlier in the year.
The two leaders did not announce a final agreement to sell TikTok's U.S. assets to American investors, as some had expected. The White House said
more work needs to be done. And President Trump, very late in the day, said that progress is being made.
(BEGIN VIDEO CLIP)
DONALD TRUMP, U.S. PRESIDENT: The TikTok deal is well on its way, as you know, and the investors are getting ready. And I think China wanted to see
it stay open, too. They wanted to see it. And I can tell you the young people in our country wanted to see it stay open very badly.
(END VIDEO CLIP)
QUEST: It's early morning in Seoul. Mike Valerio is with me, joins me. Mike, thank you for getting up early and talking to us. So, now, this APEC
summit in South Korea takes on, if you will, a more -- a greater importance, because it will be the locus for the meeting between Xi and
Trump.
MIKE VALERIO, CNN CORRESPONDENT: That's right. And we were wondering for months, Richard, if this meeting here in South Korea, October 31st and
November 1st, the APEC summit, would be the crescendo of trade talks between the United States and China. And it seems as though that very may
well be the case.
We can tell you that this meeting, Donald Trump coming to South Korea to potentially meet with Xi Jinping, has been in the preparation stages for at
least, and I stress, at least since May. And U.S. officials here in the region have been saying for all of those months, well, we're preparing for
the president to come here and meet with the Chinese leader, but there's always the chance that something can happen, that some other trade salvo
could come across the bow and derail these talks, these talks derail this meeting. And now, it seems as though he's going to come over to this side
of the world and have this very high-stakes meeting.
It is interesting to note, you know, it's always interesting to wake up early on a Saturday morning and see what D.C. says and see what Beijing
says about a high-stakes phone call like this, when we're talking about not only the parameters of a trade deal, but also TikTok, which is highly
relevant, of course, to millions of people around the world.
So, we have the president there in that clip expressing optimism that an approval is going to be made, selling a big chunk, essentially the essence
of this company, to U.S. control. But that's not the language that Beijing used.
In fact, Richard, they don't use the word approval at all in Beijing's statement, just printed it out right here in a couple words. They say, the
readout of the phone call between Xi, according to Beijing, that they're looking forward to TikTok and a sale of it, staying in keeping with market
rules and complying with China's laws, taking into account the interests of both sides and especially providing a fair and non-discriminatory
environment for Chinese investors.
So, that seems to be conveying, all right, we know where we're taking this car, but it's not done yet. The route to get there still seems to be in
question, Richard.
[18:05:00]
QUEST: But the nuance of the Beijing decision is -- I mean, they are -- as you say, they're moving in the same direction towards each other, which
does lead to assume that there will be a satisfactory deal. I'm wondering, though, in Seoul, when the president gets there, how are they going to get
over the nastiness over the ICE raid on the South Korean workers that were essentially bundled out? Is there bad blood that still needs to be soothed
and solved?
VALERIO: Yes. I mean, the short answer to the question is yes. It was horrifying. For people watching South Koreans, their fellow countrymen in
handcuffs, hearkening back to Japanese colonial occupation all the way into the '30s and '40s, it was met with horror and astonishment. So, you could
see from the Seoul side that the government here tried to resolve this crisis as quickly as possible. It took about a week. Everybody from South
Korea, minus one person, is back home right now.
But you're right. This meeting is going to be a chance for a major reset. You could see President Trump posting on Truth a couple days ago that he
wants foreign investment, that laws need to be followed. But from the South Korean perspective, there still needs to be an acknowledgement that invest
and arrest cannot occupy the same bucket of business conversation. So, that is going to be a major thing that the president needs to check off his list
when he comes to this side of the world, October 31st and November 1st, Richard.
QUEST: I shall shamelessly plagiarize your line, invest and arrest. And I shall plagiarize it and there will be no attribution to you, Mike Valerio.
But it is early morning. Have a good Saturday.
VALERIO: You too.
QUEST: Thank you, sir. Now, Michael Hirson is the head of China Research, 22V Research. He used to be U.S. Treasury Department's chief representative
in China. You heard both sides there, China and the U.S. When it comes to TikTok. it's going to be a complicated deal, all about the algorithm and
the forking of the algorithm, this, that and the other. What do you make of it? Where are we?
MICHAEL HIRSON, HEAD OF CHINA RESEARCH, 22V RESEARCH: Well, I think we're moving closer, but I don't think we're quite there yet. I think we don't
really know what is part of what China is referring to as a framework for the TikTok deal and what comes attached to that. If the U.S. takes
aggressive measures against Chinese companies in the coming months before the deal is finalized, does that mean the deal is off?
I don't think we're quite there yet. It may not be finalized until Trump and Xi meet in South Korea. And it may not even be finalized until Trump
visits China next year.
QUEST: What do you think is the key number one issue now between China and the United States? Is it the tariffs? Is it trade? Is it TikTok? Is it the
defense of Taiwan and all these other issues? There's so much rallying this relationship.
HIRSON: There's quite a lot at stake between the two sides. I think from the perspective of where the Chinese side is right now, it's probably not
tariffs. As uncomfortable as those are, they are tolerable. I think from China's leadership's perspective, probably the issue of Taiwan and those
related foreign policy issues are actually more important than tariffs or even some of the tech measures at stake as well.
QUEST: And do you see any shift? I mean, there is this story earlier in the week from The Washington Post reporting it, that, you know, the U.S. has
apparently earlier in the summer agreed to put off $400 million worth of military aid to Taiwan. We don't know why or whether it's -- we haven't
confirmed it. But do you see any weakening of the U.S. defense, not some treaty, but a sort of understanding that it would defend Taiwan?
HIRSON: I have not seen that. I do think that President Trump has been less aggressive on some of the national security measures towards China, of
which I think you could say TikTok is one example. So, I don't think there's been a weakening of the defense arrangement with Taiwan. But the
overall flow in recent months on the U.S.-China front has been to somewhat diminish the role of these national security issues.
QUEST: Michael, I'm grateful. Thank you. Have a good weekend. A few moments ago, President Trump signed an executive order which significantly raises
the cost of the H-1B visas for U.S. companies hiring overseas workers. You'd be familiar with the H-1Bs. It's for very specialist workers,
engineers, biotechnicians, et cetera.
[18:10:00]
Now, there used to be $1,000 or so, give or take. Now, the U.S. government's putting it to $100,000 per worker annually. It's a major
increase. The commerce secretary, Howard Lutnick, described the new plan.
(BEGIN VIDEO CLIP)
HOWARD LUTNICK, U.S. COMMERCE SECRETARY: The whole idea is no more will these big tech companies or other big companies train foreign workers. They
have to pay the government $100,000. Then they have to pay the employee. So, it's just non-economic. If you're going to train somebody, you're going
to train one of the recent graduates from one of the great universities across our land. Train Americans. Stop bringing in people to take our jobs.
That's the policy here. $100,000 a year for H-1B visas. And all of the big companies are on board.
(END VIDEO CLIP)
QUEST: Though we can't confirm that. The president also announced the so- called Trump Gold Card Visa. You saw that just behind Howard Lutnick. It's a fast-track immigration process for workers who are willing to invest at
least a million dollars.
Kristen Holmes joins me from the White House. A flurry. I don't know how you keep up with it all, frankly, all these announcements. We'll get to the
legality of the $100,000 in just a moment. Because it's somewhat dubious. But they are on a bit of a roll with this Gold Card nonsense.
KRISTEN HOLMES, CNN SENIOR WHITE HOUSE CORRESPONDENT: Yes. I mean, there's a couple of things going on here. One, you have Howard Lutnick saying that
this all about trying to get the most extraordinary foreigners into our country. But it's also about essentially allowing the wealthiest foreigners
to fast-track their visa application. And all this does is if you have a million dollars and you want to become a -- you want a visa or you want to
come work in the United States or eventually have a path to citizenship, you can pay a million dollars.
So, the other part of the Gold Card program they said was that if companies want to bring somebody in, they could pay $2 million to bring that person
in. I do think we should look at what he said about the H-1B visa as well. Because clearly there is somewhat of a strategic move here. There had been
a lot of complaints by companies that it was too hard to get an H-1B visa these days. Well, this obviously going to make that harder. But what
they're essentially saying here is that you have to really believe this person is worth $100,000 to bring them over and get this visa.
And, of course, part of this, as you heard Howard Lutnick say there, was that they want people choosing, they want companies choosing from U.S.
workers, not automatically looking to foreign workers. We know that's been done in the past. There have been companies who have tried to go around
looking at a U.S. job pool and instead, look at a foreign pool, even for the possibility of paying them less, even though the program is supposed to
protect against that.
But the other part of this is the companies that generally are the ones who are applying for these visas are generally the companies that can afford
$100,000 for a visa application.
QUEST: Can I just clarify one point? To my knowledge, there's been no consultation, discussion, wider hearings on this $100,000 H-1B thing. This
just -- it came out -- as far as I'm aware, it came out of the blue today.
HOLMES: Yes, and I think what they're looking at is, again, they're looking at the companies that generally are the ones who will put in multiple
applications for visas for foreign workers. And generally, these companies, as we have seen, are tech companies, computer companies, companies that
make millions and millions of dollars and are willing to pay a lot of money to get top talent into the United States. I mean, that's what we've heard
Elon Musk say multiple times when he and Trump were still close, when he was still spending an enormous amount of time at the White House. He was
talking about how they will pay virtually anything to bring the top talent to the United States. So, there you're also seeing why they are choosing
$100,000.
QUEST: Thank you very much. Have a good weekend, a restful weekend. The attorney Raul Reyes joins me now. I'm guessing when you heard this $100,000
you sort of spat your coffee out and couldn't quite believe it. But my understanding is this may not be legal because you can't just jack up fees
to any willy-nilly amount. Congress has restricted this. Tell me more, Raul.
RAUL REYES, ATTORNEY: Right, exactly. Look, our president has very broad powers when it comes to immigration, but those powers are not unlimited.
This H-1B visa category was created by Congress in 1990 through the Immigration and Nationality Act. So, under the U.S. principles of
separation of powers, the president, any president, cannot step in and unilaterally rewrite immigration law. That seems on its face
unconstitutional. So, there's that problem from the very beginning.
[18:15:00]
And then second of all, when you start to look at some of the practical consequences, or the, as I'm sure you know, the economic consequences, they
seem to be extremely problematic looking ahead.
QUEST: So, it's a -- I mean, you're familiar with this. It's a balloon. It's been floated. And no doubt it will be challenged that you can't just
jack up fees that are unrealistic or don't reflect costs involved. So, you would expect this to be challenged in the courts?
REYES: Oh, absolutely. Absolutely, I'm sure. And when you are talking about very powerful corporations and economic interests involved, that means we
will see major lawsuits over this program. And the thing is, it is -- the H-1B program, of it's -- it's a non-immigrant visa, as our reporting
mentioned, for people to come here and work in the United States. However, not all of those people go into the high-tech fields. Many people -- about
one-third of the people on H-1B visas also work in fields like education and healthcare. And for average Americans, this type of plan could have an
impact for -- unintended.
Like, for example, every year, hundreds of doctors come to the U.S. as a medical resident --
QUEST: But is it abused, Raul?
REYES: -- or sponsored by hospitals.
QUEST: To the point that the commerce secretary was making and that the president makes, the H-1B visa, which I agree, for the last 20 or 30 years,
has been oversubscribed. But it is being abused.
REYES: Right.
QUEST: It's being abused in a sense of ratcheting up the number of applications. Getting people in, arguably cheaper than training and paying
to ab initio in the United States.
REYES: I would agree with you. I mean, there are many problems. You know, Immigration lawyers see these types of problems every day dealing with the
H-1B visas from contractors and subcontractors, abusing the programs overseas, to big companies submitting multiple applications that crowd out
smaller companies. So, the whole program does -- is flawed. But in my view, the solution is not to basically end the program.
A more sensible way would seem to be to look at the target of areas where we have seen very well documented instances of overuse and abuse, and go
after that. And as I was mentioning, like for people -- for doctors and medical professionals who come on this type of visas, what that might mean
for average Americans is rural hospitals in the Midwest or the South, they might not have the money to hire physicians to come in and work. So, these
American communities will be underserved.
And even for people -- the traditional route for H-1B visas, which is the number one category, it's software engineers. There's no guarantee that
imposing this fee will lead to hiring more American workers. It could lead to more global -- to more offshoring of these jobs.
QUEST: Can I -- a final question? This $1 million Trump Gold Card visa, have you got any clients that would put up a million bucks to get in and
have an immigrant visa?
REYES: Myself, no. I'm not really in that realm. There have been some -- there has been talk in the past from Republicans about this type of visa.
But it -- when we look overseas, it has -- this type of arrangements have in their own manner led to a lot of abuse and fraud because what happens is
people set up shell corporations or dummy corporations in overseas countries and then use that as proof of their investment and get a visa.
So, it just inspires a great deal of fraud.
And just on a big picture view, remember what Trump is talking about here with the H-1B visas is basically cracking down on a lawful form of
migration, on legal pathways to the system. And yet, somehow opening a door for super wealthy individuals. That's just very hard to square with our
general principles around American immigration.
QUEST: I'm grateful for you tonight. Thank you. Coming up, it is "The Brief."
REYES: Thank you.
QUEST: Russia says testing the West's resolve with airspace incursions. This time it was Estonia. I'll have the details for that in just a moment.
(COMMERCIAL BREAK)
[18:20:00]
QUEST: Remember that phrase, to lose one parent may be regarded as misfortunate, to lose both looks like carelessness, Oscar Wilde, the
importance of being earnest. Well, a single violation of NATO airspace might be seen as an accident. But when it happens again, and again, and
again, that's more than carelessness. And the stakes grow much higher.
Estonia is now the latest, saying NATO intercepted three Russian fighter jets that entered its airspace and remained there for 12 minutes, just days
after Russian drones violated both Polish and Romanian airspaces. Our senior military analyst is James Stavridis, joins me now, former NATO
supreme allied commander, SACEUR, and is a partner of the Carlyle Group.
Now, if I present those facts to you, sir, of three more in their 12 minutes, what do you say to me?
JAMES STAVRIDIS, CNN SENIOR MILITARY ANALYST AND FORMER NATO SUPREME ALLIED COMMANDER: Well, you started with Oscar Wilde. I'll give you Ian Fleming.
He said about being shot at, once is happenstance, twice can be coincidence, third time it's enemy action. That's a pretty good line. And I
think is what you're seeing here, Vladimir Putin clearly is signaling NATO to say, take me on. I'm challenging you. I'm pushing back. You're not going
to succeed in Ukraine.
Frankly, I think Putin is, as we'd say in American English, about to bite off more than he can chew. Because let's face it, and you know this,
Richard, NATO's defense budget is collectively somewhere around 1.4 trillion. That's six times that of Russia. The population of NATO,
similarly, is six to seven times larger. And Finland and Sweden have just joined the alliance, giving Putin a difficult challenge on his northern
flank. So, I think he is whistling past the graveyard a bit here. And it's not going to turn out well for Russia ultimately.
QUEST: But just a minute, sir, just a minute. I counter you with, if he's doing all that, to what end? Because he doesn't obviously want a full-scale
war. This testing will prove to him, all right, so Trump didn't retaliate or he didn't put more troops or NATO did this, that or the other. But to
what end? What does he gain from it?
[18:25:00]
STAVRIDIS: I'd say he gains three things. One is tactical. He sees what the responses are. He sees how quickly we can put fighters up. By the way,
those are Italian F-35s conducting those intercepts over Estonia. And believe me, I say this without a shred of (INAUDIBLE), those F-35 fifth-
generation fighters could blow anything Putin has out of the sky. But what he gains is a look at what NATO's response is.
Operationally, what he gains is puts pressure on the alliance. He hopes that'll evolve into tension within the alliance, as perhaps some in the
alliance say, well, let's not respond too aggressively here. Others will want to go very aggressively, notably the Poles and the Baltic states. So,
he can -- politically, he can feel as though he's driving a wedge.
And then third and finally, he's effectively thumbing his nose, particularly at President Trump, saying, I don't care about your efforts in
Ukraine. Watch my next move. Hold my beer.
QUEST: All right. But isn't he right? Because you don't have to push NATO too far before -- we're at the very lowest levels here, but push a bit
further and you will end up with exactly those splits, whether it's Hungary or whatever country it is, one side or the other, that is going to show
that weakness of resolve that Putin will be able to prize open within the alliance.
STAVRIDIS: Well, we're quoting a lot of different people. I'll quote Lenin to you, who said, when you probe with a bayonet and you encounter mush,
continue. If you encounter steel, stop. And who knows what the alliance's response will ultimately be.
I will point out, Richard, NATO went to war in Afghanistan for 20 years and inflicted a lot of pain on the Afghans. Ultimately, a losing campaign
you'll no doubt respond with. But I think Putin ought to be cautious in simply assuming NATO will roll over in the face of a few jets or a few
drones. I don't think it will.
QUEST: I should know better than to parry swords with a former SACEUR. Thank you, sir. I am grateful for you tonight. Thank you.
STAVRIDIS: Take care.
QUEST: As you and I continue our evening discussion on global politics and economics, Lithuania is opening a new school to teach children how to
operate drones. The company sees drone training as a key step in preparing its next generation for national defense. CNN's Sebastian Shukla reports
from Berlin.
(BEGIN VIDEOTAPE)
SEBASTIAN SHUKLA, CNN PRODUCER (voice-over): A new school in Lithuania is taking an unusual approach to boost the country's defense. Just 20
kilometers or 12 miles from Russia's Kaliningrad enclave, in a school, the Baltic Nations Defense Ministry is teaching children as young as 10 how to
assemble and operate drones.
MINDAUGAS TAMOSAITIS, TEACHER (through translator): We are not preparing children for war, as many people see and think. We are preparing children
for a better, happier life, assuring ourselves.
SHUKLA (voice-over): This just one of nine centers set to open across Lithuania teaching students and adults how to operate FPV, first-person
drones. Kids practice virtual flights on computers and fly small drones in training rooms.
TOMAS GODLIAUSKAS, LITHUANIAN DEFENSE VICE-MINISTER: It's all about building the military defensive capabilities, and you know that Lithuania
is actually taking it very seriously, living in a neighborhood with Russia and Belarus.
SHUKLA (voice-over): After two Russian drones crashed in Lithuania after crossing from Belarus this summer, the country asked the NATO alliance to
strengthen air defenses. And last Friday, NATO announced plans to bolster Europe's eastern flank after a series of Russian drones entered, this time
from Polish airspace.
With more drone schools on the way, Lithuania is already preparing for the next generation of defense.
Sebastian Shukla, CNN, Berlin.
(END VIDEOTAPE)
QUEST: Now, in a moment, Senator Ted Cruz, Jimmy Kimmel, and what the senator has to say about the suspension from the airwaves. It's the debate
of free speech. In a moment.
(COMMERCIAL BREAK)
[18:30:00]
QUEST: It is "The Brief." I'm Richard Quest. Jim's off tonight. The international headlines that I'm watching for you. Excuse me.
President Donald Trump and Chinese Leader Xi Jinping spoke on Friday. The U.S. president says they discussed a range of issues including trade,
fentanyl abuse, and Ukraine. They also agreed to several in-person meetings including at next month's APEC summit in South Korea. According to
President Trump, they, in his words, made progress on finalizing a TikTok deal.
The U.S. president also signed an executive order adding a new 100,000 application fee for H1B visas. And the White House official tells CNN it's
part of the president's efforts to curb the hiring of international workers by U.S.-based companies. The visas are currently used in a broad range of
industries from engineering, biotech, and mathematics.
The U.K.'s foreign intelligence service is launching a new online portal on the dark web, encouraging new spies to sign up and send its secrets. Now,
in MI6 platform, it's called Silent Courier. The U.K. says it's particularly aimed at recruiting spies in Russia.
The Texas Republican senator, Ted Cruz, has become the most prominent GOP critic to -- head of the FCC. The chair, Brendan Carr, pressured ABC to
take action against Jimmy Kimmel. Speaking on a podcast, Senator Cruz likened Carr's comments to those of a mob boss.
(BEGIN VIDEO CLIP)
SEN. TED CRUZ (R-TX): He threatens it. He says, we can do this the easy way, or we can do this the hard way. And I got to say, that's right out of
"Goodfellas." I understand, Jimmy Kimmel has mocked me so many times I cannot count. The corporate media, they are dishonest, they are liars. I
hate what Jimmy Kimmel said. I am thrilled that he was fired. But let me tell you, if the government gets in the business of saying, we don't like
what you, the media, have said, we're going to ban you from the airwaves if you don't say what we like, that will end up bad for conservatives.
(END VIDEO CLIP)
QUEST: The president was asked a short time ago for his reaction.
[18:35:00]
(BEGIN VIDEO CLIP)
TRUMP: When you have networks that give somebody 97 percent bad publicity or 94 percent bad publicity? I think that's dishonesty. I think Brendan
Carr is a great American patriot. So, I disagree with Ted Cruz on that.
(END VIDEO CLIP)
QUEST: So, the number of people criticizing the comments of Kimmel is sort of reacting to the assassination of Charlie Kirk. The comments were
criticized by the affiliate stations and the regulator. Kimmel's supporters demanded his return when they rallied outside ABC's parent company, Disney.
The Writers Guild of America say they want to protect free speech.
Someone familiar with what's going on tells us the network wants him back and Kimmel first has to take down the temperature. Elizabeth Wagmeister
joins me from Los Angeles. We have much to unpack here.
Firstly, the way this all sort of fell over for Disney. I mean, they just wanted to lower the temperature and thought that Kimmel on Wednesday was
going to make it worse by going back on air. Now, they have a whole heap of trouble. Is there a path to getting Kimmel back on air?
ELIZABETH WAGMEISTER, CNN ENTERTAINMENT CORRESPONDENT: That is exactly right, Richard, and that is what I am hearing from my sources, that they
really just wanted to take a beat, lower the temperature. You had the chair of the FCC threatening Disney. You had station groups dropping them, and I
was told that the call between Disney executives and Jimmy Kimmel was actually quite cordial, but now, as you said, this has really blown up into
a firestorm everywhere from Hollywood to D.C., and it's hard to imagine a path back.
However, as you said, my sources do tell me that Disney is hopeful, they all love Jimmy, and they would love for him to come back, but I just have
some new reporting in in the past few hours, Richard, that Disney and Jimmy actually met yesterday at his lawyer's office. I was told that there has
been no resolution on a path forward for him or his show yet, but they did meet yesterday again with lawyers and his representatives on board.
QUEST: But Disney's in an impossible position, and I don't just mean because of Brendan Carr and what he might do. It's the affiliates, you
know, they -- I mean, that phrase about when you've got them by and you keep squeezing. I mean, the affiliates have got them by -- because the
money, if the affiliates threaten to take -- well, you know this, you tell me.
WAGMEISTER: You're absolutely right, and that is what was going through Bob Iger's head when he said, let's just take the show off the air and let's
take a beat and let's see what we're going to do because they had 64 stations between Nextstar and Sinclair pulling the show. That means that
they are refusing to air the show. That's about one-third of the stations that air Jimmy Kimmel's show.
So, to your point, if you have a large portion of stations refusing to air the show, that means, number one, the show is less accessible to less
Americans. Number two, less advertising dollars. So, Disney is in an impossible situation. It's really a lose-lose for them. There's no good
path forward because you're going to upset someone. And at the end of the day, Bob Iger is thinking about the business.
This much larger than Jimmy Kimmel, Richard. This ABC. This Disney. This the theme parks around the world. This the resorts. There's a lot to worry
about here, and I do have to tell you, it's so much bigger than just Disney and ABC that I hear from all of my Hollywood sources that they're concerned
of what happens to them. It could be any corporation, any network that is dealing with this.
QUEST: What I found fascinating is, you heard Ted Cruz, and we've heard it from John Thune in Congress as well, more and more people on the right, the
conservatives, are saying, we hate what he said, we really are very glad that he's been suspended and hope he's fired, but it's not the government's
job to do this. Now, is that -- in normal circumstances, that might be the get-out-of-jail-free card that you want, except the president won't let it
happen.
WAGMEISTER: That's absolutely right, and I thought it was interesting to hear Ted Cruz on that podcast say that he is not in agreement with that.
Now, by the way, I do want to fact check something that Ted Cruz said. He said that Jimmy Kimmel was fired. He has not been fired. The show was taken
off the air. It is on a hiatus. Seems unlikely that he will come back, but he was not fired.
But, yes, you are correct. Then we heard President Trump say, I don't agree with Ted Cruz. So, that is why you are in an impossible situation, but we
are hearing from more voices on the right exactly what you said, Richard, they are saying that we don't like Jimmy Kimmel, we have been deeply
offended by everything that he has said about the president over the years, but free speech is an absolute right in this country, and if you don't have
free speech and if a comedian cannot say what he wants to say, then we are in trouble.
[18:40:00]
And by the way last night all of the late-night hosts everyone from Jimmy Fallon to Seth Meyers, they on their networks, which are under the threat
of President Trump. President Trump said, NBC, you should cancel Jimmy Fallon. You should cancel Seth Meyers. They all got up there and they all
stood behind Jimmy.
I know we have a clip. I don't know if we have time for it. But if --
QUEST: We've got time, we've got time.
WAGMEISTER: OK. Let's roll the clip. Let's roll the clip.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: It's the all-new government-approved Daily Show with your patriotically obedient host Jon Stewart.
JON STEWART, HOST, "THE DAILY SHOW": Are the naysayers and the critics right? Is Donald Trump stifling free speech?
CROWD: Of course not, Jon.
SETH MEYERS, HOST, "LATE NIGHT WITH SETH MEYERS": A visionary Innovator a great president and even better golfer. And if you've ever seen me say
anything negative about him That's just A.I.
STEPHEN COLBERT, HOST, "THE LATE SHOW WITH STEPHEN COLBERT": If ABC thinks that this going to satisfy the regime, they are woefully naive.
JIMMY FALLON, "THE TONIGHT SHOW STARRING JIMMY FALLON": I do know Jimmy Kimmel and he's a decent funny and loving guy and I hope he comes back.
(END VIDEO CLIP)
WAGMEISTER: So, of course Colbert show has already been canceled. He will still be on the air throughout the end. But again, those other hosts, many
of them have been targeted by President Trump and they're saying we will not be censored.
QUEST: Thank you very much. There's always time to hear from you. Thanks very much for joining us. This "The Brief." And we have much more in "The
Brief."
(COMMERCIAL BREAK)
QUEST: In Chicago, U.S. immigration officers Tear-gassed protesters pushing one woman to the ground as you'll see here. The woman is Kat Abughazaleh, a
former journalist running for Congress. She's been on our program a number of times. The Chicago area has been rocked by immigration and cut down it's
part of President Trump's domestic agenda. Maria Santana shares the story of one Chicago family.
(BEGIN VIDEOTAPE)
MARIA SANTANA, CNN CORRESPONDENT (voiceover): A family celebration shattered by heartache and tears. A teen can be heard comforting her little
brother and sister as they witnessed their parents being taken away by federal immigration agents last Sunday on the boy's 10th birthday.
UNIDENTIFIED MALE: I just need somebody to talk to me, OK?
UNIDENTIFIED FEMALE: It's OK.
UNIDENTIFIED MALE: Listen, I just need somebody to talk to me.
UNIDENTIFIED FEMALE: It's OK. We're OK.
SANTANA (voice-over): Mexican immigrants Constantina Ramirez and Moises Enciso have lived in Cicero, a suburb of Chicago, for more than 15 years.
[18:45:00]
Their attorney says they were driving down this street with their eldest son, heading to his university, before meeting the rest of the family at
church.
SHELBY VCELKA, FAMILY LAWYER: So, they accidentally did a U-turn on a side street that they were not supposed to be on, and then the -- they got
pulled over.
SANTANA (voice-over): Their 22-year-old son, who is awaiting approval for DACA, was also detained, but later released, their lawyer said.
UNIDENTIFIED FEMALE: We don't answer questions. We know what you're doing.
UNIDENTIFIED MALE: Please. If you tell me this instant, we'll let him go.
UNIDENTIFIED FEMALE: We're not -- we don't answer questions. I'm sorry.
SANTANA (voice-over): After getting a frantic call from her mother, the 19- year-old ran to the scene, where she repeatedly refused to answer the agent's questions.
UNIDENTIFIED FEMALE: We don't answer questions until our lawyers -- that's it.
UNIDENTIFIED MALE: I'm trying (INAUDIBLE).
UNIDENTIFIED FEMALE: It's OK.
UNIDENTIFIED MALE: I did already.
SANTANA (voice-over): At the family's request, we are not naming the children to protect their identities.
VCELKA: I think her reaction comes with being in a mixed-status family. You learn from a young age how to watch out for either ICE presence or you
learn your rights.
UNIDENTIFIED FEMALE: How can --
SANTANA: How are the kids doing after what happened?
VCELKA: You know, they're really resilient, smart kids, but you can tell that the event has been incredibly traumatic for them. As you know, the
oldest son was detained along with his parents.
SANTANA: And the younger kids are how old?
VCELKA: They are 12 and 10.
SANTANA: And they were born in this country?
VCELKA: Yes.
SANTANA (voice-over): In a statement requesting their parents' release, the elder son described the ordeal as a bad dream. He said, the house feels
dark. Their seats at the dinner table are empty now.
A review of court records found no criminal history for either parent. They are now being held in separate detention centers in Kentucky and Michigan.
In a statement to CNN, the Department of Homeland Security said that Ramirez and Enciso entered the U.S. illegally and will remain in custody
pending removal proceedings.
VCELKA: The entire exchange was heartbreaking to me. Now she has responsibility for her two younger siblings and these cars. She doesn't
know where her parents are going. It broke my heart.
UNIDENTIFIED FEMALE: It's OK. It's OK.
SANTANA (voice-over): Maria Santana, CNN, Chicago
UNIDENTIFIED FEMALE: It's fine. It's fine. It's fine.
(END VIDEOTAPE)
QUEST: In a moment, we will talk finance. I'll speak ahead of the New York Stock Exchange.
(COMMERCIAL BREAK)
QUEST: Briefing on money and U.S. stocks. There are fresh highs, records indeed, and a hope of a new Fed rate cut, and hopes for progress in the
U.S.-China trade relationship after that phone call. You can see the numbers there.
Apple shares rose more than 3 percent. Friday was the first day of sales for its new iPhones. We'll look forward to hearing what they are. I mean,
not the phones. I mean, how the sales have gone.
[18:50:00]
And Fed Governor Stephen Miran made his first public comments since joining the bank class, Central Bank, he defended his call for an aggressive half
point cut. He dissented and he called for a half point cut instead saying, the Fed has a lot of room to cut rates further.
(BEGIN VIDEO CLIP)
STEPHEN MIRAN, GOVERNOR, U.S. FEDERAL RESERVE: I don't see very significant tariff for inflation. I see very little evidence of any of it to date. I
see disinflation coming from the border policies and I see some downward pressures coming from other -- coming up from other forces too, like
deregulation other -- some other items that'll be walking through next week.
So, I don't see a reason for being so far from neutral at the moment. And the fact that we are quite far from neutral, given that means that the
longer you stay very restrictive, the -- you know, the greater the risks buildup of significant misses to the labor -- to the employment mandate.
(END VIDEO CLIP)
QUEST: He also confirmed that he was the outlier. Well, you're right at the bottom on the left you can see, and that was him. He thinks rates should
come down another one and a quarter points, far more than any of the Fed members. And by the way, that is exactly the position taken by his former
boss when he was head economic adviser. That of course, is Donald Trump, who wants to see rates coming down by a similar amount.
A rising IPO market is fueling investor optimism after a lull of some years. It's crypto and tech that's leading the way. Just look at it. Klarna
bullish, Firefly Aerospace, Circle, Chime, and most recently, StubHub. I was talking to the president of the New York Stock Exchange, Lynn Martin,
and she thinks the IPO rebound is here to stay and the companies are in a much better position.
(BEGIN VIDEOTAPE)
LYNN MARTIN, PRESIDENT, NYSE: It feels like this has been a cautious reopening. Now, if you think about the last couple of years, there have
been times when the IPO market felt open. If I look at Q2 of 2024, for example, when Reddit went public, when Rubrik went public when UL Solutions
went public, it felt like that was going to be the reopening of the market.
So, this year, it has felt like a very cautious and deliberate reopening. But importantly, as opposed to 2024, this year, it has sustained, it hasn't
just been one quarter of activity, it has been multiple quarters of activity, culminating with, you know, most recently Klarna's IPO.
QUEST: What is it that's drawing -- I mean drawing to IPOs? Because we've been through the VC and the private equity, and that's still very much a
part of the early financing. But there is now a seasoning, if you will, to come to market.
MARTIN: Yes. Yes, I think that's right. And again, a really good way to describe what we have seen as a prolonged amount of time that a company
stays private. I actually think that's a really good, to be honest. Companies staying private for longer means that the company has the
opportunity to codify its strategy to be very deliberate about the tam they are seeking to attract, about the customers they're seeking to attract.
Much more deliberate on the execution of the strategy.
And what that means for mom and pop and global investors is that when a company finally comes to market, it's ready. It's ready to be a public
company. I think what you saw in 2020 and 2021 is that companies were rushing to get to market to take advantage of incredibly high valuation.
And what you've seen in the aftermath of that is many of these companies weren't able to continue to sustain those valuations.
Whereas now. you're seeing companies that come to market. You look at Circle, you look at Figma, you look at, you know, Klarna, companies that
can sustain the valuation that they are achieving on their IPO day for medium to long-term, and continue to grow with that valuation.
QUEST: If we look at your own at the NYSE and the ICE and how -- I mean, the -- you know, the NYSE (INAUDIBLE) and the way in which also you are
playing internationally, you are shifting, the exchange is shifting focus, it's changing -- it's exchange -- it's changing the international
perspective. How would you describe it?
MARTIN: The U.S. capital markets are the envy of the world. And if I look at the depth, the breadth of the liquidity in the U.S. markets, the
transparency of the U.S. markets, the ability to raise capital in the U.S., it cannot be matched internationally. It's why we've been successful in
helping companies that were not previously primarily listed in the U.S. move to the U.S. as a primary listing.
[18:55:00]
And you've seen those valuations significantly increase, again because of the access to the liquidity that they're getting, which is really
unparalleled.
QUEST: How difficult does that make it for you to cooperate or collaborate with other markets when they know that many of their own members either are
going to look to leave or add on the NYSE? In other words, you're in a very tricky position, Lynn.
MARTIN: Yes, but I think it's important for us to continue to be the stewards of the global economy. And the only way you can be the steward of
the global economy is to collaborate. Collaborate with domestic markets who clearly have a place.
(END VIDEOTAPE)
QUEST: That's the president of the New York Stock Exchange. I thank you for your time and your company. I'm Richard Quest in New York. It's a good
morning to you in Asia. Good evening and overnight if you are in Europe, Middle East, and Africa. Wherever you are, consider yourself briefed. This
CNN.
(COMMERCIAL BREAK)
[19:00:00]
END
