Return to Transcripts main page

The Story Is with Elex Michaelson

Pete Hegseth, Dems Clash in First Hearing Since Start of Iran War; Trump Sees Blockade as Best Option to Get Iran to Negotiate; Trump, Putin Discuss Iran and Ukraine in Phone Call; British Royals Tour New York on Third Day of U.S. Trip; Former FBI Director Appears in Court on Threat Charges; Blanche on '86' Posts: Every Threat is Different; BYD: Don't Need U.S. to Remain on Top of E.V. Industry; LIV Golf to Talk to Players, Staff Over League's Future. Aired 12-1a ET

Aired April 30, 2026 - 00:00   ET

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

[00:00:35]

ERICA HILL, CNN ANCHOR: Welcome to THE STORY IS. I'm Erica Hill in for Elex Michaelson, coming to you live from New York.

Today the top story is in Washington, where we're now learning that the war with Iran may be costing the U.S. a lot more than the Pentagon's public price tag. Sources telling CNN the $25 billion estimate a top defense official gave to lawmakers on Wednesday is a lowball figure.

(BEGIN VIDEO CLIP)

JULES "JAY" HURST III, U.S. DEFENSE UNDER SECRETARY COMPTROLLER: Approximately at this day, we're spending about $25 billion on Operation Epic Fury. Most of that is ammunitions. There's part of that it's obviously O and M and equipment replacement.

(END VIDEO CLIP)

HILL: The real cost according to those sources is closer to $40 billion or even $50 billion because the Pentagon's number does not account for rebuilding U.S. bases nor replacing destroyed assets.

The other cost we're watching, what you pay at the pump. As peace talks remain stalled, gas prices continue to climb. The national average in the U.S. now $4.23 a gallon. That's the highest since July of 2022.

In fiery testimony before Congress on Wednesday, his first since the war began, U.S. Defense Secretary Pete Hegseth defended his handling of the conflict, describing lawmakers who criticize the administration as the, quote, "biggest adversary in this war."

(BEGIN VIDEO CLIP)

REP. ADAM SMITH (D-WA): Now you're saying that it was completely obliterated?

PETE HEGSETH, DEFENSE SECRETARY: They had not given up their nuclear ambitions, and they had a conventional shield of thousands.

SMITH: So Operation Midnight Hammer accomplished nothing of substance. It left us at exactly the same place we were before.

HEGSETH: You're missing the point.

SMITH: So much so that --

HEGSETH: Their facilities were bombed and obliterated. Their ambitions continued.

REP. JOHN GARAMENDI (D-CA): The president has got himself and America stuck in a quagmire of another war in the Middle East.

HEGSETH: Congressman, you should know better. Shame on you. Calling this a quagmire two months in.

REP. RO KHANNA (D-NY): Do you know how much it will cost Americans in terms of their increased cost in gas and food over the next year because of the Iran war?

HEGSETH: I would simply ask you what the cost is of an Iranian nuclear bomb.

KHANNA: No, no. I'm going to give you that opportunity.

HEGSETH: I would simply ask you what -- you're playing gotcha questions about domestic things.

KHANNA: Sir, sir. No, it's not --

(END VIDEO CLIP)

HILL: Now, as for where this war stands, President Trump continues to focus on Iran's economy as a way to force to run back to the negotiating table. The U.S. military says it has now redirected 42 commercial vessels attempting to enter or exit Iran's ports. Sources say President Trump also told top advisers he wants to continue the U.S. naval blockade, and that his team is making preparations for a longer term closure of the Strait of Hormuz.

The president believes the plan is working..

(BEGIN VIDEO CLIP)

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Well, the blockade is genius, OK? The blockade has been 100 percent foolproof. It shows how good our Navy is. I can tell you that. Nobody's going to play games.

(END VIDEO CLIP)

HILL: CNN's Kristie Lu Stout is live this hour in Hong Kong.

So, Kristie, we heard the president say there he does not want to lift the blockade, feels it's going well. We're also seeing the price of oil surge once again. The global economy continuing to feel the pinch, not just Iran, of course.

Bring us up to speed about where things stand at this hour.

KRISTIE LU STOUT, CNN CORRESPONDENT: Yes. Erica, the war in the Middle East is now stretching into its ninth week. And the U.S. president is digging in. Donald Trump is now saying, warning that the U.S. will maintain its naval blockade on Iranian vessels and ports unless Iran agrees to curb its nuclear program. And as a result, the price of oil is surging.

Let's show you what the global oil benchmark looks like right now. Brent crude on Wednesday, it soared some 6 percent, and reached a one- month high. Now you can see right there Brent crude well over 120 U.S. dollars a barrel now hitting $124.46 a barrel.

We're also keeping an eye on gas prices at the pump in the United States. Gas prices, according to AAA, remain very elevated. And let's show you what gas prices look like now, before the war under three bucks, now about $4.23 the average price of gasoline in the United States.

Now it was in an interview with Axios on Wednesday, that's when we heard from the U.S. president. That's when he doubled down on the U.S. blockade and the Strait of Hormuz and elsewhere. This is what the U.S. president said. Let's bring it up for you. He said, quote, "The blockade is somewhat more effective than the bombing. They are choking like a stuffed pig, and it's going to be worse for them. They can't have a nuclear weapon," unquote.

The U.S. Central Command has called the U.S. naval blockade, quote, "highly effective," has also said that the blockade has managed to intercept or redirect some 42 vessels since it began earlier this month.

[00:05:05]

Now in response, Iran is defiant. We heard from the parliamentary speaker who took to the social media platform X to openly ridicule Donald Trump, as well as rising oil prices. This is what he said. He said, quote, "That was the kind of junk advice that the U.S. administration gets from people like Bessent," in reference to the U.S. Treasury secretary, "who also push the blockade theory and cranked oil up to 120 plus. Next stop, 140. The issue isn't the theory. It's the mindset," unquote.

Now, mockery aside, Iran is also telling the people across the country to conserve energy. We heard from Iran's oil ministry appealing to the 90 million people inside the country now is the time to cut energy consumption as the U.S. naval blockade continues to hold -- Erica.

HILL: And so, Kristie, as we're watching all of this, of course, and oil prices surging, and as you're walking us through the fallout here, Asia is particularly vulnerable, I know.

STOUT: Yes, absolutely. And this is something we've been covering all along throughout this conflict, Erica. You know, Asia and the economies here closely keeping an eye on the U.S. naval blockade and the Strait of Hormuz. Before the war, some 80 percent of the energy that would flow through the strait would head here to the Asia Pacific region. So this crisis has started an energy crisis.

It's also turned into an everything crisis. There is a shortage of everything here in Asia, from natural gas, crude oil, to plastics, to sulfur, to fertilizers, which is needed for food as well. This has had knock-on effects on aviation in the industry, with a number of airlines across Asia cutting flights. It's also had a knock-on effect in the production of nickel in Indonesia. A major world producer of nickel, it needs sulfur, this byproduct of petroleum, in order to undergo this exercise.

What South Korea and the government there is doing, it's diversifying its energy supply, trying to move away from the Strait of Hormuz, trying to get its energy from other places directly from the United States, from Algeria, elsewhere. China, meanwhile, very interesting. It's been relatively shielded because of its own vast reserves. The fact that it has an electrified power grid, it's diversified its power sources. It's using a lot of coal. Still, it's vulnerable to rising prices as well as rising exports.

And, Erica, we do have to talk about the human impact here. The human suffering is acute. We have been talking to farmers in Thailand, drivers in the Philippines. They are dealing with the fallout from rising prices, from shortages of fuel. The United Nations recently warned that 8.8 million more people across Asia will fall into poverty as this war grinds on -- Erica.

HILL: Yes, and it is important. I'm so glad you pointed that out because we cannot forget that human toll. And it is growing by the day.

Kristie Lu Stout in Hong Kong this hour, thank you.

STOUT: Thank you.

HILL: Also with me here to discuss the growing cost of the Iraq war is Gene Sperling, former coordinator for the White House's American Rescue Plan. He was also a senior adviser to President Joe Biden.

It's good to have you with us this hour. When you start to look at the real cost of this war, I was struck by, we played a small portion of it, but the exchange earlier today between Congressman Ro Khanna and the Secretary of Defense, Pete Hegseth, as the congressman was trying to get a better sense of what this could actually cost the American taxpayer, if you will.

Do you feel that you even have a good sense of what the cost is of this war at this point?

GENE SPERLING, FORMER WHITE HOUSE AMERICAN RESCUE PLAN COORDINATOR: Well, there's the fiscal cost of which it looks like the real cost is $40 billion, $50 billion. But remember, it's the Trump administration that's saying they may need another $100 billion to $200 billion. So it could be very significant. But I agree with Congressman Ro Khanna, which is that the real cost is what the impact it's having on real people is.

And, you know, despite what the secretary of defense says, it is totally right for our representatives to say that even if we want to stop terrorism fueled by Iran, whether we want to inhibit them having a nuclear weapon, that is -- does not mean you cannot question the secretary of defense and the president about whether they have executed this conflict with any concern or care or skill about keeping the costs down for Americans, who are taking the brunt of this.

It was completely predictable, if you were going to engage militarily with Iran, that they could affect the Straits of Hormuz and that that would have a major effect on gas prices, diesel prices, fertilizer, food. You knew that. They went in with no planning, no coordination. They seemed to be caught off guard on the most unpredictable thing.

[00:10:02]

And it is right to question whether that poor execution, even if you believed that it was right to engage in this military conflict, that this poor execution is being paid for by typical Americans. And, you know, one of the points just made about globally is true in the U.S. as well. Who pays the biggest brunt of higher gas prices? You know, if you make $300,000 or $3 million, higher gas prices are kind of an annoyance, but it is a huge part of the budget of families making $30,000, $40,000, $50,000 a year. And they're going to be the ones who are hit.

And it's across the board from, again, gas prices, the impact of diesel. Higher fertilizer prices mean higher fuel. Just your Amazon or Federal Express charges or an air ticket all have fuel surcharges now. So the real cost economically, but humanitarian wise, too, is on the higher prices that may not have been necessary at all if this war had been executed with care. You know, care, deliberation, coordination, and some sense of the risk that was so predictable from Iran taking control of the Straits of Hormuz.

HILL: You talk about the gas, right, which is such an easy thing for us to wrap our heads around in this country and the way that it has the ripple effects --

SPERLING: Well, think about it --

HILL: -- when it comes to prices or diesel. But, well --

SPERLING: What we don't want them to have leverage --

HILL: Go ahead.

SPERLING: We don't want them to have leverage over us with the nuclear weapon, but we have now given them leverage over controlling the Straits of Hormuz, whereby limiting the gas and oil and fertilizer that goes through, they are raising prices and causing fuel shortages around the world. And that is the cause of why we are -- average Americans are facing $4.25 and could be facing $4.50 and getting up to $5 as we get to Memorial Day and beyond.

HILL: And I've spoken to a number of farmers over the last, you know, two months here of this war who talk about their concerns about the diesel that they need, obviously, for their equipment, the cost of shipping their goods as the price of gas goes up. And to your point, the fertilizer and what that means for what they can and cannot plant, right, as they move into this critical season. When you look at the big picture here, for a lot of Americans, the question is, how long does this last?

The reality, let's say the war ended tomorrow, in your estimation, how long will it take for the relief to actually set in?

SPERLING: So it's the right question and obviously shorter duration is better. But when you've allowed and even encouraged in oil infrastructure to be put down when people have stopped making -- pumping new oil, they've shut down, it takes longer for them to start up. There's more problems. There will still be more risk in ships and insurance costs. And then there's the sweeping the mines.

So there's a real divide. You know, the stock market seems quite optimistic. But when you talk to energy experts, the people who know the most, they will say this could take months and months and that we could be facing higher prices and higher inflation well into the third fourth quarter of this year, even if it was possible to end this conflict now, and that even if we do, Iran now has established control over the Straits of Hormuz.

That's leverage they have. And that means there might be a higher risk of higher energy prices going forward. And that's the opposite of what we wanted to do in this military conflict. We wanted to reduce their leverage over the rest of us, not give them a new tool by, you know, controlling or blocking critical oil and fertilizer going through the straits.

HILL: Yes. Gene Sperling, really appreciate your insight. Thank you.

SPERLING: Thank you.

HILL: Amid the war with Iran, President Trump speaking with Russian President Vladimir Putin on Wednesday. He says the conflicts in Iran and Ukraine could actually end on a similar timetable.

(BEGIN VIDEO CLIP)

TRUMP: He talked about Ukraine, and I talked a little bit about Iran. I talked about a few different subjects, mostly about Ukraine. And we had a very good conversation. I think we're going to come up with a solution relatively quickly, I hope.

UNIDENTIFIED REPORTER: What does he want --

TRUMP: I think he'd like to see a solution, I can tell you. And that's good. He told me he'd like to be involved with the enrichment. If we -- if he can help us get it. I said, I'd much rather have you be involved with ending the war with Ukraine. To me, that would be more important.

(END VIDEO CLIP)

[00:15:04]

HILL: The Kremlin, though, says Mr. Putin also warned Trump that resuming military strikes on Iran would be a bad idea.

CNN's Fred Pleitgen has more from Moscow.

(BEGIN VIDEOTAPE)

FREDERIK PLEITGEN, CNN SENIOR INTERNATIONAL CORRESPONDENT: This was the first phone call between Russian President Vladimir Putin and U.S. President Donald Trump since March 9th, and the Russians are saying the phone call lasted over 1.5 hours and was conducted in a businesslike atmosphere.

Now, while the White House says that most of this call dealt with Ukraine, that was the main topics, the Russians are saying the main international topic was actually the U.S. war with Iran. Now, Russian leader Vladimir Putin, according to Russian information, praised President Trump extending the ceasefire with Iran. But at the same time also warning that if this goes back to being a shooting war, if there's another aerial campaign by the Israelis and the Americans against Iran, that that would have devastating consequences, not just for Iran and the Gulf region, but for the entire international community.

Vladimir Putin, according to that same information, also warning against a possible American ground invasion of Iran, saying that that would be unacceptable. At the same time, of course, also very dangerous. The Russians also acknowledging that Ukraine, of course, was also a major topic in that phone call. The U.S. president calling for a ceasefire as fast as possible. The Russians saying that the U.S. believes it is something that can be done in the not-too-distant future.

But at the same time, the Russians acknowledging that they're offering a ceasefire for May 9th, around May 9th, which is, of course, Victory Day, where Russia and other former Soviet Union states celebrate the victory over Nazi Germany in World War II.

Now, the interesting thing about that is that the Russians have already scaled back their Victory Day parade on Red Square here in Moscow, which normally is a massive affair due to the fact that they're suffering from a Ukrainian aerial campaign, mostly using drones hitting Russian critical infrastructure and also industrial sites as well.

At the same time, the Russians are saying that Vladimir Putin made clear to U.S. President Donald Trump that the Russians would achieve, as he put it, their goals in what they still call their special military operation in Ukraine. The Russians are saying they would rather achieve that through diplomatic means.

Fred Pleitgen, CNN, Moscow.

(END VIDEOTAPE)

HILL: King Charles and Queen Camilla are set to wrap up their visit to the U.S. on Thursday, back where it began at the White House. The royals spent their Wednesday, though, here in New York, where they visited a community farm in Harlem. King Charles feeding some of the local chickens there. They began their day at the 9/11 Memorial, laying a bouquet of white flowers and leaving a handwritten message.

CNN's Richard Quest has more now from New York.

(BEGIN VIDEOTAPE)

RICHARD QUEST, ANCHOR, QUEST MEANS BUSINESS: The visit to the National Memorial at 9/11 down in Lower Manhattan was the most poignant and solemn part of their majesties' day trip visit to New York. Although this is their first visit as king and queen, they have been here before back in 2005, when then Prince Charles and the duchess of Cornwall paid a visit to the city.

Today, after they arrived, they laid flowers in memory. They also met the former mayor of New York, Mike Bloomberg, the current mayor of Mamdani and various leaders like the governor of New York and the governor of New Jersey. But probably the most important part of the visit for their majesties was meeting the first responders who 25 years ago were here on the scene, along with families, relatives, friends of those who were affected.

The majesties are only spending one day in New York, and this is by far the most serious and perhaps most important part of the visit.

Richard Quest, CNN, New York.

(END VIDEOTAPE)

HILL: The former FBI director making his first court appearance as President Trump reacts to James Comey's indictment for allegedly threatening the president with a message spelled out in seashells. Plus, CNN speaks to Chinese auto-making giant BYD. What the world's largest electric car company says about being shut out of the U.S. market.

(COMMERCIAL BREAK)

[00:23:52]

HILL: The suspect in the shooting at the White House Correspondents' Dinner is set to return to court on Thursday. Lawyers for Cole Thomas Allen, who is charged with attempting to assassinate President Trump, have complained in a court filing they're having trouble meeting with him. They say they've only spoken to him over a jailhouse phone from a locked cell, where he is physically restrained.

It's not clear whether they'll argue Allen should not remain in jail ahead of the trial. Prosecutors, though, are laying out their argument for keeping Allen in custody, revealing these new images of the suspect and his extensive arsenal in a selfie he allegedly took before the attack. The filing also says a Secret Service officer saw the shotgun wielding suspect fire his weapon toward stairs leading to the hotel ballroom where the dinner was being held.

Now, at the same time, the "Washington Post" revealed a higher quality version of security camera footage. Higher quality than what the president initially posted to social media. So, according to "The Post's" analysis, the video itself does not show the suspect firing a weapon in the four seconds it depicts of him entering the doorway and running through that security checkpoint. "The Post" says the footage does show a Secret Service officer draw his gun within seconds of the suspect's arrival, and fire at least four shots in his direction.

[00:25:05]

Days after the incident, the Justice Department is now seeking to roll back some gun control measures.

(BEGIN VIDEO CLIP)

TODD BLANCHE, ACTING ATTORNEY GENERAL: We're repealing rules that went beyond what the law allows. We are cutting unnecessary red tape, and we are replacing confusion with clear, straightforward language so that everyday Americans don't need a law degree just to understand their rights.

(END VIDEO CLIP)

HILL: So the acting attorney general there also said the Second Amendment will not be, quote, "treated as a second class right" in the Trump administration. The administration is proposing 34 new rules, with Blanche saying none of what they're doing weakens law enforcement. Officials claim the rules will help gun sellers more easily abide by the law.

Former FBI director James Comey is now free without conditions for now after his initial court appearance on Wednesday. He surrendered to law enforcement in Virginia after the indictment, of course, which accused him of threatening President Trump. Last year Comey posted and then removed this photo on Instagram. You see there, those are seashells with spell out the numbers 8647. The Justice Department claims that is a threat to kill Donald Trump, the 47th president.

On Wednesday, Trump said that he believes his life may have been in danger, but he was asked specifically if he thought he was being threatened.

(BEGIN VIDEO CLIP)

TRUMP: 86, you know what? It's a mob term for kill him. You know? You ever see the movies? 86 him.

(END VIDEO CLIP)

HILL: Comey's attorneys say they plan to file motions accusing the Justice Department of vindictive prosecution. Democrats, even some Republicans, called the charges against Comey a stretch.

(BEGIN VIDEO CLIP)

SEN. THOM TILLIS (R-NC): I searched to the end of the internet last night, I can't find one example where the number 86 had anything to do with any violent threat. So hopefully there's more to it than just the picture in the sand. Otherwise, I just think it's another example of where we're going to regret this because we're setting a fairly low bar and political physics, like I've said around here for years, is what it is. For every action, there's an equal and opposite reaction.

(END VIDEO CLIP)

HILL: Joining me from Los Angeles, Neama Rahmani is a former federal prosecutor and now the president of West Coast Trial Lawyers.

Great to have you with us. Do you think Senator Tillis is right there? Do you see this as potentially an opening for more things to come, perhaps from Democrats?

NEAMA RAHMANI, FORMER U.S. FEDERAL PROSECUTOR: Erica, I do think so. And look, this is probably going to go down as one of the worst cases ever filed by the Department of Justice. I mean, there's so many things wrong with it. I don't respectfully believe the president for a second. I've seen a lot of mob movies. I've never seen 86 used in this context. It means to kick someone out of a restaurant or a bar. It doesn't mean to kill or eliminate.

And of course, I think we really have opened a political Pandora's box where now the Department of Justice isn't being used to protect the American people and to keep us safe, but rather to prosecute the president's political enemies. I understand why a lot of people don't like James Comey. Obviously, Democrats don't like him because of Hillary Clinton and her e-mails and him interjecting himself into that election.

And of course, the president doesn't like him because of Russiagate and allegedly lying to Congress. But really, seashells making a federal case out of it? This just isn't the purpose of the DOJ, Erica.

HILL: And so what we're told is that those shells were a clear threat to the president, right? That it was threatening the president's life. The president was asked by my colleague Kaitlan Collins today in the Oval whether he truly believed his life was in danger. His response was probably, I don't know. Could that be a problem for the DOJ?

RAHMANI: Well, it's not necessarily an element of the crime. There does have to be a true threat, but the specific intent is that of the defendant, in this case, Comey. And he came out and said he didn't know that this could even be perceived as a threat. And he deleted it. And the actions have to be taken willfully. So you have this at best ambiguity when it comes to 86. You have, I think, lack of clear intent on the part of Comey to threaten the president. And of course, this could all be protected political speech by the First Amendment.

And of course, there's a pretty clear, selective or vindictive prosecution defense here as well, Erica. There are a lot of instances of 86 Biden or 86-ing other individuals. And of course, none of those people have been prosecuted. Of course, none of them are as vocal of a critic of the president as James Comey is.

HILL: And there has been some pushback on that. Right? And the acting attorney general, Todd Blanche, has been asked about that. He talked a little bit more specifically about this case and sort of warned, you know, not to turn this into an apples and oranges situation. Take a listen to some of what he had to say.

(BEGIN VIDEO CLIP)

BLANCHE: Look, every case is different. Every threat case is different. And so that means that there can -- what does that mean? That means that the nature of the threat. The person who makes this threat. And then the investigation around the threat.

[00:30:08]

And so, you cannot -- it is -- it would be ill-advised for anybody to compare a particular statement to another statement that appears similar when there's been a thorough investigation.

Nobody in this room has any idea what happened during a grand jury investigation between May 15 and yesterday.

(END VIDEO CLIP)

ERICA HILL, CNN ANCHOR: So, he's saying clearly there, not all "86" statements are the same.

The other thing that stood out to me, and sort of, I will say, has me scratching my head. You're a former federal prosecutor. When you look at this, the fact that he is saying, Look, we spent all this time investigating, you know, and you will see the fruits of that investigation.

When we look at what we do know publicly, to spend a year investigating this photo, what would that investigation look like for a federal prosecutor? What are they doing over the course of that year that then would get them to this point?

NEAMA RAHMANI, FORMER U.S. FEDERAL PROSECUTOR: Erica, I think no righteous federal prosecutor would take this case. And it's probably just an example of Todd Blanche wanting to remove that "acting" and be nominated as the attorney general and maybe FBI Director Kash Patel trying to keep his job.

But you're right. This was posted 11 months ago, almost a year ago. What investigation could there be? Blanche made vague references to documents or witnesses.

And look, if there's some smoking gun that I don't know about, and Comey was dumb enough, despite being the former director of the FBI and a high-ranking official in the DOJ himself, to make a threat to another individual involving the president, or to put something in writing. Sure.

But don't you think we would have heard about it during the press conference yesterday, if there was some evidence that we don't know about?

This case is going to go down as another DOJ loser. Comey beat the charges last time. And I understand they're on procedural grounds, but he's made it clear in his videos and through his attorneys that he is going to fight this. He will fight this, and he will win, Erica.

And again, this is just going to be another loss for the DOJ in a case that -- motivated by politics and not the facts and the law.

HILL: Neama Rahmani, great to have you with us. Thank you.

RAHMANI: Thanks, Erica

HILL: Police say the suspect in the stabbing of two Jewish men in London has a history of violence and mental health issues.

That suspect was caught on security camera Wednesday, attacking the victims. Police described this as a terrorist incident.

The suspect is a British national born in Somalia who's been detained now on suspicion of attempted murder. We can tell you both victims are now in stable condition.

But this is just the latest in a series of attacks targeting London's Jewish community.

The prime minister, Keir Starmer, calling the incident an utterly appalling antisemitic attack.

It is the end of an era for Jerome Powell, stepping down as Federal Reserve chair next month, of course. But he's not going to be going far. What more we learned in his final press conference as Fed chair. That's next.

(COMMERCIAL BREAK)

[00:37:44]

HILL: Welcome back to THE STORY IS. I'm Erica Hill. Let's take a look at some of today's top stories.

Former U.S. Attorney General Pam Bondi is now set to appear for a deposition next month. This is part of the House Oversight Committee's probe into Jeffrey Epstein.

Bondi had been subpoenaed while still in her post as A.G. to answer questions about the department's failure to release all of the Epstein case files, as compelled by law.

Her ouster then put that deposition in question. But she is now set to appear on May 29. Rob Reiner's son will have to wait until September for a judge to set

a preliminary hearing date in his murder trial. Nick Reiner appeared briefly in a Los Angeles court on Wednesday, where he pleaded not guilty, of course, back in February to killing his parents.

Prosecutors say they are still waiting for autopsy results.

Britain's phased ban on cigarette sales became law Wednesday. The country's tobacco and vapes bill introduces a rolling age restriction. It raises the legal age for buying tobacco by one year every year, starting with people born in 2009.

It's expected to practically eliminate smoking among young people and ease the pressure on the health system.

Another big blow to America's landmark 1965 Voting Rights Act. In a 6- to-3 ruling, the Supreme Court scrapped Louisiana's contested Congressional map, which added a second black Democratic lawmaker to the state's overwhelmingly white Republican delegation.

The court called the 2024 map an unconstitutional racial gerrymander. The decision upheld a lower court's ruling that Louisiana's mapmakers relied too heavily on race to create that second majority black district.

Now, the court's three liberal justices filed a long dissent, accusing their conservative colleagues of destroying the Voting Rights Act and setting back racial equality in elections.

The first black woman elected to Congress from Alabama also slammed the ruling.

(BEGIN VIDEO CLIP)

REP. TERRI SEWELL (D-AL): The Supreme Court has opened the door to a coordinated attack on black voters across this country. This is an outright power grab.

(END VIDEO CLIP)

HILL: Barack Obama agrees this will weaken the voting power of racial minorities. The former U.S. president adding the decision, quote, "serves as just one more example of how a majority of the current court seems intent on abandoning its vital role in ensuring equal participation in our democracy and protecting the rights of minority groups against majority overreach."

[00:40:09]

President Trump, though, did not seem familiar with the case but was asked about it. Here's his reaction.

(BEGIN VIDEO CLIP)

DONALD TRUMP, U.S. PRESIDENT: When did it come out? Just now?

UNIDENTIFIED FEMALE: No, it came out this morning, but basically very much narrows the Voting Rights Act.

TRUMP: Was it considered a win for --

UNIDENTIFIED FEMALE: A win for Republicans?

TRUMP: I love it.

(END VIDEO CLIP)

HILL: The Federal Reserve holding interest rates steady for the third time this year. On Wednesday, Jerome Powell, in his final meeting there as chair of the Federal Reserve. He's set to step aside when his term ends May 15.

He will, however, remain on the central bank's board. Speaking after the meeting, Powell said the decision about his future was based on the possibility that the Justice Department could reopen an investigation into him and testimony that he gave to Congress last year.

(BEGIN VIDEO CLIP)

UNIDENTIFIED MALE: You need more assurance from the Justice Department before stepping down? Is that what you're waiting for, or what else?

JEROME POWELL, FEDERAL RESERVE CHAIRMAN: I'm waiting, you know, for the -- for the investigation to be well and truly over with finality and transparency. And I'm waiting for that. And I will leave when I think it's appropriate to do so.

I won't see you next time.

(END VIDEO CLIP)

HILL: Elon Musk is preparing for a third day of testimony in his lawsuit against OpenAI.

On Wednesday, there were some pretty testy exchanges as the Tesla tycoon told the court how his relationship with the company deteriorated.

Musk insists OpenAI betrayed its initial nonprofit mission and also him, by creating a for-profit subsidiary. Musk said he was a fool for giving them free funding for a startup.

Emails between Musk and OpenAI execs were also presented. They show Musk saying he was fine with for-profit. In court, however, he said he was only fine with it being a subsidiary, not the main event.

Musk also said he wanted control over the company since he was providing almost all of the funding. He accused the co-founders of trying to create a for profit where they had as much shareholder ownership as possible.

OpenAI says the lawsuit is Musk's effort to weaken a competitor.

The world's largest electric car company tells CNN it does not need the U.S. to stay on top.

At the Beijing Auto Show, Simone McCarthy spoke to BYD's executive vice president, who said the company is actually doing just fine without sales in the U.S.

(BEGIN VIDEOTAPE)

SIMONE MCCARTHY, CNN CORRESPONDENT (voice-over): These three letters have the world's car makers quaking: BYD.

The Chinese car manufacturer seems to have cracked the code on producing affordable batteries for electric vehicles and now sells more EVs than any other company. But thanks to Washington's heavy restrictions on Chinese automakers, U.S. consumers won't be able to buy a BYD anytime soon.

STELLA LI, EXECUTIVE VICE PRESIDENT, BYD: Without the U.S. market, BYD is still -- be in the leading position.

MCCARTHY: You're confident?

LI: Very confident.

MCCARTHY (voice-over): A quick look at the numbers tells you why BYD feels so secure. It bested Tesla in global E.V. sales last year, even without access to the world's largest economy.

The U.S. Government has effectively barred Chinese E.V. makers from importing their cars into the country, eyeing their expansion as a threat to domestic production and national security.

LI: My best wish is with President Trump's visit to Beijing. Then you start, like, a dialog. Then you see the business opportunity. This us- China relationship is a win-win.

MCCARTHY (voice-over): At this year's Beijing Auto Show, BYD put on a show of force: an entire hall dedicated to its brands.

There's clamor for all those cars overseas, especially as the Iran war drives up prices at gas pumps.

LI: We are more global, Chinese brand, and for sure.

MCCARTHY (voice-over): BYD needs its overseas growth to offset fierce competition in its home market.

LEI XING, FOUNDER, AUTOXING: BYD, they were flying up until 2024 and then '25, so far this year, they've had a lot of pressure.

MCCARTHY (voice-over): The company reported its first annual profit drop in four years in 2025, amid a brutal price war.

And its net profit more than halved year on year in the first quarter of 2026.

Its answer to driving forward: tech, including super-fast charging batteries that can charge from 20 percent to 97 percent in 12 minutes, even in cold temperatures.

BYD is also racing car makers globally to develop more advanced assisted driving systems and investing in hardware and software to roll that out.

LI: This will make us more powerful in the future when the A.I. more mature.

MCCARTHY (voice-over): Simon McCarthy, CNN, Beijing.

(END VIDEOTAPE)

HILL: The future of LIV Golf is once again in doubt as new reports raise critical questions for the Saudi-backed league and the top pros who joined it. That's next.

(COMMERCIAL BREAK)

[00:49:46]

HILL: LIV Golf is facing what some are calling an existential crisis. "The Wall Street Journal" reporting the upstart league's Saudi backers are expected to pull funding from the league as early as Thursday.

They had set up LIV Golf with a $400 million investment. "The Journal" cites people familiar with the matter, saying that LIV planned to inform players and staff that it is withdrawing its backing at the end of the season.

Joining me now, Alan Shipnuck is a writer at large for "Scratch Golf"; author of course, of the book, "LIV and Let Die."

So, what are you hearing, Alan, from your sources tonight? Is this, in fact the end of LIV?

ALAN SHIPNUCK, WRITER AT LARGE, "SCRATCH GOLF": Well, the era of decadence is certainly over. The Saudis are heading for the exits, and they're taking all their oil money with them.

LIV Golf can still endure if they can attract new sponsorship, new investors. But it's going to be significantly downsized.

And, you know, LIV was a monument to excess from the very beginning. The only way it can survive now is to become lean and mean. And, it would be a very different tour.

There's still a path forward, but we'll see if anyone wants to bite. I mean, it's been a huge money suck. Estimates of $5 billion in losses since it began. So, the balance sheet does not look enticing. But if you can get it at a fire sale rate, maybe someone will jump in.

HILL: I guess, right? So, if you get the fire sale right -- rate, rather, there could be the money out there.

But -- but to your point about what we have watched, right, in terms of the way all of this played out, and for a number of people, it felt toxic. What about the -- the P.R. aspect of it, if you will? Even if the money comes in, do you see golfers wanting to either stay and/or join?

SHIPNUCK: Yes. LIV Golf as a brand would need to be refreshed, to say the least. It's been very polarizing. There are a lot of LIV haters out there.

But the fact is, a lot of these players have -- have given up a lot to go to LIV Golf. They may not have anywhere else to play. And so, if -- if -- if there's a path forward with a less polarizing source of -- of the money, I think some of the players would stay mostly out of desperation, maybe a few out of allegiance.

HILL: Yes.

SHIPNUCK: But I mean, LIV has done a great job in colonizing some global capitals. They've opened up some new markets to golf that, certainly, there's a huge awareness of what LIV was. You would have to rebrand it and you'd have to make it more palatable.

But you know, the sports sector continues to expand. You see investment at every level of professional sports, both men's and women's.

So, it's an interesting thought exercise. Can LIV exist without the Saudi money? It's challenging, but not impossible.

HILL: Challenging but not impossible. You point out sort of where there have -- have been bright spots, right, in terms of opening up more people to the game of golf.

All in all, if you look at this, does it seem like it was worth it for the game of golf? This -- this -- let's call it the experiment for the moment.

SHIPNUCK: Yes. there were some winners in all of this.

It starts with professional golfers. Their salaries have tripled because of -- of all the influx, not only of the money from LIV, but then the PGA tour having to try and match it.

So, you know, the game has been elevated from a visibility standpoint. I mean, it went from the sports page to the business page to the front page.

That's -- that's a mixed bag, because so much of the -- of the -- the coverage was spiky, you might say, and controversial and even a little bitchy, which is unusual for golf. But it certainly has -- has made golf a hotter topic.

So, was it worth it? Not -- not for the public investment fund. They're going to lose billions and billions of dollars. It was -- it was a good exercise for the players. I think it divided a lot of fans. I think some fans were driven away because of all of this.

So, I would say the overall legacy of LIV Golf is not a positive one. But there are some -- there are some undeniable impacts that it's had.

And, you know, it certainly -- a lot of money went to the Asian tour, which was -- was a small developmental circuit. Now because of the LIV money, it's become a much bigger force in the game.

So, there are a few bright spots, but overall, LIV is going to be remembered as a failure unless there's a whole new chapter for it that's unforeseen right now.

HILL: Yes. We'll see. Well, we could get some updates pretty soon, perhaps even later today. Good to have you. Really appreciate you taking the time. Thank you.

SHIPNUCK: All right. Thank you.

HILL: And Alan does have a new book out, too. We should let you know. Focused this time on Rory McIlroy. So be sure to keep an eye out for that.

Well, just in time for the World Cup, your favorite pet can now show its team spirit right along with you. Adidas unveiling its new pet collection of jerseys inspired by various countries home kits including Mexico, Colombia, Argentina and the U.S.

The Adidas collection will be available in stores and online for your favorite furry friend, starting Friday.

[00:55:06]

A royal reunion. Queen Camilla paying a visit to the New York Public Library and bringing with her a very important guest. Those details ahead.

(COMMERCIAL BREAK)

HILL: A royal visit with a storybook ending. The U.K.'s Queen Camilla attending an event at the New York Public Library on Wednesday, where she read to kids as part of the 100th anniversary of Winnie the Pooh, the fictional bear created by writer A.A. Milne.