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Stocks Tumble as Market Opens; Stocks Drop Steeply After Trump Ramps Tariffs; Scott Glenn is Interviewed about "The White Lotus." Aired 9:30-10a ET

Aired April 03, 2025 - 09:30   ET

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

[09:30:00]

SCOTT WALKER (R), FORMER WISCONSIN GOVERNOR: Other things like tariffs. Until we get more certainty, I don't think the markets are going to be comfortable. So that will take some time.

But when it comes to tariffs and trade, I mean, Donald Trump, as a president, we've seen in the past, is about free trade. I talked to him the day he went to the G-7 years ago in his first term, when he offered to the other industrial nations to get rid of all tariffs and restrictions. Of course, they backed away from that, didn't want to do that then. And I think he's right in pointing out that the countries that are being targeted, we're putting on tariffs or he's proposing tariffs that are about half of what they do. So, China, for example, over 60 percent. I think it's great to have free trade, but he's making the case it should be fair trade as well. And I hope, like we just saw this week from Israel, Israel backed away from their 17 percent tariffs on - on U.S. products. I hope other countries will follow suit with that.

BOLDUAN: Governor, hold with me just one second.

Opening bell just rang. Let me get over to John Berman.

JOHN BERMAN, CNN ANCHOR: Yes, you're looking right now at the Dow Jones down more than 1,000 points. Again, the breaking news, the markets just opened. We are just now getting a sense of what the fallout is. The immediate fallout. Look at some of those numbers. The Dow down nearly 3.3 percent. The Nasdaq, more than four. The S&P over three.

Matt Egan is here with me.

The markets responding in real time.

MATT EGAN, CNN REPORTER: Yes, listen, investors are alarmed and frankly shocked by the president's trade plan. Wall Street knew that tariffs were going higher, but not this high. Not this fast. Not this broad. And so that's why we're seeing these shock waves across really global financial markets. The Dow down about 2.6 percent, but steeper losses. This is a plunge of 3 percent for the S&P 500 and a plunge of 4 percent for the Nasdaq. Investors are really punishing some of those multinational companies that have global footprints and import items from Asia. We're looking at steep losses for blue chip names like Apple, Nike, even steeper losses for Wayfair, Crocs and Lululemon.

Here's the big concern for investors, right? They're worried that this trade war, and the retaliation, is going to lift prices. You can see some of these individual stocks.

BERMAN: Look at Apple.

EGAN: Look at that, 16 percent for Wayfair. But Apple, 7.5 percent drop. Nike, double digit percentage decline.

And the worry is that the trade war is going to increase prices, eat into profits, that it could kill jobs.

I talked to Kim Clausing. She's an economist and a scholar over at the Peterson Institute. And she told me, "it's just astounding that anyone would think that this is a good idea. I'll be stunned if we make it through this without a recession or a complete reversal by the president."

JP Morgan, Moody's Analytics, they put out notes saying similar things as well about a recession risk.

And look, there's still some key questions that investors are grappling with, right, whether or not the tariffs, these new tariffs, are definitely going to kick in, how long they're going to stay in place, how do other countries retaliate. But clearly this is a big gamble, John, by the president.

And we don't know how it's going to turn out, right? I mean is it going to reshape the trading system in a way that helps Americans, or is it going to push the economy into recession? I think the message from the market is they're worried that this is all going to end badly.

BERMAN: It's beginning badly on the market. There is one very quick question as you see markets reacting at the open here. What could cause - pair these losses? Some sign from the president he could back off?

EGAN: Yes, he made a True Social post saying that he had a very good call with a major world leader on tariffs, could change the market move pretty quickly. But the White House does sound pretty serious about these tariffs, and they don't sound all that open to negotiation at this point. But, of course, if market losses continue, if recession fears continue, if there's some pressure from lawmakers and, of course, business leaders, maybe that causes the president to change his tone a bit. But for now, there's a lot of concern about this trade war.

BERMAN: Yes, I don't know if it's an official legal plunge, but this feels plungy (ph), at least as the market opens this morning.

EGAN: Thanks, John.

BERMAN: Kate.

BOLDUAN: All right, guys, thank you so much.

Let's get back with the former governor of Wisconsin, Scott Walker.

So, Governor, kind of on this point, as we were watching markets open, I was thinking about this. The president is chief executive of the country. You, as a governor, you were the chief executive of - of a state. If you had implemented a policy in Wisconsin and the reaction was global markets fall, U.S. markets tumble, and the largest bank in America, JP Morgan, says that what you've done will equal the biggest tax hike on Americans in recent memory, would you reassess?

WALKER: Well, if I thought all things were going to happen. My (INAUDIBLE) is comparable was I pushed major reforms my first two months as governor. A hundred thousand people occupied my capital for a month. They protested, tried to recall me, and, in the end, we actually won. And we had more people working than ever before. Eight consecutive years of budget surpluses. So, that's the biggest comparable I would have to what the president's doing.

I think the bottom line is, anyone who's investing should read "Art of the Deal," the book that Donald Trump wrote years ago, because this is a guy - this is how he negotiates.

[09:35:03]

He makes a big, bold statement. I think, in the end, it's going to not end up exactly where the charts were yesterday. But I do think you're going to see movement. Again, Israel, one of our greatest allies, already has done that. I hope others will along the way. And if it gets to a point where we have a more fair trading situation, but one that's free and open, that's the ultimate goal. That's good for all of us.

It is ironic, though, some of the critics of the president who are talking about prices weren't talking about the massive spending increases that drove inflation up and prices up, and certainly aren't talking about why we need to make the tax cuts permanent. Otherwise, we'll see about a $3,000 per household increase come January.

So, we need to address all these things. We need free trade. We need to make the tax cuts permanent. We need to get government spending down if we're going to keep prices down.

BOLDUAN: Yes. And one other thing is, when you're talking about making tax cuts permanent, I will return to JP Morgan putting out this assessment, saying, if you want to talk about tax cuts, what is going into place now is going to be the largest tax hike on Americans. JP Morgan's assessment is, in recent memory, since like 1968. So, there is, on balance, you got to take it all together.

One of the things - one of the sectors, if you will -

WALKER: I agree. And that - and that's if - that's assuming this all stays. That's assuming this all stays. I mean I think, in the end, this is part of the strategy.

BOLDUAN: You don't think it will?

WALKER: Remember, we heard months ago - no, I mean a good example, smaller scale. But remember months ago, when the president was interacting with Columbia and everybody said coffee is going to go sky high because of the tariffs he threatened. Within an hour, the president of Columbia backed down. This is, obviously, much bigger, much more global, much bigger impact in terms of other nations.

But I do think there will be some movement. And I don't think he has to have exactly what he announced yesterday in the charts to claim success. But movement here will be success, and I think we're going to see that relatively soon.

BOLDUAN: But - the relatively and the soon is kind of where I wanted to ask real quick, because one of the sectors people are worried about is agriculture.

WALKER: Yes.

BOLDUAN: Wisconsin has a lot of - lot of important farming that happens in the state. I know that well. And farmers are already hurting. You've got Republican senators who, if they are speaking out, this is one of the things they're speaking out most about. Thom Tillis saying that farmers in his state are one crop away from bankruptcy. And they don't have time, a lot of time, to wait to see this get better. Are you worried? I mean what - what - are you worried about farmers in your state?

WALKER: Absolutely. Our number one trading partner in Wisconsin is Canada. Second is Mexico, then China and therefore after. I want to see this resolved relatively quickly.

But we're talking about minutes after the bell, after the markets open. We're talking about a day after the president's announcement. If we're talking six months from now, we're at the same spot, obviously that's a big concern. But I think in the next few days and weeks, we're going to see movement across the country. I've already seen some reports of things moving in Canada. That that would be good news because right now we don't have a free trade situation. We have a trade agreement with Canada and Mexico. But for a farmer in Wisconsin, ultrafiltered milk has big costs added onto it. There's a big political entity in - in the dairy industry in Ontario that doesn't have a level playing field with Wisconsin dairy farmers. I'd love to see that ironed out.

BOLDUAN: Former governor of Wisconsin, Scott Walker, thanks for coming in.

Sara.

SARA SIDNER, CNN ANCHOR: Yes. And we are still watching those markets. The Nasdaq down almost four and a half. The Dow almost 3 percent. As we watch these markets tumble, we will talk more about that coming up.

And ahead, Secretary of State Marco Rubio is in Brussels this morning meeting with anxious NATO allies who are wary of President Trump's sweeping tariff plans.

And you've seen clues all season. Now, the mystery owner of the White Lotus has been revealed. The legendary Scott Glenn joining us live this hour to talk about his time in Thailand.

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[09:43:19]

SIDNER: All right, breaking news. The U.S. markets open on Wall Street after President Trump announced his sweeping new tariffs. You can see what's happening here. A serious plunge going on, on Wall Street.

Let's go to Alayna Treene, who is at the White House with us now.

There is no doubt that someone in the administration is looking at these numbers. Have you heard anything from them?

ALAYNA TREENE, CNN WHITE HOUSE REPORTER: Not since the market opened. But you're exactly right, Sara. I mean of course they are watching these numbers closely. We actually asked, me and a group of reporters here at the White House, asked Karoline Leavitt, the press secretary, if the president would be watching them. She said, he's always watching. So, of course, this is going to be taken, you know, into account.

But I will say, the president, you know, someone who, you know, famously, I would say, during his first term, would watch and actually shape and change policy based on how it performed in the stock market. He has taken a very different approach in his second term. One is that he is very committed to these tariffs. He believes that there may have to be some short-term pain. He has said it over and over again in order to really have this realignment that he believes in of the global economy. And so, he hasn't been as reactionary to the stock market.

But I think the key question, of course, is where do - where do they go from here. Some of these tariffs haven't even been put into effect yet. They haven't been put into effect, I should say, all of them yet, just have been announced, and already we're seeing the stock market go down. We're seeing different countries from the European union to China, Japan, Mexico, Canada, the list goes on, saying that they are going to respond in kind to these tariffs.

But from everything we've heard from the White House and from what I am hearing in my private conversations with White House officials, the president is very committed to this, and he does not believe, for now, that there is going to be any sort of change, whether it's in relation to the stock market or else.

[09:45:07]

He wants to really wait and see how this global realignment in his eyes will work out.

Sara. SIDNER: Yes. And today this is how it starts. We will see how it ends

today and what happens for the next several days, weeks and months as these tariffs get put into effect.

Alayna Treene, thank you so much. Really appreciate it.

Over to you, Kate.

BOLDUAN: So, he kept fans guessing all season. Now Scott Glenn from "The White Lotus" is here in studio. And what secrets could he reveal about the big season finale?

(COMMERCIAL BREAK)

[09:50:08]

BERMAN: So, we're just days away from the season finale of "The White Lotus," which at 90 minutes is set to be the longest episode to date, which is good because they got a lot of questions left to answer. One major question was sort of answered last week with this surprise appearance.

(BEGIN VIDEO CLIP)

SCOTT GLENN, ACTOR, "THE WHITE LOTUS": This is a great country. And back then, not much red tape. You hit a roadblock, you had a lot of options.

UNIDENTIFIED MALE: And if somebody got in your way, made your life difficult?

GLENN: Lots of ways to take care of that. I'm more careful now. Got more to lose. That's how life works. When you're young, you want to be the king of the hill. Then you get to be king of the hill, and you miss it when you were young and hungry and could swing free.

(END VIDEO CLIP)

BERMAN: My God, it's so good.

And with us now is actor Scott Glenn. And I mean this truly, it's an honor to have you here. You've had such a wonderful career. You've done so much. But you told me backstage, you've really never been a part of anything like this. What do you mean?

SCOTT GLENN, ACTOR, "THE WHITE LOTUS": The degree of obsesitivity (ph) of the audience. People are treated like it's a religion almost.

BERMAN: It's good. It's because it's so good.

GLENN: Yes. And I - I - you know, I - when I was first offered the part, I - I was going to turn it down. I'd never seen the show. My agent said, you've got to do it. This is "The White Lotus." It's - it's an amazing experience. And then I read a description of the character and it said, an old guy with a cane, and I thought, oh, no, not another with a walker, with a cane, dying of Alzheimer's. And then I watched it that night, and I was instantly seduced. It was - the construction of it was like nothing I'd ever seen.

BERMAN: What do you think it is about the show? You've called it a kind of a dance.

GLENN: It is a dance. And I - I kind of saw that right away. And I mean a single dance. So, if you - the second episode of the first season, I, in my bedroom, started to, like, move to it at the beginning of the show. And for a whole hour I was in rhythm. At the end of the show, I was right on beat. The music, the cutting, shots of wind in the palm trees, ocean rolling in, everything turns into one single dance. And the dance is seductive, and sexy, and dark, and all that stuff. But it's also funny. And it's a weird kind of humor, where, at least for me, where I'm thinking, should I really be laughing at this guy's suicidal drug addiction or this other guy's admission that he wants to be a Thai hooker? But nevertheless, I am.

So - and the other thing, the show sort of looked to me like it was a giant pinball game. And the audience's attention is the ball. And it bounces off, not two or three storylines, but seven or eight story lines. All of the people in some kind of crisis, all of whom are going to be going through life changing events. So, it just kind of hooks people into a bunch of different stories at the same time.

BERMAN: I think it makes people think about themselves, too, because, as you say, you're laughing at things that are really strange or awkward.

GLENN: Yes.

BERMAN: And then you're forced to look at yourself and say, wait a second here, why am I laughing? Why do I think this is funny?

GLENN: Yes.

BERMAN: So, the season finale is coming up.

GLENN: Ninety minutes. I found that out about 30 seconds ago.

BERMAN: We try to give all the important news here. Any surprises that you can tell us? How much do you know about what ultimately will happen?

GLENN: I know nothing about it. I mean, I know what I shot. So, I - I have an idea of how it ends. But Mike could - who knows how he's going to cut it.

BERMAN: So your character, Jim Hollinger, is the owner of The White Lotus in Thailand. You've posited - as the actor, you said, it's possible your character came up - you're the godfather of the entire enterprise, as it were.

GLENN: My sense is that, you know, and I didn't talk to Mike or anyone about this, so I could be dead wrong. But in doing research for the part, I thought, well, this guy has lived in Thailand straight for 50 years, off and on for 60 years. And I know Thailand myself. And Thai Buddhism, their main symbol for enlightenment is the lotus. And there's - the red lotus is love and compassion. The blue is intelligence and wisdom. The white is spiritual perfection. It's the highest level of - of awareness that you can get.

[09:55:05]

And so, I thought, I must have named this place The White Lotus for that reason.

BERMAN: I got to say, Scott Glenn, it is an honor to have you here. As I said, I'm just a big fan of your entire career. I think you class up the joint on "White Lotus." Not even that it needed it. But - but because you're so good and extraordinary.

GLENN: Well, you class up reporting.

BERMAN: Well, we do - I don't - these - these are the classy ones here.

SIDNER: No - no, we're not.

BOLDUAN: That's very nice.

BERMAN: I'm just eye candy. But - but, actor Scott Glenn -

BOLDUAN: One hundred percent.

SIDNER: You're the eye candy.

BOLDUAN: He's the eye candy and we do all the work.

It's nice to meet you. Thank you for coming in.

SIDNER: I just want to tell you, I'm still mad at you for stealing the money in "Urban Cowboy" as Wes, but that was a long time ago, so I forgive you. You are amazing.

BOLDUAN: You need to get over it, Sara.

SIDNER: I know, but he stole the money.

BERMAN: He did.

GLENN: I needed it.

BOLDUAN: Fair enough.

SIDNER: That's what John always says.

BERMAN: That's what I say.

SIDNER: Very good.

Thank you all for joining us. This is CNN NEWS CENTER. "THE SITUATION ROOM," up next.

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