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Markets React After Trump Reignites Trade War; Sunday Marks Five Years Since Death of George Floyd; Kid Cudi Accuses Combs of Breaking into His Home and Torching His Car. Aired 9:30-10a ET
Aired May 23, 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]
JOHN BERMAN, CNN ANCHOR: Both. You can have both.
BRYNN GINGRAS, CNN CORRESPONDENT: That's true.
BERMAN: All right. Brynn Gingras at Newark, thank you for keeping things running so smoothly there. Kate?
KATE BOLDUAN, CNN ANCHOR: All right. We are seconds away from opening bell right now. Markets are facing a new -- another new reality today, reacting to President Trump's new tariff threats issued just this morning, as the president took to social media saying that he's now recommending a 50 percent tariff on all goods coming from the European Union as of June 1st, citing a lack of progress in trade talks there. And there's also more. He's also threatening apple now with a 25 percent tariff if the company doesn't bring iPhone manufacturing back to the U.S.
In my ear, we heard opening bell happening. That's happening right now. We're going to keep an eye as the markets open.
Clare Duffy is here with me now. So, this is what we're watching, Clare. Talk to me about what we're likely to see with markets today. They're going to be updating in one second and also at the same time about Apple.
CLARE DUFFY, CNN BUSINESS WRITER: Yes. So, futures were down as it looks like, you know, markets are starting to be in the red, as you're seeing there. And this is a concern about the trade war sort of restarting here. Investors had kind of --
BOLDUAN: There was like a brief moment, right?
DUFFY: Yes, breathed a sigh of relief during this 90-day pause on most reciprocal tariffs, and now it appears that Trump is trying to exert some more pressure on the E.U., threatening these 50 percent tariffs. You know, this 90-day pause was supposed to end in July, but he is now suggesting that this 50 percent tariff on the E.U. go into effect June 1st. That is soon. So, I think that's part of what we're seeing here. And then, of course, there is Apple. I think we've got Apple stock down almost 3 percent. Now, Apple had tried to move some of its production away from China because of the China tariffs, that had moved most of the U.S. iPhones that were getting shipped to the US to India. But Trump is not happy about that. He wants iPhones made in the United States, and that is why he's threatening this 25 percent tariff on Apple.
The problem is it's just not feasible.
BOLDUAN: Yes, give the reality of it.
DUFFY: Apple will not be moving iPhone production to the U.S. Analysts estimate that if it did move iPhone production to the U.S., it would take five to ten years. And that once that happen, iPhones could cost $3,500. That is three times the amount that they cost today, and consumers just wouldn't buy that product.
Now, Apple has tried to sort of appease Trump in other ways. We've seen CEO Tim Cook meeting with Trump --
BOLDUAN: More than once.
DUFFY: -- a number of times since the inauguration. The company has also announced this $500 billion investment in other types of U.S. facilities production. But the thought of moving iPhone production to the U.S., some analysts have called it a fiction, a fairytale. It's just not going to happen.
And what we could see as a result of this 25 percent tariff, if it does go into effect, is consumer prices raised. There were already rumors that Apple was going to be raising prices for the new slate of iPhones in the fall. If this 25 percent tariff goes into effect, those prices could go up even further.
BOLDUAN: Yes. No, I mean, Veteran Tech Analyst Dan Ives, who a lot of people lean on for just reality on this, I think he said -- estimated something like it would cost $30 billion for Apple to move over three years --
DUFFY: 30 percent of its production.
BOLDUAN: Yes. I mean, and like it is not happening. It's just not happening. So, what the play is here that the -- and the pressure that Donald Trump is trying to assert on Tim Cook and Apple right now, that's the TBD, because you know that Trump has to know this reality.
DUFFY: And I think the problem here is it just creates more uncertainty and businesses can't operate under uncertainty.
BOLDUAN: Absolutely not. It's great. Thank you so much, Clare. We're going to be obviously watching the market. That's going to be another big story today. Sara?
SARA SIDNER, CNN ANCHOR: All right. This Sunday marks five years since George Floyd was murdered by Minneapolis Police Officer Derek Chauvin. His death triggered rage, sorrow, and a demand all over the world for change. That includes police reform and racial justice. Taking you back to that video that stunned the world, Floyd saying he cannot breathe over and over again, calling out for his mother before taking his final breath under the knee of Minneapolis Police Officer Derek Chauvin, while bystanders begged for Chauvin to stop bearing down.
In the following weeks and months, millions of people joined movements like Black Lives Matter, demanding justice and change. Chauvin was later convicted of murder, and the Minneapolis Police Department was put under a federal dissent decree ordering it to make changes.
But just this week, Trump's chosen leader of the Justice Department announcing that they will end police reform agreements and halt investigations into major departments, including the Minneapolis Police Department.
Joining me now is Philonise Floyd, the brother of George Floyd. We have talked throughout these years and after all that your family has endured, watching your brother killed on video, having to watch that over and over again in court, what do you say to the DOJ who is now saying the federal government is removing police reform actions across the United States, including specifically in Minneapolis?
PHILONISE FLOYD, BROTHER OF GEORGE FLOYD: Well, it's a lot to talk about. The things that you're seeing with people of color hear a lot of things are happening and they're happening really fast. The police officers that we have out today, you don't know who you're going to get. And at the end of the day, when you're getting pulled over, you're in fear of your life.
But you have a lot of good ones. You have a lot of bad ones. And when you think about the Department of Justice, we went to bat and we fought for what was going on, especially in the way my brother was murdered, because the world had stopped at the time and it was a pandemic and a lot of people stood up for him.
And at the end of the day, I had Keith Ellison and so many others, from Reverend Al Sharpton, Ben Crump, they all came out and they were active and they helped with a lot of different things that's going on. But at the end of the day, I got a glimpse of hope when I seen everybody around the world had stepped with George, and the fact that it still stands, when I went into that courtroom, it seemed like everything started fading away. And all we got was, you know, a little bit, but not all of it, because we received a life sentence and the police officer who murdered my brother in broad daylight, a modern day lynching, he got a slap on the wrist and all we got was pain.
SIDNER: He was sentenced both federally and sentenced to state prison as well. I am curious what you think of what has been floated to Donald Trump by someone who has his ear from the far right saying that they want Donald Trump to pardon Derek Chauvin from his federal charges. What do you make of that? What does that do to you, to hear that that is something that is being floated and that has gotten, you know, to high levels of the government?
FLOYD: Well, I don't have an understanding of how can you even want a pardon somebody that did what they did. He sat on my brother's neck. Like my brother was a piece of -- an animal or something like that was out there. He just did what he wanted to do and you could see it in his eyes that he didn't care. And so many people have seen that. And the facts still stand that we need people to hold police accountable. That's the bottom line.
I understand police, they have to do their job, but also you have to have respect for others. And at the end of the day, it's not just my family. You got to think about Breonna Taylor. You got to think about Ahmaud Arbery. You got to think about Eric Garner. You got to think about Stephon Clark. You got to think about so much because just being around all these families.
I don't want to be a part of this. You know, I think about Tyre Nichols every day. I think about what his mother's going through. I think about what happened to any individual who lost their loved one due to this. I'm going to constantly think about that because it's a lot of people who wake up every day and don't know what's going to go on in the world that we live in today.
SIDNER: Can you tell me, Philonise, what you are going to do to commemorate the death of your brother, what you have planned? Because I know every year, you all do something just to remember him, even though you remember him, as you have told me every single day.
FLOYD: Well, you know, we're going to hold a community event. We're going to make sure that we have a private burial, being able to speak with my brother, George. This is something -- really, it's huge for me because I haven't had this opportunity to have others come there to -- you know, that's with me and wanted to speak with me about what's going on today.
Also, I have an event coming at Sunday between 1:00 and 5:00. I want to make sure everybody know that. That's going to be right there in the CUNY Homes Projects where we were raised and born at. And we are going to have the opportunity to host an event to help others and have remembrance of George because a lot of people loved him. A lot of people missed him. A lot of people still think of him every other day.
And at the end of the day, George, he changed the world. And you heard his daughter say, my father's going to change the world. And when she said what she said, you couldn't do nothing but look at her and know who she was because my niece, she's brilliant. She's beautiful. She is one of a kind.
[09:40:04]
There're so many things to say about her. And for her to get to the age where she has more of an understanding and she can get out and say certain things, you know, I'm thinking about everybody else's kids too.
SIDNER: Yes. Your niece is now fatherless and that is a tragedy in and of itself.
Philonise Floyd, thank you. Thank you so much. I know this is a hard time for you. I know it's an emotional time as you commemorate the fifth anniversary of George Floyd's murder. Have a wonderful, wonderful weekend, the best you can, okay? All right, John?
BERMAN: Five years. All right, a Molotov cocktail, a dog held hostage and, quote, excessive amounts of oil. That's an actual direct quote. The explosive new testimony in the criminal trial of Sean Combs.
(COMMERCIAL BREAK)
[09:45:00]
BOLDUAN: So, it was a wild day in court in the sex trafficking racketeering trial against Sean Diddy Combs. Rapper Kid Cudi took the stand and testified about his brief relationship with Cassie Ventura, saying that Ventura told him about Combs' abuse, and he said that they both feared for their safety. And he accused Combs of setting his car on fire and a lot more.
CNN's Elizabeth Wagmeister is here. And you were in court for all of this. Court is not in session today because of the holiday weekend, but the jury sure has a lot to process from what they heard.
ELIZABETH WAGMEISTER, CNN ENTERTAINMENT CORRESPONDENT: They really do. They heard from five witnesses yesterday, and now they have a long weekend to mull this all over.
So, let's start with Kid Cudi. As you said, he previously and briefly dated Cassie Ventura, who, of course, is the star witness in this case. It was explosive testimony, Kate. He actually spoke about how his car exploded, and he said that he believes that it was Sean Combs who was responsible for that. He said that a Molotov cocktail was thrown into his car. The jury was actually shown photos of his damaged car. There's a gaping hole on the roof of the car. There's a lot of smoke damage on his Porsche.
He also said that on a separate occasion, a few weeks before that incident that that Sean Combs broke into his home. And he said that he called Sean Combs. He asked him if he was in the home. And Sean Combs said, yes. He said, I just want to talk. So, while there isn't video or a photo of Sean Combs there, according to Kid Cudi's testimony, he spoke to him.
Now, another witness that the jury heard from was actually a hotel staffer from a luxury hotel in Los Angeles called the L'Ermitage. It's in Beverly Hills. This was a hotel that Sean Combs frequented. And we've heard from prosecutors and from witnesses, including Cassie Ventura, throughout this trial about these freak-offs, which the government says are drug-fueled sex parties, where Holmes allegedly coerced women, like Cassie, into having sex with male escorts.
Well, I want to read you some direct quotes from testimony. This hotel worker, he pulled up the log of Sean Combs' room over the years. Here are some notes, Kate. Quote, please monitor outside his room down the hall to spray air freshener. Another note, always spills candle wax on everything and uses excessive amounts of oil. Place the room out of order upon departure for deep cleaning. Another note, please authorize an extra $1,000 when guests stays with us to cover any room damages.
So, this appears to corroborate what prosecutors have said that he made a mess with these freak-offs, remains to be seen how those freak- offs really come into these charges.
BOLDUAN: Yes. And connect to -- yes, and connect to the racketeering charge. That through line needs to happen in the end.
WAGMEISTER: Yes.
BOLDUAN: So great that you're here, Elizabeth. Thank you so much. Sara?
We'll be right back. We'll be right back.
(COMMERCIAL BREAK)
[09:50:00]
SIDNER: We are just one week away from the season three premiere of And Just Like That, the wildly popular spinoff of Sex and the City. And we've got a sneak peek for you. Take a look.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: Miranda, there's a woman over there smiling at you.
UNIDENTIFIED FEMALE: Are you sure it's me? The last woman who came over was interested in you.
UNIDENTIFIED FEMALE: Oh, she was nice.
UNIDENTIFIED FEMALE: Cool. You were cute. Go for it.
UNIDENTIFIED FEMALE: Okay, now she knows we're talking about her. Talk about something else.
UNIDENTIFIED FEMALE: Oh. Well, Carrie, have you heard anything from Amy (ph)?
UNIDENTIFIED FEMALE: Oh, yes. I got a postcard today.
UNIDENTIFIED FEMALE: A postcard. Well, what did he write?
UNIDENTIFIED FEMALE: Nothing. I've been sending him vintage postcards of old New York.
UNIDENTIFIED FEMALE: To remind him you're getting old in New York?
(END VIDEO CLIP)
SIDNER: There it is, the cast stepping out last night in New York City for the official premiere. We should note CNN and HBO MAX share the same parent company. And, yes, it is now HBO MAX.
MICHAEL PATRICK KING, EXECUTIVE PRODUCER AND SHOWRUNNER, AND JUST LIKE THAT: Yes.
SIDNER: Joining us now --
BOLDUAN: Our favorite disclosure.
SIDNER: -- Michael Patrick King, executive producer and showrunner of, And Just Like That.
Okay. Look, we're here for the outfits. We're here for the --
BERMAN: She's talking about me. I mean --
(CROSSTALKS)
KING: We're talking about your outfit or --
SIDNER: Trust and believe, he is looking. Tell us why this show is resonating so much. Because Sex and the City, obviously, like we all watched it, we all go with everything.
BOLDUAN: The five college room (ph) you mean?
SIDNER: Yes. Okay. Don't tell our age, girl.
KING: I think what's exciting about being able to follow a show and these particular characters for so many years, 27 years, is there's a real evolution that people at home that watched it when they were 34 are now in their 50s. And the exciting thing is that there are girls in their 20s watching it now that are still relating to that version. So, it's really about the evolution of the individual and how you possibly might live your life. And we have lots of very vibrant women on the show that show you this is how you are at 50, maybe.
SIDNER: Love it. I hope so.
BOLDUAN: So, you've been talking -- in the lead up to this, you've been talking about, you said like the word of this season is new. Tell us more.
KING: Well, it's new. First of all, it's summer. It's summer in New York City. That's exciting. It's not winter, it's not dark. It's bright and funny and sunny. These are characters you're very familiar with, but in life, there are lots of new journeys that people go on, no matter how far you know them. There's new relationships, there's new sex partners.
BOLDUAN: I've seen lots of fun guest appearances.
KING: So much fun, so many new characters, it's really fun. We have everybody, from Rosie O'Donnell to Patti Lupone, to Susie Essman, to Cheri Oteri. There's a lot of --
SIDNER: Jennifer (INAUDIBLE). That's crazy.
KING: Yes.
SIDNER: I love her. Okay.
KING: Yes.
BERMAN: What do you say to people who were there at the beginning who may have been in their 30s and may be in their 50s now? I'm asking for a friend.
KING: I love -- but I love the maybe aspect.
SIDNER: Excuse you.
BERMAN: You know, and then, you know, and then took a break, lived their life, had kids maybe.
KING: Again, maybe.
(CROSSTALKS)
BERMAN: I'm asking for a friend. What would you say to them now about, can they come back and watch it without having maybe watched the first season, And Just Like That?
KING: I actually have had people come up to me and say, they've seen And Just Like That, but not Sex and the City. And they find that still a valuable experience for them. Yes, you can tune in any time. These ladies are evergreen. Their lives, their problems, their experiences are everyday, something fabulous, like a trip to the Metropolitan Opera, that's nice, or something very ordinary, like two friends just having a coffee. It's very there for you.
BOLDUAN: What is so enduring about Sex and the City? I mean, you kind of got to it, but I -- depending on the episode, I relate to and fall in love with all over again each of the characters, depending on the week.
[09:55:04]
KING: When Sex and the City was born, the reason it became a thing is because there was a need for it. Society is the villain in Sex and the City. It tells women at a certain age, 34, if you're not married and you don't have children, there's something wrong with you. And the pushback was, no. Maybe I'm an individual, maybe I do life my way. And it's still the villain in society, women in their 50s saying, you should have figured this out by now, you should dress a certain way, you should not --
SIDNER: Not wear headbands.
KING: -- wear or do wear the headband.
The reality is. It's about the individual versus society and there's always something there that's exciting for everybody because society's a big push and we all have to push back.
BOLDUAN: Could you come back on every Friday? That'd be great.
KING: Yes, I can.
SIDNER: This new headband is for me.
BOLDUAN: Exactly. Our new contributor, also, again, parent company, disclosure, because we must at all times, it's great to have you.
KING: It is pleasure (INAUDIBLE).
SIDNER: HBO MAX.
KING: Thank you.
BOLDUAN: HBO MAX, all the above.
Okay. Michael Patrick King is literally amazing, and just like that, we've fallen in love. Be sure to catch the new season of And Just Like That, next Thursday on HBO MAX.
BERMAN: MAX.
KING: Oh wow.
(COMMERCIAL BREAK)
[10:00:00]