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CNN International: Global Markets On Edge Amid Escalating Trade War; Source: Ceasefire Talks Seemingly "Politicized" By Israeli Team; Putin Meets With U.S. Envoy Witkoff In Russia; Soon: U.S. Immigration Judge To Rule On Release Of Mahmoud Khalil. Aired 3-4p ET

Aired April 11, 2025 - 15:00   ET

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

[15:01:03]

ERICA HILL, CNN HOST: Hello on this Friday, and welcome to our viewers all around the world. I'm Erica Hill in New York. This is CNN NEWSROOM.

And we have a busy hour ahead for you.

We are keeping a close eye on the state of Louisiana, where an immigration judge is set to decide whether to release pro-Palestinian activist Mahmoud Khalil. He, of course, was arrested a little more than a month ago, arrested by agents following a deportation order from the Trump administration. The hearing itself is underway. We will bring you those details in the very latest as soon as we get it.

Also, neither the U.S. nor China showing any signs of backing down at this point as the trade war further escalates. China now raising its retaliatory tariffs on U.S. imports -- imports rather -- from 84 to 125 percent. Of course, those U.S. tariffs stand at 145 percent. China's leader Xi Jinping says his nation is, quote, not afraid.

The Trump administration, for its part, claims that world leaders, even if it's not China, are lining up now to make deals.

There you see, of course, how high those tariffs have gotten.

Also, just take a look at this to show you the progression that we've had here just since February. And, of course, that's really ramped up since the beginning of this month.

China's foreign ministry spokesperson also weighed in on the escalation.

(BEGIN VIDEO CLIP)

LIN JIAN, SPOKESPERSON, CHINESE FOREIGN MINISTRY (through translator): China has repeatedly stated its solemn position on tariffs. There are no winners in a tariff and trade war. China is unwilling but unafraid to engage in it. I want to stress that if the United States truly wants to resolve the issue through dialogue and negotiation, it should cease extreme pressure and reckless actions. Any dialogue must be based on equality, respect, mutual benefit. If the U.S. is determined to fight a tariff and trade war, China will fight until the end. (END VIDEO CLIP)

HILL: Let's get straight to Richard Quest.

At this point, Richard, the question of who will blink first? The White House press secretary was asked a short time ago if Donald Trump is so intent he wants a deal, why won't he just pick up the phone? She danced around, didn't really answer that.

RICHARD QUEST, CNN BUSINESS EDITOR AT LARGE: Well, the problem is she's there in a difficult position now at the White House because Xi has taken the number two lower than the U.S. tariffs. But in the statement, the finance ministry says even if the U.S. continues to impose higher tariffs, it would no longer have any economic significance and would go down as a joke in the history of world economic numbers. If the U.S. continues, China will not respond.

So, this is like the child that says, I'm not going to play. Go on. Go do what you like. I'm not going to play. I'm no, no, no, I'm not going to play.

And -- and Donald Trump will just get more and more frustrated. He'll do whatever he wants.

Now, Xi to some extent has taken the upper hand because whatever he does, Xi has now removed from Donald Trump the ability to do further, you know, to get a further moral high ground, if you will.

HILL: Having removed that element and taking, at least for the moment, taking the upper hand here. What is the sense on a broader in a broader scope of how this is impacting the rest of the world? Because if this is where we're going to be, is at a standstill for some time, then other trading partners are going to look for other, other solutions.

QUEST: They will. The E.U. is already doing that. The Spanish prime minister was in Beijing. The E.U. is now starting accelerated talks with China.

But here's where I think it really gets tricky. And this is where your, you know, your sinologists will be looking closely. Has she basically lowered the temperature and said to Donald Trump, look here, there's no point in us going any further. So, you do what you want.

[15:05:02]

We're not going any further.

And that could be taken as a sort of an introduction, an olive branch, meaning Trump can claim a little bit of victory. Look, we've won. The Chinese said, you know, there's no point in going any further. We showed them our tariffs are harder, but in the back rooms, both of them come together and agree. It's now time to do a deal and to do it properly.

HILL: Yeah. Now the big question is if that were to happen, what is the timeline? And so, we wait and we watch.

QUEST: How long is a piece of string on a Tuesday? I have no idea what the timeline would be.

HILL: We may have better luck if we both buy a lottery ticket of actually winning, as opposed to answering that question, but you can't win if you don't play.

QUEST: I'll share the winnings. How's that?

HILL: All right. I'm glad I have this on tape. My friend Richard Quest, appreciate it. Thank you.

QUEST: Thank you.

HILL: The financial markets, of course, remain skeptical as President Trump starts his 90 days here for some 150 trade deals that need to be done. And there have been big moves in the U.S. bond markets. Bond yields on U.S. treasuries jumping as investors sell off U.S. government debt.

Now remember here, government bond yields move higher as bond prices fall. That is largely because investors have lost faith in U.S. trade policy. Another indication of market jitters, the U.S. dollar falling to its weakest level against the euro in three years.

Markets started down, but they are up at this hour. As Wall Street wraps up this rollercoaster of a week.

Joining me now to discuss is David Bahnsen, the founder and managing partner and chief investment officer at The Bahnsen Group, a wealth management firm.

David, it's good to have you with us this hour.

When we look at where we stand here, I know you had said that the U.S. has 30, maybe 60 days max before there is lasting damage done to the economy. How so? I mean, and how much wiggle room is there with that window? Do you think?

DAVID BAHNSEN, FOUNDER & MANAGING PARTNER, THE BAHNSEN GROUP: Well, I think that 30 days started some time ago. So I think that were -- were well into that period of there being some. Damage that's irreversible.

Just in terms of the supply side of the economy, the amount of decisions that are not being made right now for new factories, for new orders, for new R&D, for new hiring. You know, it's going to be very difficult to put that genie back in the bottle.

And I think that on a business investment, capital goods, you know, capital investment standpoint, already damage has been done. Thats going to take a point or two out of GDP.

HILL: When we look at that too, you look at the -- the evidence of lowering confidence in treasuries, right? This was always sort of a safe haven. The fact in terms of what we're seeing this week, how concerning is it to you as a metric in terms of the damage that's been done to the reputation of the United States?

BAHNSEN: Well, I would view those as two different things. I'm very concerned about damaged reputation, very concerned about when we, put our allies on the same page as our adversaries when it comes to trade. I think it was a totally unforced error.

I got to be honest, I think this melodrama about the bond market is very misunderstood. We're at a 4.5 percent yield on the ten year. I mean, this is hardly foreign investors dumping treasuries in mass. It had been about for 43 weeks ago, and it did go lower because of declining growth expectations. And it should be lower now because of declining growth expectations.

There are foreigners that are selling, but we had unspeakable financial deleveraging domestically this week. Hedge funds and other investment actors that were selling off in the midst of a 20 to 30 percent decline in U.S. risk assets. So, I think we need to wait into next week to see exactly what's happening in the bond market.

The fact that the Canadian dollar, the yen and the euro are all higher does indicate that there's some sovereign wealth activity here, but a 4 or 5 10-year is not something that we should be responding to melodramatically.

HILL: Okay. So, as we wait, we watch, as you say, see what happens next week. You know, you mentioned concerns over business investments, which I have certainly heard a lot of this week. What about when it comes to consumers? We saw consumer sentiment as lowest level in some 70 years. Concerned consumers, right, may want to pull out of this market.

We hear so much about 401(k)s. There are also college savings plans for a lot of people in the United States. The reality is, despite the calls of Wall Street is not Main Street, they are inextricably linked at this point. How concerned are you when it comes to the consumer? And what's your advice?

BAHNSEN: Well, this is just a very important philosophical issue. It's perhaps the single most misunderstood thing when people talk about the U.S. economy, that they believe the consumer drives the economy.

Production drives the economy. The consumer cannot and does not spend. If things are not being produced. And our consumers constantly have crises of confidence and sentiment right before they go to the mall and spend a bunch of money.

[15:10:02]

The only time the consumer slows down in America is when credit is constricted. I would be far more worried about pressures on our financial system that constricts credit than I would on the consumer. I know the consumer says they don't feel good about spending money, but the consumer is not going to slow down spending money unless they are constricted from credit, unless jobs start dropping. That happens when production drops. So, this is why I'm such a supply sider and why I'm so worried about

small businesses stopping their orders. It does get to the consumer eventually, but the consumer sentiment is always backward looking, production is always forward looking.

HILL: David, we're going to have to leave it there. I appreciate you joining us this afternoon. Thank you.

BAHNSEN: Thanks for having me.

HILL: The U.N. says now the very existence of Palestinians in Gaza is under threat as Israel escalates attacks and orders more mass evacuations. Dozens of people have been killed in airstrikes in Gaza City this week alone. A U.N. report says hundreds of residential buildings and tents have been hit since mid-March. And also says that in 36 of those strikes, the only fatalities were women and children.

Israel, meantime, is ordering new evacuations for parts of Gaza City, saying that it is destroying, quote, terrorist infrastructure there. The U.N. is accusing Israel of forcibly transferring Palestinians into ever shrinking spaces.

There are discussions underway to resurrect that broken ceasefire and hostage deal. A source telling CNN, though, that Israel made an important change to its negotiations team, and that has significantly slowed the progress.

CNN's Alex Marquardt is following that part of the story, joining us now from Washington.

So significantly slowed. What does that mean? I mean, just practically where do things stand today?

ALEX MARQUARDT, CNN CHIEF NATIONAL SECURITY CORRESPONDENT: Well, Erica, this ceasefire fell apart more than three weeks ago, and mediators have been trying to get it back on track. There are some signs that the two sides might be coming closer together, but nothing appears imminent. There is no doubt, Erica, that Hamas is also thwarting this process by holding on to what they consider their biggest leverage, which is the Israeli hostages, because they want to see an end to this war. And Israel so far is refusing to end the war because they want to further decimate Hamas.

Now, Israel made a very important and significant change to their negotiating team back in February. They replaced the intelligence chiefs from Mossad, from Shin Bet security service, with the top political aide to Prime Minister Netanyahu. His name is Ron Dermer.

And since then, according to multiple sources, that I and my colleague Jeremy Diamond have spoken with, the process has gotten slower. It has lost momentum, according to a person who I spoke with, who was directly involved in this process, who also said that it has taken on a much bigger political dimension and that has caused problems.

I spoke with an American who advocates for the families of the hostages, who told me, quote, that Dermer is a big problem to getting their loved ones back.

Now, the political issue that Dermer and Netanyahu are up against, and the question that many are asking is what is more important to them? Is it taking out Hamas, or is it getting the hostages back? And they have a very fragile governing coalition where far right members of the government have threatened or indeed left the government because of the ceasefire that was struck and lasted for more than six weeks, with some 38 hostages coming home.

The U.S. is, of course, in the middle of all this. There are five American hostages, one alive and four deceased, that the Trump administration is trying to get back. So, where things stand right now is this is a slow, grueling, especially for those hostages process where Hamas has agreed to reinstate the truce and release at first, five living hostages. While Israel is demanding around 11 living hostages. That's about half the remaining hostages who are still alive.

So, the mediators the U.S., Egypt, Qatar trying to bridge that gap. As I noted, it does seem like things are getting closer, but nothing appearing imminent right now. And of course, as we talk, the war continuing, and many in Gaza continuing to lose their lives -- Erica.

HILL: Yeah, absolutely. I know you're also following because we can't let you stick to just one major international story, Alex. There is also a big meeting that just kicked off in Russia a short time ago. So, you have Steve Witkoff one of President Trump's envoys, of course, speaking with Vladimir Putin. What more do we know about this meeting, Alex?

MARQUARDT: Well, Erica, the through line between these two stories is Witkoff. He's actually in charge of trying to negotiate the ceasefire in Gaza, which has so far obviously failed. And the ceasefire in Ukraine. This is a surprise meeting between Witkoff and Putin. Those images that we were just showing, that's the first time that we've seen Putin actually meeting with the U.S. official in almost four years.

But we should note that is the third time that Witkoff and Putin have met this year. Now, what we have heard is increasing frustration from the American side, from Donald Trump himself, about the slow progress, particularly from the Russians.

[15:15:03]

Remember, almost a month ago, I think the U.S. said they wanted to see an immediate ceasefire in Ukraine. The Ukrainians immediately agreed to that. The Russians have not.

So, what we've been hearing is greater frustration, more demands from the U.S., to hear from the Russians that the Russians do indeed want peace. But so far, all we have heard from the Russians is they want more conditions, they want sanctions lifted. So, it's kind of a surprise that Witkoff went there to meet with Putin. He's going to say that he went there to try to move the process forward. Critics would say that he's rewarding Putin with that meeting without

getting anything from the Russians. But it does appear that the American patience is growing thin. But the big question is what progress did Witkoff actually make today towards getting to that ceasefire and an eventual peace deal in Ukraine? Erica?

HILL: Yeah, absolutely. Alex, appreciate it. Thank you.

Still to come this hour? He's been charged with no crime, but the U.S. government took issue with his activism. Now, a hearing will decide whether a Columbia University student and legal permanent resident can be deported.

(COMMERCIAL BREAK)

HILL: A hearing is underway at this hour in Louisiana to determine whether a Columbia University graduate and Palestinian activist can continue to be detained by the U.S. government. The Trump administration has been laying out its evidence against Mahmoud Khalil, who is a legal permanent resident. A memo from U.S. Secretary of State Marco Rubio says he can be deported based on his, quote, beliefs, statements or associations, saying they would compromise U.S. foreign policy interests.

The memo, however, does not contain any allegations of criminal activity. Khalil's attorney says the right to protest is protected by the U.S. Constitution.

Gloria Pazmino is standing by with more of these developments for us.

And that is sort of -- that is definitely a point of contention between the two parties as to whether or not, in fact, a legal permanent resident does have protections to their speech.

[15:20:04]

GLORIA PAZMINO, CNN CORRESPONDENT: And it's absolutely the reason why this hearing is going to be so monumental, according to Khalil's attorneys. That's the word they were using yesterday to describe what the meaning of the outcome today will have, not just on this case, but on other cases moving forward.

Now, we know that the evidence that the government has submitted in this case so far to back up their immigration order against Khalil is only a two-page memo by Secretary of State Marco Rubio, in which where he explains his reasoning why he has ordered the deportation of Khalil. And this memo is centered on the fact that they believe that Khalil's thoughts, his opinions, his activities are reason to deport him.

Here's part of what the memo says. It says, quote, these determinations are based on information provided by the DHS, ICE, SSCI, regarding the participation and roles of Khalil in antisemitic protests and disruptive activities, which fosters a hostile environment for Jewish students in the United States. So, what Rubio is talking about there is specifically about Khalil's

protest activity. We know that he led a very prominent role in the campus protests that took place at Columbia University last year. But his lawyers are saying that this is the proof that the U.S. government is persecuting Khalil for his public speech, which, as we know, is protected by the First Amendment of the U.S. Constitution.

So that's why they're saying this this hearing is going to be such a big deal. Also, because the judge has said that she will make a decision about whether or not to release Khalil or to continue to detain him. Now, if he is released today, the immigration case against him will continue to play out in court. It is not the last determination in the case, but presumably he would be able to fight the case as his attorneys have said that they want to do from right here in New York City, where he lives, so that he can go -- go home and be with his wife, who is due to give birth soon.

So that's why this hearing is so important. It has been ongoing for the last hour and 22 minutes, Erica. So, we are waiting just to see what that that judge's determination will be.

HILL: Absolutely. Gloria, appreciate it. Thank you.

Well, the university at the center of this case involving Mahmoud Khalil could be put under federal oversight according to a new report. "The Wall Street Journal", citing sources that the Trump administration may push for Columbia University to be put into a consent decree. So that would then give a federal judge oversight to ensure the school's practices are in line with the federal government's requirements. And if they are not, then the university itself could be held in contempt of court.

You may recall the Trump administration has already cut hundreds of millions of dollars in federal funding to Columbia, blaming the school's failure to protect Jewish students from harassment, and has also suspended funding to several other schools, including, as you see there on your screen, Cornell, Northwestern and Princeton.

A U.S. judge says she is troubled that the Trump administration has not provided the location of a migrant mistakenly deported to El Salvador. This happened a short time ago during a tense hearing in Maryland, when an attorney for the Department of Justice said he didn't have any information on the whereabouts of Kilmar Abrego Garcia. In response, the judge ordered the Trump administration to provide daily updates on how it is working to return Garcia to the United States. An immigration court had previously ruled Garcia could not be deported due to the threat of gang violence in his native country.

Joan Biskupic joining me now.

Joan, I thought it was really interesting. White House Press Secretary Karoline Leavitt. Just a short time ago at the briefing was asked specifically whether the president would like the president of El Salvador, who is scheduled to be at the White House on Monday, to bring Kilmar Abrego Garcia with him to Washington. Her response? She said it was the administration's responsibility to, quote, facilitate, not to effectuate the return.

That very specific word choice that we got from the courts, how is that potentially impacting this man's future?

JOAN BISKUPIC, CNN CHIEF SUPREME COURT ANALYST: Good to see you, Erica.

And here, a man's liberty and possibly even his life hangs in the balance. But this is coming down to those kinds of words. What's the difference between facilitate and effectuate and the reason those two words are even in play now is that the original order from Judge Paula Xinis involving this Maryland father, who was mistakenly deported, was that the Trump administration had to take steps to facilitate and effectuate his return.

Now, facilitate has a connotation of help assist, try to take steps to get it done, effectuate in the law has more of a requirement, a mandate, make it happen connotation.

[15:25:04]

And the Supreme Court, in its ruling yesterday, said that seemed to endorse the fact that this district court judge could require the facilitation, but raise questions about whether she could require effectuating it. In part, the Supreme Court said, because of the due regard, that's a phrase, due regard for deference to the executive branch and foreign affairs. So, the suggestion in what was somewhat muddy ruling last night was that maybe this judge had overstepped and gotten into executive branch authority.

They didn't really say -- they didn't say that outright. In fact, they sent it back to Judge Xinis to clarify her order. Not that the Supreme Court's ruling itself was very clear.

So, what you then had was this next step of Judge Xinis saying, okay, this is what I want from the administration. I want to know where he is, what's his custodial status, what are you doing, and when will he be released?

She asked those questions of the administration. The administration did not have answers. And today, as you say, in that very tense hearing, she said she wanted daily updates.

Now, the administration lawyers who appeared before her just a few hours ago said they had no information. She's letting them come back with information, if they will. As I said, requesting these daily updates.

But it's the kind of thing that you can feel that the administration and the judiciary -- judiciary, at least the lower courts, are still at loggerheads and we'll have to see how it plays out.

Just to remind everyone who were talking about here, Mr. Abrego Garcia was arrested on March 12th. He was deported to El Salvador, to this very brutal, notorious prison on March 15th. And then the Trump administration conceded that it had made an administrative error, as it called it, an administrative mistake, that he shouldn't have gone.

And in fact, earlier, a few years ago, an immigration judge had said that while he might be able to be deported to one country, he cannot be sent back to is El Salvador because of demonstrated threats of potential persecution there. And that's exactly where he has ended up. And I think at this point, he's not going to be returned swiftly, it appears. But well have to see what kind of promises, at least the Trump administration makes.

The Trump administration hasn't promised at all to return him at this point, as the judge has tried to press the administration's lawyers -- Erica.

HILL: Yeah, I was going to say promises, if any. We'll see if that even happens.

BISKUPIC: Yes.

HILL: Joan, really appreciate it. As always, good to see you. Thanks.

BISKUPIC: Thank you.

HILL: Still to come here. Investors are closing out an incredibly volatile week as this for tat trade war between China and the U.S. escalates. New reaction from the White House just ahead.

(COMMERCIAL BREAK)

[15:31:26]

HILL: A rather tumultuous week for international markets as the world's two biggest economies escalate their trade war. Chinese leader Xi Jinping saying his nation is not afraid and is raising retaliatory tariffs on U.S. imports from 84 percent to now 125 percent. Many experts are fearing a global recession could be on the horizon.

Here's how the White House press secretary addressed those concerns just a short time ago.

(BEGIN VIDEO CLIP)

KAROLINE LEAVITT, WHITE HOUSE PRESS SECRETARY: The president, as I said from the podium just a few days ago when I was up here, would be gracious if China intends to make a deal with the United States. If China continues to retaliate, it's not good for China. But the president has made it very clear he's open to a deal with China.

REPORTER: Why is he optimistic that China's going to make a deal or wants to make a deal if they're not talking? Where does that optimism come?

LEAVITT: He's optimistic.

(END VIDEO CLIP)

HILL: Jeff Zeleny is at the White House. He was there in that briefing.

So, he's optimistic because he's optimistic. She was also asked, you know why? If President Trump wants to make a deal, why not just pick up the phone? She sort of danced around that, didn't necessarily address that one head on, Jeff.

JEFF ZELENY, CNN CHIEF NATIONAL AFFAIRS CORRESPONDENT: She did, Erica. And look, I mean, this is a tit for tat. We've seen really day by day, this trade war has been deepening. And now it's a contest between which superpowers leader will blink first.

And, of course, President Trump reaching out and picking up the phone to make a call to President Xi would be a sign of weakness in some respects, would be a sign of blinking. The same could be said for President Xi.

So, the bottom line of all of this is, in all diplomatic sort of disturbances and complications like this, there are back channel conversations and things and some of those we are learning that U.S. officials urge China to not retaliate again this morning. But President Xi pushed back and has clearly been one of the leaders who's not rushing to make a deal with the United States. He is holding firm. And in fact, China described the Trump administrations tariff policy as a joke.

So that is where things stand as this week comes to an end, a very humbling week for President Trump's sweeping tariff policy that he had to roll back in fairly dramatic fashion, at least put a pause on it. But as for that trade war with China, it is very, very much underway. And that is one of the reasons for so much concern in the world economy here, because of just all the trading that's at stake.

HILL: There has been some criticism, and I heard this from someone just -- just at the top of the hour that the administration is treating friend and foe alike. I know that also came up at the briefing.

Karoline Leavitt has talked about, and other members of the administration have talked about how more than 70 countries have reached out that they want to make a deal.

Is there any more clarification on who those countries are and just how close the U.S. is to a deal with any of them?

ZELENY: Well, look, Erica, these deals often take months, if not years to negotiate. So, the whole idea that 70 deals in a bespoke fashion, as the president described it the other day, a tailored fashion could be done by July 8th, is just -- you know, it really is virtually impossible.

So, the -- there's no doubt that many U.S. allies like South Korea, like Japan and others have reached out for a deal. There will be conversations -- more conversations next week about it.

So, there's no doubt that some of these deals will be struck. And that is what Treasury Secretary Scott Bessent and others are urging the president to do.

[15:35:01]

Find a couple of wins, sign some deals. They believe that that will send a positive sign to the financial markets. But again, as we end this week here, the U.S. dollar is in a far weaker position than most anyone would like. And treasury bonds that used to be a safe haven are not seen that way now.

So, there are many, many questions about what exactly policy the president is proposing. But we asked the White House press secretary why American consumer confidence is so low. And she said that people should trust in President Trump.

So that is a resounding theme. Trust in President Trump. We'll see if he delivers, Erica.

HILL: Yeah, I did like that question from you earlier. And I know you tried to press her on it for specifics. She doubled down on the trust in Trump. We will see how that works out for everyone.

Jeff, always good to see you. Thank you.

ZELENY: Good to see you, Erica.

HILL: Well, in the United States, the tariffs are likely to blow a sizable hole in the wallets of many Americans. That's according to research published Thursday by the Budget Lab at Yale, which predicts the latest tariffs would cost the typical middle class household some $3,700 a year. And that estimate factors in Donald Trump's 90-day pause of these country specific tariffs, as well as the surge in U.S. tariffs on Chinese goods.

One supporter of the tariffs, though, is the U.S. secretary of agriculture, Brooke Rollins, who says that the presidents tariffs, she believes, will ultimately help specifically farmers in the U.S.

(BEGIN VIDEO CLIP)

BROOKE ROLLINS, SECRETARY OF AGRICULTURE: Your idea of using tariffs to ensure that we are putting forward and putting America first, no one understands that better than our farmers and ranchers. The period of uncertainty we're in, they know that your vision will move us into an age of prosperity.

(END VIDEO CLIP)

HILL: Joining me now is John Boyd Jr. He is a fourth generation farmer. He's also the president and the founder of the National Black Farmers Association.

John, it's good to have you with us.

You know, I'm curious, you hear those comments from Secretary Rollins. Do you believe these tariffs won are, in fact, putting America and you as a farmer first? And two, do you believe that ultimately, as she believes that they will usher in greater prosperity for this country and specifically for farmers?

JOHN BOYD JR., PRESIDENT & FOUNDER, NATIONAL BLACK FARMERS ASSOCIATION: No, I do not listen to the secretary's comments. And one thing has been alarming is that we haven't been at the table through all of the talks with tariffs, the tariffs hurt American farmers.

And my case, I'm -- I've been producing soybeans for 42 years. And the China's retaliatory, 125 percent tariff on America's soybean producers like myself isn't a good thing. You know right at planting season. And what's been difficult for us is that we haven't been able to get farm operating loans. The banks lend us money at $9 soybeans.

And the administration hasn't came to the table to tell us what they're going to do to help us. So we're hearing these announcements, and the markets are in a complete tailspin, which is hurting America's farmers. Many people don't know that farmers are price takers, not price givers. I have to sell my crop based on market price and in this case, $910 for soybeans, and $5 for wheat, $4 for corn.

These are dismal prices. And the president, every time he's -- he announces that he's going to do it, he's not going to do a 90-day, you know, you know, I'm not going to do it. Those things are really hurting Americas farmers. And that's not what I'm hearing from the secretary. We don't have a whole lot of time.

HILL: But there isn't much. I mean, you need to get things in the ground. Obviously, you mentioned you're not at the table. I know you've reached out to the secretary's office. Youve asked specifically for a call. You do want to speak with her? As of today, have you had any response?

BOYD: You know, I've been around for, like I said, 42 years meeting with every agriculture secretary since the Carter administration. And this is the first administration that came into office and hasn't reached out to agricultural leaders in this case. They certainly haven't reached out to me.

I know there was others in yesterday who said they talked to the secretary all the time. We have to be at the table because we have 150,000 members here in the United States. We need to know what's going on with our future.

And when I heard the president say yes, this this morning about his -- his announcement, you know, farmers, farmers are his best friends. We put some things in place to help us and open up new markets while we play footsie with China here.

HILL: So, I mean, to that point, given everything that has happened with China, we know I mean, soybeans, right? You said more than 40, 40 years, 42 years. You grow soybeans, corn and wheat. When we look at how you're being impacted by these tariffs, just tell me specifically when we are looking at these massive tariffs on soybeans. What does that mean for your crops and what does it mean for your livelihood?

BOYD: It's do or die. And that's what a lot of people don't understand. [15:40:01]

If you don't plant your crop, you don't have a farm operating loan and you're not getting government assistance, all of these things. Those are a recipe for failure for people who don't -- who don't understand this. So, it's very frustrating to see what's going on with China.

And in this case, the president could do other things. He could stop China from one buying U.S. farmland. That's the first thing. He can stop China from buying U.S. agriculture companies.

These are things he should be doing instead of imposing tariffs. And just the other day, Brazil made a -- China actually says they're going to purchase, you know, soybeans from Brazil. You know, what does that do to us and producers like myself?

HILL: So, we also heard from Secretary Rollins earlier this week. She said, you know, they may need to look to bailouts for farmers, revive them. From what we saw during the first Trump administration. How do you feel about getting to that point, though, that you are stuck in the middle of this trade war that the administration started, and now they may have to do a bailout? What does that say to you?

BOYD: Well, and the key word is that that this administration clearly, clearly started here, you know, with this -- this tariff world trade war, it's not a good feeling because our farmers are very independent. We're proud. We're proud people, and we don't want to rely on the government support. We want a fair price for our product.

And that's -- that's the way ive been trained as a farmer from my daddy and my grandfather. I'm a fourth generation farmer. We're not waiting for the government to help us. We want a good, solid market.

And in this case, president says it looks like it's not going to be China for -- for coming months. Then what markets do we have to sell our products here at home or abroad is what this administration should have us at the table telling us not to wait on the government.

And I can tell you from, as a -- this organization, the government and Black farmers haven't been a good recipe. They always find a way not to get the money to us. And so were very nervous about relying on the government to get payments out to farmers in a speedy fashion. And again, we got 45 days from right now really to plant our crops and get them in the ground, secure funding. So, we need people to understand that and be sensitive towards us and support Americas farmers, is what I'm asking here today.

HILL: John Boyd, Jr., we would like to stay in touch with you, please, and keep us posted. Let us know if you do in fact, hear back, from the secretary's office. And when you get that seat at the table. Appreciate you joining us with your perspective.

BOYD; Thank you so much for having me.

HILL: It is not just the food industry. It's not just the agriculture industry in the United States feeling the pressure.

Spain is one of the world's top exporters of olive oil, including to the United States.

CNN's Pau Mosquera visited a family run business to see how the industry there is now preparing for potentially more tariffs.

(BEGIN VIDEOTAPE)

PAU MOSQUERA, CNN REPORTER: This is olive oil, or liquid gold, as we call it in Spain. This is a business that exports nearly $1 billion of this product per year from Spain to the United States. Right now, we are on a family run company located south of Madrid. And we are being told that here, they produce around 45,000 bottles of this product per day and 30 to 40 percent of this olive oil goes directly to the United States.

Now they have decided that they will introduce the impact of the reciprocal tariffs announced by Donald Trump to the final sales price of their olive oil. But not all Spanish companies can do the same, and that's why many of them are waiting for the aid promised by the Spanish government. A package of around $16 billion to try to mitigate the impact of these tariffs on their businesses.

Pau Mosquera, CNN, Madridejos, Spain.

(END VIDEOTAPE)

HILL: Still ahead here, voters in Ecuador head to the polls. We're going to take a look at the issues dominating Sunday's race that is really going down to the wire.

(COMMERCIAL BREAK)

[15:47:09]

HILL: Voters in Ecuador will head to the polls on Sunday to cast a ballot in the runoff presidential election, where they'll be deciding between the conservative incumbent and a leftwing lawyer who is also the protege of former President Rafael Correa.

But overshadowing this election, a country struggling with drug gangs and unemployment.

CNN's David Culver has more for us now. I do want to warn you, some of the images are graphic.

(BEGIN VIDEOTAPE)

DAVID CULVER, CNN INTERNATIONAL CORRESPONDENT (voice-over): Ecuador, once considered the island of peace, has now succumbed to a surge of violence.

Police and military are trying to fight back. Raids like this almost daily. Desperate, they go house by house. You can see in his hand right there, those are two. That's 200 grams, according to police, of cocaine that they've seized. That's what he's pulling out right now. Said they also found two different explosive devices inside.

Sandwiched between Colombia and Peru, both top cocaine producers, Ecuador has become caught up in the international drug trade.

And where there are gangs and illicit drugs, violence follows, leaving a trail of victims.

(SPEAKING SPANISH)

Oh, my gosh. The smell is overwhelming as he's opened this door here. But from the outside looking in, you can see there's blood on the ground.

Another killing, another crime scene. This is now the murder capital of Latin America.

This is Ecuador 2025.

Ecuadorians are now heading back to the polls in what is expected to be a tight runoff race for president. The No. 1 issue for voters, no question: security.

Current President Daniel Noboa defending his nearly 17 months in power, declaring war against gangs, labeling them as terror groups and deploying the military into the streets early last year, after an infamous gang leader escaped prison and gunmen stormed a TV station, taking journalists hostage live on air.

The country spiraled into chaos.

Noboa's initial push to tackle crime at first showed promise, but the violence has resurfaced. More than 2,500 killings reported already this year.

But Noboa isn't going at it alone. He's counting on a powerful ally in this man.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: Today, we will also be designating the cartels as foreign terrorist organizations.

CULVER: Applauding President Donald Trump's inauguration day pledge to combat organized crime, Noboa and his wife front and center as Trump took the oath of office in January.

As violence escalates and the economy stumbles, Noboa faces a strong challenge from left-wing candidate Luisa Gonzalez.

(LUISA GONZALEZ, ECUADORIAN PRESIDENTIAL CANDIDATE, SPEAKING FOREIGN LANGUAGE)

CULVER: She's promising to boost the economy and crack down on crime, while pumping more money into coastal cities where violence hits hardest.

[15:50:03]

But for many, in areas overrun by gangs, it's already too late. The peace that once defined this coastal nation has shattered. Grief stretches across communities once seen as safe havens. Today, scarred by constant violence.

Folks here whisper it to us like a memory, repeated like a prayer. Ecuador, they say, was never like this before.

David Culver, CNN, Guayaquil, Ecuador.

(END VIDEOTAPE)

HILL: One of the biggest shows on television is back this weekend. "The Last of Us", returning for its season two premiere on HBO this Sunday.

We sat down with the show's creator, Craig Mazin, to find out what's in store.

(BEGIN VIDEOTAPE)

HILL (voice-over): It's a chance to look for the light once again. Two years after its post-apocalyptic premiere. HBO's "The Last of Us" is back for season two.

And for the shows co-creator, Craig Mazin, this new season is one that's rooted in reality.

UNIDENTIFIED MALE: Are you okay?

UNIDENTIFIED FEMALE: Yeah.

CRAIG MAZIN, CO-CREATOR, "THE LAST OF US": We -- we have always, as humans, turn to drama to help us process some of these feelings in a way that is safe. We can experience grief and loss. We can experience love and romance and identity and what it means to be threatened in a way that doesn't immediately put us at risk.

UNIDENTIFIED FEMALE: Get at me.

MAZIN: But lets us feel the feelings. And I think that's in part why "The Last of Us" is successful, because it has some universal themes that are relevant to everybody and have always been.

UNIDENTIFIED FEMALE: Tommy, I'm an adult. He can't tell me what I can and can't do.

UNIDENTIFIED MALE: Yeah, well, he can tell me.

HILL: Just like the video game series it's based on, "The Last of Us" has won both commercial and critical acclaim. Season one took home eight Emmys last year. For those who are new to the show, Mazin stresses its more than just gore and zombies. MAZIN: Well, I love being able to take a story that I care about and

that I know really, really well, and then in this other medium, feel a lot of space to explore. You know, I suppose the easiest sales job would be to say, Pedro Pascal, because it's just so much fun to watch him.

Bella Ramsey is incredible. I when I first heard about "The Last of Us", the game, this is, you know, over a decade ago, I was like, well, I'm not a big fan of zombies.

[15:55:05]

It's not sort of my thing. But "The Last of Us" is not. It's -- it's so much more than that.

HILL: HBO, which is part of the same parent company as CNN, has already renewed "The Last of Us" for a third season. Good news for Mazin, who says this story has a lot more chapters ahead.

UNIDENTIFIED MALE: There's a very good chance you'll be dead.

MAZIN: We love telling the story. We love working with this cast, and we love living in this world. So, it's great to know that we get to keep doing it. We're not going anywhere for a long time.

(END VIDEOTAPE)

HILL: Thanks so much for joining me this hour on CNN NEWSROOM. I'm Erica Hill.

Stay tuned. Richard Quest picked things up at the top of the hour with "QUEST MEANS BUSINESS".

Have a great weekend.