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The Situation Room

Trump Meets With Japanese Prime Minister; Trump Coin?; Fears of Global Energy Crisis Grow. Aired 11:30a-12p ET

Aired March 19, 2026 - 11:30   ET

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

[11:30:00]

WOLF BLITZER, CNN HOST: An RT correspondent, his cameraman narrowly escape the strike while reporting in Southern Lebanon.

For more on all of this, we're joined now by Clayton Seigle, a senior fellow at the Center for Strategic international studies, and CNN global affairs commentator Sabrina Singh.

Sabrina, at this morning's Pentagon briefing, the defense secretary gave no definitive timetable for ending this war, but said it's -- quote -- "very much on plan." What's your assessment?

SABRINA SINGH, CNN GLOBAL AFFAIRS COMMENTATOR: Well, I think the biggest takeaway from that is that, what is the plan? We still don't have an idea of the timeline.

And we got actually even less answers out of this press briefing than I think we have out of any other previous ones that the secretary or the chairman have led. We don't have an understanding of how they're going to denuclearize Iran, which is one of their objectives, because that would mean putting boots on the ground, but we didn't hear the secretary get asked about that.

And, of course, we did not hear the secretary or Chairman Caine really talk about the Strait of Hormuz. How are they going to open that up? Because, right now, as you have been reporting, oil is approaching over $120 per barrel.

The Strait of Hormuz is becoming a critical choke point, and energy security is national security, and we didn't hear that addressed today. And, lastly, what I will say is, the secretary said that the war, it's going to come to a conclusion, we're winning, we're hitting all of our objectives.

And yet just now we heard Haley Britzky reporting that one of our fifth-generation fighters, an F-35, was just hit and had to make an emergency landing. So there's a lot more questions that we're just not getting answers to.

PAMELA BROWN, CNN HOST: Yes. And that's under investigation.

So, on the oil aspect, Clayton, I want to bring you in on that, because we're seeing these oil and gas prices spike yet again as Iran launched this new strike on energy targets across the Middle East. And Israel, as we know, we have been reporting, has struck a gas field in Iran.

Are we in a new dangerous phase here when it comes to oil prices, gas going up and economic pain in this country?

CLAYTON SEIGLE, CENTER FOR STRATEGIC AND INTERNATIONAL STUDIES: Pamela, it's definitely trending in that direction.

I mean, when we visited last week, we said the longer this conflict goes on, the greater the likelihood that both sides are going to play their energy leverage cards in order to pressure the other side.

And in the first two weeks of the war, that was mostly limited to shipping. In the last week and even the last few days, we have seen a pivot toward more and more powerful attacks against oil and gas infrastructure. In a way, that's even worse than attacks on shipping, which only damaged the potential for one cargo move at a time.

If you can't load the ships at all going forward, you have a much bigger problem.

BLITZER: And, Clayton, as you know, the Federal Reserve chair, Jerome Powell, said yesterday that the economic impact of this war may be only temporary, but he also admitted we just don't know how it will play out. What do you make of that assessment?

SEIGLE: Well, I think that that's definitely right.

It's too early to know. But using past case studies as guidance for the future, we see that we have big concerns about the proliferation of these cost concerns into the wider economy. We have been fighting a battle against inflation. We have had a lot of success.

But it's going to be difficult for the Fed to think about continuing to cut rates in an environment where you have oil and gas price escalation, because it will transmit to other parts of the economy.

BROWN: Yes.

BLITZER: What would it take for gas prices to start coming down?

SEIGLE: Gasoline prices? Short answer, an end to this crisis, and a resumption of oil and gas exports from the Mideast Gulf. Everything else that's being talked about in terms of policy solutions really just buys us more time to unblock the Mideast Gulf.

BROWN: How much does the U.S., put this in perspective, rely on the Strait of Hormuz? Because there is a lot of talk about how much oil the U.S. produces. But it takes certain refinery resources, right, for the type of oil we need at the gas pump and so forth.

So help put that broader picture in perspective for us.

SEIGLE: Sure. In a way, we are much more energy-independent these days than we were

in the 1970s during the first big oil price crisis. We have become an oil producer and exporter in our own right. We supply a lot of countries around the world, and we do have plenty at home.

So I think that there is a level of indemnification for the U.S. economy. However, it's a global market, and it's a fungible market when it comes to oil, which means that oil is going to move to the areas that are experiencing the supply deficit.

And that means that disruption anywhere affects prices everywhere.

SINGH: And it's not just oil that's being stuck -- that's stuck in the Strait of Hormuz. It's also medical supplies that cannot get -- and food aid that cannot get to countries like Sudan, Yemen, and elsewhere.

So we're talking about the Strait of Hormuz, which is not only a choke hold for oil, but it's also going to impact the most vulnerable populations around the world that depend on resources going through that strait. And, unfortunately, right now, we're in a situation where the Strait of Hormuz is closed, essentially.

And until that reopens, the most vulnerable and Americans here at home are going to suffer prices at the pump.

BLITZER: Yes, good point, very important point.

Sabrina, the foreign ministers, as you know, of a dozen Arab and Islamic States in the region have now called on Iran to immediately halt its attacks. This has already become a regional conflict, as we all see what's going on with many of these countries.

[11:35:00]

So do you think these countries will heed that warning?

SINGH: Well, I think these countries want to put and apply pressure to Iran for Iran not to strike their oil facilities and non-military infrastructure.

I don't think Iran is going to listen to that. Iran wants to inflict the most pain as possible, and they're using their asymmetric capabilities to do that. And, quite frankly, I think, even though the secretary of defense wants to claim that this has been a victory and a win, we are seeing Iran being able to launch these drones and missiles continuously that have not only held up traffic in the Strait of Hormuz, but are inflicting damages to American service members.

We have seen 13 members, unfortunately, killed in this war already. So I think, while it's good that countries still apply pressure to Iran, I don't think Iran is going to heed those warnings until they feel that their missions have been successful as well.

BROWN: All right, Clayton Seigle, Sabrina Singh, thank you both.

BLITZER: Thanks from me as well.

And I want to take a moment to honor the six American service members who were killed when an aircraft crashed over Iraq. The airmen are 33- year-old Major John "Alex" Klinner of Auburn, Alabama, 31-year-old Major Ariana Savino of Covington, Washington, 34-year-old Technical Sergeant Ashley Pruitt of Bardstown, Kentucky, 38-year-old Captain Seth Koval of Mooresville, Indiana, and 30-year-old Captain Curtis Angst of Wilmington, Ohio, So, 28-year-old Master Sergeant Tyler Simmons of Columbus, Ohio.

Thirteen Americans have now been killed in this war. And I speak for all of us when I say we want to send our deepest condolences to their families. May these service members rest in peace and may their memories be a blessing.

BROWN: Yes, we're keeping all the service members involved in this war on our hearts and minds.

BLITZER: We sure are.

BROWN: And we're following some breaking news, strong words -- OK, we're going to go to a break.

We will be right back.

(COMMERCIAL BREAK)

[11:41:33]

BROWN: All right, we're going to get to that breaking news I'd mentioned before, strong words from Republican Senator Lisa Murkowski on the war with Iran.

I want to go live now to see an in correspondent Lauren Fox on Capitol Hill.

What did she tell you, Lauren?

LAUREN FOX, CNN CONGRESSIONAL CORRESPONDENT: Yes, I mean, we were asking many Republicans this morning about what the reaction was to reports that Pete Hegseth and -- has had some conversations with the White House about a potentially $200 billion supplemental.

And Lisa Murkowski is someone who has argued repeatedly that Congress needs additional answers when it comes to the war with Iran. So I specifically pressed her on whether she would be willing to vote for a $200 billion supplemental or not. Here's what she told me.

(BEGIN VIDEO CLIP)

SEN. LISA MURKOWSKI (R-AK): The people in Alaska are asking me, how long is this going on? Are there going to be boots on the ground? How much is this going to cost? To what extent is the Congress engaged in this?

And the answer on most of this is, I don't know. And Alaskans have entrusted me to find this information out. So before I can do my Article I responsibility in terms of helping to fund a war effort, I want to know some of the answers to the questions that Alaskans are asking me.

(END VIDEO CLIP)

FOX: And part of that investigation, she says, Pam, is having a public hearing about what is transpiring in Iran and what the plan is going forward.

She said she understands that a lot of these discussions have to happen in classified settings. And the administration has put officials before lawmakers repeatedly on Capitol Hill to have those private conversations in a secure SCIF.

And yet, she says, the American people deserve answers, and if Congress is going to take a vote on something as consequential as a supplemental of this large amount, she says there have to be additional pieces of accountability and additional questions answered -- Pam.

BROWN: All right, Lauren Fox, thanks so much -- Wolf.

BLITZER: Also happening now: A federal arts panel is meeting to discuss plans for a massive new White House visitor center and a very controversial proposal to create a $1 coin marking the nation's 250th anniversary.

BROWN: So you see right here the 24-karat commemorative coin features an image of President Trump. Its design would need approval from the Commission of Fine Arts, all of whose members were appointed by the president himself.

I want to bring in senior White House reporter Betsy Klein.

Democrats have been very critical of this. Others have as well. What more do we know?

BETSY KLEIN, CNN SENIOR WHITE HOUSE REPORTER: Right, Pam.

This is a commission handpicked by President Trump, and they are responsible for overseeing things like federal public buildings, national memorials, coins, and medals. And on their agenda today, this meeting is still ongoing, is this White House visitor center, as well as the Trump coin.

They are acutely aware of the president's style and tastes and his efforts to impose his views on aesthetics on Washington more broadly. And we have seen that as they reviewed plans for this White House visitor center. This is going to be an underground facility that's going to replace these trailers that people visiting the White House have gone through for security screenings since the 9/11 era.

People on both sides of the aisle tell me this is sorely needed. There have been plans for this for decades, but never really the political appetite to get the funding to do so. But as they reviewed these plans, their feedback made very clear that there is just one person in charge here, and it is the president.

[11:45:14]

We heard from the architect, James McCrery, who sits on the commission. He said that he expressed concerns that it doesn't align with President Trump's executive order on federal architecture, saying that it needs to be in the classical style and not brutalist.

He said it needs an architect who is -- quote -- very adept with classical architecture," went on to say: "I like the project. I don't like the design."

And then Commissioner Mary Anne Carter also said that they want to make it look less brutal. So the architects here are going to have to go back to the drawing board, come back to this commission a little later on.

And they're also reviewing plans for this commemorative coin. It's going to feature this image of President Trump, along with an eagle on the back. The image of Trump reflects a picture that has recently been installed at the Smithsonian National Portrait Gallery.

Now, a living president is not prohibited from being featured on a commemorative coin, but nobody has done so since Calvin Coolidge back in 1926. Democratic lawmakers have introduced legislation that would prohibit any living or sitting president from being featured on U.S. currency.

But we do expect this coin for now to get the commission's green light a little bit later today.

BLITZER: All right, Betsy Klein reporting for us. Betsy, thank you very much, panel.

BROWN: Thanks so much, Betsy.

Coming up here in THE SITUATION ROOM: buzzer beaters, upsets and busted brackets. One of the most exciting weekends in sports is here. The teams already making history and some last-minute tips if you're still putting those last-minute touches on your bracket.

(COMMERCIAL BREAK)

BLITZER: All right, the president is in the Oval Office with the visiting Japanese prime minister, Sanae Takaichi. Let's listen in.

DONALD TRUMP, PRESIDENT OF THE UNITED STATES: I was very proud and honored to endorse the prime minister because of the fact that I thought she was really good.

I thought she did a fantastic job. I respect her a lot, so I gave her an endorsement. And she had the most successful election, in my opinion, in the history of Japan, won by the most ever. So we have a very popular, powerful woman, and she's a great woman.

We have a very fine relationship, and we're going to be talking about trade and many other things. And it's an honor to have you.

Thank you very much. Good.

SANAE TAKAICHI, JAPANESE PRIME MINISTER: Thank you for inviting me to the White House today.

[11:50:00]

TRUMP: Thank you.

TAKAICHI: My visit is timely, so, given the current situation, so...

TRUMP: Oh, please.

TAKAICHI: OK.

TRUMP: Yes. Absolutely. You have a very good interpreter, who I have known for a long time.

(CROSSTALK)

TAKAICHI: I know. He's your friend.

(through translator): Right now, situations in the Middle East and also the entire world, we are actually experiencing a very severe security environment.

And also the global economy is now about to experience a huge hit because of this development. But even against such backdrop, I firmly believe that it is only you, Donald, who can achieve peace across the world.

And to do so, I am ready to reach out to many of the partners in the international community to achieve our objective together. So, today, I came here at the White House to directly convey this message to you.

And speaking of the situation in Iran, Iran's development of nuclear weapons must never be allowed. And that is why we, Japan, have been urging them and also reaching out to other partners in the world. In addition, Japan condemns Iran's actions, such as attacking the neighboring region and also the de facto or effective closure of the Strait of Hormuz.

As a matter of fact, my fellow minister, Minister Motegi, Foreign Minister Motegi, also had the direct exchange with the Iranian foreign minister and urged Iran to stop such activities.

(LAUGHTER)

TRUMP: You'll let me know. You'll let me know.

TAKAICHI (through translator): And, also, the security environment in the Indo-Pacific region is also becoming increasingly severe.

Donald, you have shown deep trust in Japan and also the unwavering commitment to the Japan-U.S. alliance. Once again, thank you very much for that. And, today, I look forward to having a discussion on how we can cooperate to make our two nations, both Japan and the United States, stronger and more prosperous.

And I also brought specific proposals to calm down the global energy market. So, today, I really look forward to having our discussion, particularly focusing on our collaboration in economic security in the important areas such as energy and rare earth minerals. And, also, I look forward to discussing with you how we can make our two economies stronger moving forward.

Thank you very much.

TRUMP: Well, thank you very much, and you're doing a great job.

Again, congratulations on the biggest win in the history of Japan. That's not bad. That's a pretty long history. That's a large nation with a -- really with a great reputation, but it's a tremendous victory. Congratulations to everybody.

[11:55:17]

I'm very, very proud of you. I'm very proud of you. We have become friends, and I'm very proud of the job you have done. It's not easy.

Any questions, please?

QUESTION: Mr. President, are you fully satisfied with the level of support that you're getting from Japan on Iran, including around the minesweepers?

TRUMP: Well, we're going to be speaking about it today. Go ahead. You can go.

We're doing -- we're going to be speaking about it today. We have had tremendous support and relationship with Japan on everything, and I believe that, based on statements that were given to us yesterday, the day before yesterday having to do with Japan, they are really stepping up to the plate.

Yes?

(CROSSTALK)

TRUMP: Unlike NATO.

Please.

QUESTION: Mr. President, do you intend to lift sanctions on Iranian oil, and do you intend to potentially put U.S. troops or more troops in the region?

TRUMP: No, I'm not putting troops anywhere. If I were, I certainly wouldn't tell you, but I'm not putting troops, and we will do whatever is necessary to keep the price as well -- I actually thought, when I did this, look, the Dow just hit 50000 a couple of weeks ago. They said that couldn't happen for four years, it wouldn't happen in

my term. It's such an outrageous thing, because I said it would happen. I didn't know it was going to happen that fast, but it just hit 50000, and we did that in one year, not four. S&P had just hit 7000.

They said that was even more impossible than the Dow hitting 50, and we did that in one year. So it's all done. Everything was going great. The economy was great. Oil prices were very low. Gasoline was dropping to -- I mean, we had $1.99, $1.85. We had great everything.

And I saw what was happening in Iran, and I said, I hate to make this excursion, but we're going to have to do it. And I actually thought the numbers would be worse. I thought that it would go up more than it did. But we're doing this excursion.

And when it's completed, we're going to have a much safer world. And the prime minister agrees with me on this. She considers it to be terrible what Iran did. I think every country does. Just about every country does. Iran is the serious threat to the world, to the Middle East and to the world.

And everybody agrees with me. I think virtually every country agrees with me on that. So I wanted to put out that fire. And I said, if I do that, oil prices will go up. The economy will go down a little bit. I thought it would be worse, much worse, actually. I thought there was a chance it could be much worse. It's not bad.

And it's going to be over with pretty soon. We have obliterated the navy. We have obliterated their -- just about everything there is to obliterate, including leadership. Their navy is gone. Their air force is gone. Their anti-aircraft equipment is gone. We're flying wherever we want. We have nobody even shooting at us.

They have -- I mean, and, as you know, their leadership is gone. Their leaders are gone. They pick new leaders. They're gone. They pick new leaders. They're gone. And now they're looking for new leaders again.

We can take out the island any time we want. I call it the little oil island that sits there, so totally unprotected. And we have taken out everything but the pipes. We left the pipes, because to rebuild the pipes would take years for them to do.

But we are -- I would say, we are substantially ahead of schedule, and I had to do this. I had to -- I call it an excursion. I had to take this little excursion and do something that no other president had the courage to do. And everybody wanted to do it, but they never had the courage to do.

And I don't blame them. I'm not blaming them. It was left to me, and we have done a great job. Our military is incredible. We have an incredible military. We have the strongest military in the world by far. We have the greatest equipment in the world by far.

In fact, Japan buys our equipment, buys a lot of it, and we're honored by that. And that's one of the things we will be talking. They want to buy a lot of the military equipment. So it's just an honor to have the prime minister. We have had a tremendous relationship.

OK.

(CROSSTALK)

TRUMP: I think she's going to have to go first before you do.

Is that OK?

TAKAICHI: Yes.

TRUMP: Do you understand? Because she's very good. I will tell you, she's good.

(LAUGHTER)

TRUMP: I mean, it's so nice that we don't have to sit.