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Lutnick: Trumps Expects to Discuss Tariffs with Xi Directly; China Says Door for Trade Talk with U.S. Remains Open; Death Toll in Nightclub Roof Collapse Rises Above 200; Trump Orders 90-Day Pause on Tariffs Except on China; First-Round Underway at the Masters in Augusta. Aired 9-10a ET

Aired April 10, 2025 - 09:00   ET

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

[09:00:00]

(COMMERCIAL BREAK)

CHRISTINA MACFARLANE, CNN HOST, CONNECT THE WORLD: This is the scene in Washington, D.C., just a day after President Trump's tariff reversal, the

back and forth creating market uncertainty as we await the market open in just 30 minutes. It's 09:00 a.m. in the U.S. capital and 02:00 p.m. in

London. I'm Christina Macfarlane, and this is "Connect the World".

Also coming up, the EU is pausing its counter tariffs after President Trump's policy reversal. And the death toll is rising after a nightclub

roof collapsed in the Dominican Republic. Meanwhile, in Israel, Air Force reservists have been fired for publicly calling for the immediate return of

hostages and an end to the war.

Well, let's take a look at the New York Stock Exchange, which opens about 30 minutes from now. As you can see, futures all down by over 1 or 2

percent after a historic day of highs, fueled, of course, by President Trump's last minute 90 day pause on tariffs for every country but China.

European Union is responding in kind, putting its own retaliatory measures against the United States on hold for now. Well European Commission

President Ursula Von Der Leyen says the bloc wants to give negotiations a chance. Trading is well underway across Europe, and all the major indices

are seeing significant gains, as you can see on your screen there.

Well CNN's Melissa Bell is live for us in Paris. So, Melissa, what's the feeling among EU officials that they'll be able to hash out a deal in this

90 day pause?

MELISSA BELL, CNN SENIOR INTERNATIONAL CORRESPONDENT: Well, I mean, they're really doing everything they can to make those negotiations possible.

Remember that the American 25 percent tariffs on European steel and aluminum remain in force. Remember that the American tariffs on cars and

auto parts on -- remain in force, as does that 10 percent base line that was announced as part of the reciprocal tariff.

So, the United States tariffs remain some of the highest in the Western world. Europeans have proved remarkably restrained. It isn't simply that

they're pausing their reciprocal tariffs that they'd begun thinking about, nor indeed that they're pausing the auto tariffs that they'd begun thinking

about.

But they've actually announced that they're pausing the tariffs that they actually voted on and agreed yesterday, which were in response to the first

round that is, the steel and aluminum tariffs. They had been due to come into effect in just a few days' time. In response to this 90-day pause of

the reciprocals, the Europeans have paused even them.

So, they're playing really fair, considering all the tariffs that have been placed on them, the hope, of course, that this will open the door to

negotiations. That's what they've been asking for all along, even as they say they will use this 90-day period not just to seek negotiations with

Washington, Christina, but to continue to think about beyond those tariffs, that they've thought about the steel and aluminum replies, to think about

both cars and auto parts and the reciprocals.

What their response will be should that 90-day period come to an end without any deals having been struck. So, they're going to continue very

aggressively to think about their response, even as they pause their responses entirely. Still, the only certainty, one senior EU official

pointed out today on Twitter is that the next four years are going to be full of uncertainty.

So, the Europeans are getting ready for a rocky ride. They're surprised not just at the substance of these terrorist approach of Donald Trump these

last few weeks, but with the way it's been unfolding. After all, the 90-day suspension didn't come to them through official channels initially.

They heard about it like the rest of the world. So, it isn't simply that this administration is doing things differently in terms of upending the

way global trade has worked for these last few decades. There is also the manner that Washington is communicating with parts of the world that were

until now its allies.

Still Europeans hopeful that there is now time and room for negotiation, as you saw European stocks rallying, of course, on the news of that pause. But

this is not a trade war that is finished. It is likely, believe Europeans, one that is just beginning, even if there is slightly more hope for

optimism than there was yesterday morning, Christina.

MACFARLANE: Yeah, still so much uncertainty, so many unknowns. Melissa Bell, there, live in Paris. Thank you. And as far as the massive tariff

hike on China goes, the U.S. Secretary of Commerce says he won't be discussing the matter with Beijing. That job will fall to the president

himself, according to Howard Lutnick.

(BEGIN VIDEO CLIP)

HOWARD LUTNICK, U.S. COMMERCE SECRETARY: I am not engaging with them. Scott has not engaged with them.

[09:05:00]

And the president, you know, he does expect to have conversations with President Xi, but that is between them. If we get a contact, we will just

pass it to the president, and this is really about him. He has said publicly that maybe they don't really know the best way to go through, but

the answer really is it's a phone call between the two leaders of these giant countries that they can work it out together.

(END VIDEO CLIP)

MACFARLANE: Well Beijing says the door to trade talks with Donald Trump is still open, as long as they are done on the basis of respect and equality.

Even though Washington was had announced a 90 day pause on new tariffs for other countries, there are huge concerns about the wider aspects of this

trade war.

Democratic Senator Adam Schiff has called on Congress to investigate whether President Trump is involved in insider trading. And while speaking

at CNN Town Hall, Bernie Sanders said Americans will simply not benefit from becoming an isolated nation.

(BEGIN VIDEO CLIP)

SEN. BERNIE SANDERS (I-VT): The isolation, how is it worth it. What is worth it when you have people that have been our neighbors and allies and

friends for almost 200 years, in Canada now, distrusting the United States. Our friends in the U.K., throughout Europe, distrusting the United States.

We are becoming isolated from the rest of the world. So, there's very little that I can see that would make it worth that.

(END VIDEO CLIP)

MACFARLANE: Well, for more on how the economic world is responding, let's speak to Economist Paul Krugman, who joins us now. And Paul, as we reflect

on the words of Bernie Sanders just there, you have said that nothing has changed because of this pause. In fact, the global market place is in a

much worse place. Just explain your thinking today.

PAUL KRUGMAN, ECONOMIST: OK, first thing to understand is that these tariffs are much higher than anyone expected, even after the pause, they're

higher than what Trump talked about during the campaign, and the supposedly smart money was betting that, in fact, he wouldn't go through with it, and

he has and more than that.

And second, if this is 90 days, nobody has any idea what happens at the end of 90 days. I think Trump has no idea what he's going to do at that point.

And we're in a very peculiar position where the actual tariffs are arguably less important than the uncertainty that Trump has created.

-- if your business, you can't make plans. You certainly don't want to commit money to investments, because you have no idea what the tariffs are

going to be a few months out. If you invest in U.S. production, well, if the tariffs come down, then you've made a bad move.

If you invest in anything that depends on imports, then if the tariffs stay on and or go up, then you've made a bad move. So, it's paralyzing business.

And then, of course, what Bernie Sanders will say, I mean, the -- nobody trusts America now we've become an unreliable rogue actor in the world

economy and everything else that has got to be bad for the United States.

MACFARLANE: And with regard to the escalating war with China, what are the consequences going to be of the U.S. singling out China with this high

level of tariffs? I mean, when we're thinking about the wider economy, what -- where does this go?

KRUGMAN: Well -- China. You know, China is not a -- of all the countries that that Trump has targeted, China is arguably the most justified in the

sense that the Europeans have done nothing wrong. Canada has done nothing wrong. The idea of having punitive terrorists, which we're still doing, by

the way, on all of these countries that have, in fact been on good behavior.

We're just victimizing them for no reason. China actually does. We have some valid complaints about China and some valid concerns about China, but

that's a reason to do strategic stuff, to protect key industries, you know, to promote key industries. 125 percent tariffs.

I mean, this is with our third largest trading partner that's hugely destructive. That's going to really hurt the United States. Probably hurt

the United States more than China in the end.

MACFARLANE: And of course, this isn't the first time that Trump has waged a war against China. We saw in term one, but this time, we're hearing that

China has been ready for this and preparing for quite some time. Do we know how?

KRUGMAN: Well, we'll find out. But the thing is, China has a lot of leaders for it. The fact that we sell more to China than we buy is kind of

misleading, because there are lots of ways in which China can strike back. It can. I'm worried a lot about China actually doing the opposite, and

actually limiting exports, cutting off key supplies.

We really are depending quite a lot on China, and of course, also, now that the United States has become unreliable, China can reach out. We're in a

situation now where China is a more credible partner for negotiations than the United States', because the Chinese actually keep their promises and we

don't. It's incredible.

[09:10:00]

MACFARLANE: Yeah, and we're already seeing the beginnings of a reorientation of global trade as a result of that.

KRUGMAN: Right.

MACFARLANE: You've said already. You know that we don't know what we're going to see in the next 90 days, but this is a delay, not a cancelation.

So, what can we expect? I mean, can we expect deals to be done at the very least within that time frame?

KRUGMAN: I just think, I mean, there's a lot of question about just the sheer practicality of this stuff. I mean, Trump claims that more than 75

countries have come asking, wanting to make deals. We don't know if that's true, but there's anything like that. Who is supposed to be hammering out

deals with 75 countries?

I mean, where's the staff to do that? I mean this stuff. I mean one of the things about the Trump tariffs that the ones that have been put on pause,

it's kind of different tariff rates for scores of different countries. We don't have the customs officials in place to do that.

You'd have a -- you have everything stalled at the ports, because we don't have the bureaucracy in place to implement that kind of complex policy. So,

I think that the sheer impracticality of making the trade deals that Trump says he's going to make is going to become, in ways, going to trump the

policy itself.

We just don't have the people on the ground. We don't have the ability to think this through.

MACFARLANE: And market stress obviously declined yesterday, but the situation does remain fraught for the U.S. and global economies. I think

the recession forecast at the moment by JP Morgan is at 60 percent. I mean, as an economist, how do you read the tea leaves here? How do you see this

panning out in the longer term?

KRUGMAN: Well, I'm immediately concerned that the post pause tariffs are overall comparable to pre pause. We haven't actually seen, we've just seen

a reorientation, but still enormous stress. And we have a situation where the financial markets are much more fragile than lots of people had

imagined.

It turns out that any kind of major dislocation runs the risk of a sort of cascade of balance sheet effects that and can undermine markets. That's

what we were on the edge of a major bond market crisis yesterday. Have we - - we've stepped back from that -- but maybe only a few inches.

It's quite easy to see how things can really go south and then beyond that. I mean, there's all this Trump Administration talk about, we have to bear

some pain for long run gain. I don't see where the long run gain is, and in the pain, you know, you could say it's only short run but you know, John

Maynard Keynes had it right.

In the long run, we are all dead, if we don't get through this immediate crisis, if we disrupt financial markets, disrupt trade, to the extent that

it appears that we're going to do despite this pause, wow. You know, don't tell me what's going to be, what the world's going to be like in two or

three years, because we need to get through the next six months.

MACFARLANE: Yeah, and we will all watch to see if it plays out within Trump's next four years in office.

KRUGMAN: Yeah.

MACFARLANE: Presumably it will. Paul, we really appreciate you joining us. Appreciate your thoughts. Thank you.

KRUGMAN: Thank you.

MACFARLANE: Just hours ago, President Donald Trump took a victory lap on truth social to celebrate a surge in U.S. markets Wednesday, following his

announcement of a 90 day pause on reciprocal tariffs. He writes, what a day, but more great days are coming. U.S. markets posted their biggest one-

day gains in years on Wednesday after the president pulls reciprocal tariffs on many of America's trading partners, with the notable exception

of China.

CNN's Alayna Treene is joining us now from the White House. Alayna, China says it is willing to negotiate with U.S. after Trump's tariffs on imports

raised to 125 percent. But how is the White House reacting to that?

ALAYNA TREENE, CNN WHITE HOUSE REPORTER: Well, look, and I would argue as well, that they say they're willing to negotiate, but only if they're in

good faith. They've also said at the same time as latest today, that they still believe that these tariffs are worth fighting. But what is clear is

that the president is very much open President Donald Trump to negotiating with China and directly with President Xi Jinping as well.

I actually asked the president yesterday in the Oval Office if he believes that in order to work out a deal with China President Xi needs to blink

first. He shook his head and said no, and then he went on to say, you know, I don't necessarily blame China for the position we're in. I blame the

presidents, the U.S. Presidents before him.

We've heard the president say that in the past. He also said yesterday that he believed China wanted to make a deal. But what's still very much unclear

is actually how they think that is going to go. So far, we know that they have not had discussions relating to these tariffs.

And of course, the president yesterday pressed pause, a 90 day pause on all reciprocal tariffs on every country except for China. So, if, so far, we've

only really seen an escalation in this trade war between the two countries.

[09:15:00]

Now, one idea that has been floated by this administration, we actually heard this from Treasury Secretary Scott Bessent yesterday, is that perhaps

they should first make trade deals with their allies, particularly allies in the region, like Japan, South Korea, both countries we know, have been

in direct talks with this White House about how to move forward.

And then going as a group with those allies and approaching China, very unclear if that's actually going to happen. I asked the presidents National

-- the Director of the National Economic Council, Kevin Hassett, today, if he still thinks that is the strategy that they will move forward with when

it relates to China.

He said that is something they will be discussing at a cabinet meeting that's scheduled here at the White House around 11:00 a.m., but look just

to take a step back, I do really believe that we can't lose sight of how stunning yesterday was, particularly in a reversal for this president just

the day before.

And even the morning of his advisers had been leaning into the idea that the president was not going to back away from these. Now you play, you

showed a screenshot of that post from the president really taking a victory lap when he was looking at the rise in the markets.

But I will say, not really justified, because the disruption we've seen really over the last couple of weeks, as it relates to people's 401(k)s,

the markets dwindling. That was of the president's own making. We are now seeing the economy. You know, people are still having jitters about what's

to come, so we're not totally out of the clear just yet, Christina.

MACFARLANE: Yeah, the Trump Administration obviously trying to spin this in whatever way they can, but there's no getting away from the numbers on Wall

Street and the markets is there. Alayna Treene, there live from the White House. Thank you. And quick programming note for U.S. Treasury Secretary

Janet Yellen will join CNN's "One World" today to talk about President Trump's trade war.

That's 11:00 a.m. in New York, 04:00 p.m. in London. Well still to come, the Israeli military fires Air Force reservists who signed a public letter

about the war in Gaza, details on what they wrote next. Plus, the death toll is still climbing in the Dominican Republic as the country mourns the

nightclub roof collapse tragedy, the latest from Santa Domingo, just ahead.

(COMMERCIAL BREAK)

MACFARLANE: The Israeli military says it has fired Air Force reservists who signed a public letter saying the IDF is fighting the war in Gaza for

political purposes. In a letter published in Israel's major newspapers, hundreds of Air Force reservists and retirees said, quote, the continuation

of the war does not contribute to any of its stated goals and will lead to the death of abductees, IDF soldiers and innocent civilians and to the

attrition of reservists.

Well CNN's Jerusalem Correspondent Jeremy Diamond has been following this for us. And Jeremy, just break down for us the main concerns that were

expressed in this letter.

[09:20:00]

JEREMY DIAMOND, CNN JERUSALEM CORRESPONDENT: Well, this is a group of hundreds of Air Force reservists as well as retirees, who are expressing

concerns that the war that has resumed in the last few weeks after Israel broke that ceasefire with Hamas is not contributing to the release of the

hostages, is not contributing really to any clearly stated military goals in their view.

But rather is serving up the political aims of this right-wing governing coalition led by the Israeli Prime Minister Benjamin Netanyahu. They are

basically saying that what the Israeli Prime Minister is doing here is sending troops into combat in a way that lacks a clear military objective.

And in a way that will lead to the quote death of the abductees, meaning the 59 Israeli hostages who remain in Gaza, about 24 of whom are still

indeed believed to be alive. And this is part of a pattern that we have started to witness in Israel over the course of the last few weeks in

particular, growing discontent in Israeli society with the resumption of the war.

The fact that it is still going on after more than 18 months now, and the fact that it has yet to lead to the release of the 59 hostages who still

remain in Gaza. You know, 69 percent of the Israeli public, according to a channel 12 Israeli poll here just a couple of weeks ago. 69 percent of the

public want to see a deal that would lead to the return of all of the hostages and an end to the war.

And that's simply not the position that the Israeli government has taken, as we have heard them focus more, it seems, on the destruction of Hamas in

addition to the goal of returning the hostages. We have also seen ways in which the strain on reservists, from a personal and financial perspective,

is also starting to manifest itself, with more and more reservists expressing concern or uncertainty that they will answer up additional calls

to serve after multiple tours.

Many of these reservists who have served hundreds of days, in some instances since October 7th, serving in the military, being away from their

families, being away from their businesses, in some case. And for a country that relies very heavily on reserve military service to fulfill its

military and national security needs.

That raises serious concerns. We haven't yet seen it rise to the level that we saw in 2023, when Israeli reservists started saying that they were not

going to serve in the military because of Benjamin Netanyahu's judicial reform proposals, at a time when we saw these enormous protests out in the

streets of Tel Aviv.

But certainly, the Air Force's move here to fire the reservists who did sign this letter is a sign that they are trying to clamp down on this kind

of public show of discontent and dissent before it gets to those kinds of numbers. Also important to note that in this letter, these reservists did

not say that they would refuse to serve, but just that show of public dissent quickly clamp down on by the Israeli military.

MACFARLANE: Yeah, we will watch to see where this goes. Jeremy Diamond, there. Thank you. Now the death toll in one of the deadliest tragedies in

the Dominican Republic in decades has risen again, with 218 now confirmed dead. Authorities say 189 people were rescued alive from the rubble. CNN

Contributor, Stefano Pozzebon has the latest from Santo Domingo.

(BEGIN VIDEOTAPE)

UNIDENTIFIED MALE: Fernandez -- Reyes, Joel Manuel, Santana Peon --

STEFANO POZZEBON, CNN CONTRIBUTOR (voice-over): The names read out loud by forensic doctors, each of them alive, cut short. More than 100 bodies have

been recovered, but hasn't yet to be identified in the rooftop collapse of a night club in Santo Domingo. A growing death toll cutting through the

soul of this nation.

The jet set was an iconic venue. Monday night, many local celebrities had come here to celebrate its 50th anniversary. Several had now been mourned,

including two former major league baseball players, a Latin music star, and the governor of a local province. Dominican President Luis Abinader

declared the three days of national mourning to commemorate the victims.

Outside the venue, relatives search for the names of their loved ones in lists hanging on a field hospital. I've lost two brothers. This is a

national tragedy. We are just heart broken, says these men. The rescue operations continue in the dark. There are still people to be found, a race

against time, even when hope is fading fast. A small group of faithful sinking their pain and refusing to let go.

[09:25:00]

Stefano Pozzebon, CNN, Santo Domingo.

(END VIDEOTAPE)

MACFARLANE: Well, let's get you up to speed on some of the other stories we're following on our radar right now. This hour defense ministers from

more than 30 Western countries are gathering at NATO for a meeting of the so-called Coalition of the Willing. The United States will once again not

participate in the meeting convened by France and the U.K.

Ministers are set to discuss ways they can support Ukraine's defense in the event of a peace deal with Russia. President Trump said he would use the

Justice Department to go after two officials who criticized him during his first term. Another sign of his willingness to punish those that he

perceives as his enemies, Mr. Trump signed executive orders stripping Miles Taylor and Chris Krebs of any security clearance that the former officials

may still hold.

Well Britain's King Charles and Queen Camilla stopped by the Vatican to visit Pope Francis on Wednesday during their trip to Italy. The royal

family released this picture. The Vatican says Pope Francis expressed his good wishes to the king and queen on the occasion of their wedding

anniversary.

All right, still to come, China's new tariffs kick in as the U.S. raises the stakes again. Can this tit for tat trade war lead to more market

losses? The opening bell on Wall Street is just ahead.

(COMMERCIAL BREAK)

MACFARLANE: Welcome back. I'm Christina Macfarlane in London, and you are watching "Connect the World". Right now, China says it remains willing to

negotiate with the U.S. after President Donald Trump raised his tariffs on Chinese imports to 125 percent.

Well on Thursday, Beijing imposed retaliatory 84 percent tariffs on U.S. goods to China, and warns it will not back down if President Trump chooses

to further escalate the trade war. The European Union will put its retaliatory measures against the United States on hold following Mr.

Trump's 90 day pause on the 20 percent tariffs against the bloc.

European Commissioner Ursula von der Leyen says the EU wants to give negotiations a chance, but if talks are unsatisfactory, the counter

measures will kick in. And as we wait here for the opening bell, let's have a look to see where the U.S. market is opening after futures were pointing

down in the past few hours.

[09:30:00]

There it is. Trading day open once again on Wall Street after another whiplash day. Can we see those figures? Although we have it down the

NASDAQ, then down the S&P 500, down the NASDAQ, up on opening as the market continues to consider where it's at frankly, after that reversal from

Donald Trump in the last 24 hours.

The White House, of course, trying to spin President Trump's announcement on Wednesday as a pause for 90 days on his own reciprocal tariffs as some

kind of master negotiation tactic. But some say the damage is already done. JP Morgan Chase, the U.S.'s largest bank is standing by its warning that a

recession is likely this year.

It says it believes yesterday's market rally merely marked the quote end of the beginning of the trade war. Well, stocks are still well below where

they were before Trump unveiled his so-called Liberation Day tariffs last week, and though President Trump is confident the markets will recover,

that is to be seen. Joining me now is Kit Juckes, Head of FX Strategy, Societe Generale.

Thank you so much for joining us on the opening bell. The Trump back and forth has really left the dollar weaker, as we've been seeing in recent

days, and a rally yesterday on futures move down again. Do you think the policy reversal here has created more market uncertainty?

KIT JUCKES, HEAD OF FX STRATEGY AT SOCIETE GENERALE: It's just more so uncertainty. I'm not sure about markets, just about life. In fact, yeah,

the global economy, the U.S. economy and financial markets are, you know, they're complex systems. If you shake the complex system enough, it gets

unsteady.

I think that's probably the best way to picture it snow globe being shaken up, or something like that. But, yeah, I think it's hard for people to make

investment decisions, planning decisions, and the single biggest driver for me is that you know that the rest of the world has over $60 trillion worth

of U.S., assets that it's been holding and doing very well for them for some time.

That number is so big that I don't think it takes much of a catalyst for people to say, well, maybe I should take some of it back home to where it

came from and that's what potentially weakens the dollar more than anything else. And I don't think throwing in more uncertainty changes that story

very much.

MACFARLANE: I mean, as we look at where we're at this point, I mean, it's changing by the day, but at this point, and given how quickly this trade

war is escalating against China, there's no telling how this next 90-day pause is going to go. So, what is your best guess as to whether this is

going to be a sort of TikTok style delay that gets extended, or if we're going to see any deals actually get done within this time frame?

JUCKES: We probably at 90 days is long enough to get the sort of the semblance of some kind of deal. And I think we've learned enough to see

that the big focus is on U.S.-Chinese relations. The rest of it is not a side show, but is less important in terms of what needs to be addressed.

And I think part of we have two challenges from that. One of them is that it's very hard to imagine that unless you have deals that take you back to

something close to free trade, that you're not doing things that are negative for global growth, U.S. growth, global growth.

And then the second is, it's very hard to imagine how you can have just 90 days of uncertainty without delaying investment and decisions and things

like that. So, both of those are a challenge. And then I'll throw one thing more, since we don't have any economic data that's affected by any of this

yet we are completely blind looking at the market, today, CPI numbers, for example, really tell us nothing.

MACFARLANE: That's a good point. And you know, in this escalating trade war with China, in particular, I was wondering how problematic it is that the

Trump Administration, you know, in making this move, have effectively showed their weakness here in retreating over.

You know, bond market uncertainty, because China holds some 750 billion worth of U.S. treasury bonds. How problematic is that for the U.S. now, you

know, given what's transpired?

JUCKES: -- I think that's the whole issue. We're so our financial markets are so much more mixed up together, almost on our trade markets. It's one

thing to say, we do certain amount of trade, and there's a deficit during a surface there, and, you know, we buy cars. They're complicated enough by

the time a car has been six times across the border before it's finished coming from Canada to the U.S. or the other way around.

[09:35:00]

But the financial linkages that massive foreign investment surplus with the United States that allows the U.S. to have such a big trade and current

account deficits, and where it's positioned in terms of central bank reserves and things like that, it's just, you know, moving those numbers

around can cause so much harm on its own, frankly.

MACFARLANE: And given that, what did you make of rumors that we've seen overnight, that Asian markets, that the Chinese might have had something to

do with that bond slump, that they perhaps move the dial?

JUCKES: I would be surprised if that were the case, but I wouldn't be surprised if that was something, you know, a message they don't mind being

sent out. I don't think that's how, that's how they operate, but I think, you know, they've got everybody talking about it. I mean, what we've

achieved is that there's suddenly a greater awareness of, hang on a second.

You can't just talk about trade surpluses and deficits. You have to look at the bigger picture of who's invested where and what goes -- and so, you

know, then you go down a path of saying, yes, you know, there is a possible good future out there, where we, you know, where we sort out some of these

excessive surpluses and deficits that are built up, particularly since the start of 2020.

But I don't think it feels a bit like that -- we've done that, there might be a future, but it's a future where I've tried to rebuild Humpty Dumpty,

once I've knocked him off his wall, and all the books I read when I was that age, it didn't work. And that's my fear, really.

MACFARLANE: Yeah, it's a good analogy, Kit. And, yeah, where does America go from here with its so-called allies? Now we will wait to see Kit Juckes.

Appreciate you being with us. Thank you.

JUCKES: Thank you.

MACFARLANE: And a quick programming note. Former U.S. Treasury Secretary Janet Yellen will join CNN's "One World" today to talk about President

Trump's trade war. That's 11:00 a.m. in New York, 04:00 p.m. in London. Still ahead, it's a game on at the Masters tournament in Augusta this

morning. So, who has the early edge? Standby to find out.

(COMMERCIAL BREAK)

MACFARLANE: Well, this week, we've been spotlighting pioneers of business, sport and tech as part of our CNN series, "Visionaries", and when it comes

to leaders in sport, Emma Hayes is at the top of the pack. The championship winning coach is the U.S. women's national football team. Credits her

London roots with much of her success. Here's Amanda Davies.

(BEGIN VIDEOTAPE)

UNIDENTIFIED FEMALE: Excuse me --

EMMA HAYES, MANGER OF U.S. WOMEN'S NATIONAL TEAM: Anyone.

AMANDA DAVIES, CNN WORLD SPORT (voice-over): Emma Hayes is no stranger to being the center of attention. Regarded as one of the most successful

football coaches in history. Her career has taken her all over the world, but Emma's roots remain here in Camden.

[09:40:00]

DAVIES: Emma, it's fab to speak to you. I didn't expect to be sitting here in Camden talking -- What does home mean to you and how has it shaped kind

of who you are today?

HAYES: Oh, I will be here all day with that. But driving here today, going past school and driving past the house, like the flats that I grew up in,

was really emotional. And I was with a couple of my friends, talking about, like, the impact Camden that had on my life. I even talked about, like,

times I'd been in this pub over the years.

And I think this diverse, eclectic, multi-cultural neighborhood. I think had -- has had such a big impact on who I am.

DAVIES (voice-over): Emma's journey to one of the most coveted positions in football manager of the iconic Olympic gold medal winning U.S. Women's

National Team began simply with a love of the game.

DAVIES: And what was it about football that drew you to it as a game? But equally, that you saw had such an ability to do more than just be a game?

HAYES: I just don't know anything else I -- my mom was asked this the other day when someone said, when did Emma start playing? And she said, the

minute she came out of my womb. I was the kid that would come home from school, drop my school bag, run down to the pitch, play till 10 o'clock at

night, stop for dinner.

My dad has always been at the heart of that, I think, watching a lot of Football Italia. All of those things, I just, I couldn't imagine a life

without football. I just couldn't.

(END VIDEOTAPE)

MACFARLANE: Well, did you know that Camden is my hometown as well? Had I known Amanda and everyone down in the pub, I would have joined them.

Competing golfers are on the green as the first major of the year teed off in Augusta. Scottie Scheffler is seeking his third green jacket.

He's the number one player and defending champion. So, let's bring in Amanda to find out who else has high hopes of a win this year, Amanda?

DAVIES: I have to say, Christy. Being in a pub in Camden at 10 o'clock in the morning was not -- that is not the norm, but yeah, it was brilliant to

speak to everyone. There's plenty more of that coming up over the next couple of days. And I know you've been speaking to a -- as well, but I mean

two women who are so incredibly passionate about their sport.

And if you then flip that to the world of golf, it doesn't get much better, does it, than the tournament taking place over the next couple of days at

Augusta, the Masters, the first major of the men's golf calendar. The sun is shining. Scottie Scheffler is the one that everybody is talking about,

which is quite something, because it's been over 20 years since any player managed to win it back-to-back.

Tiger Woods was the last man to do it, but people very much talking about Scheffler, as in, with a great shout to do it. He tees off for his first

round just over about half an hour from now. It's very, very early days at the U.S. pair of Chris Kirk and Zach Johnson are currently leading the way

through two holes, but we've got a live cross to Augusta and Andy Scholes in just a couple of minutes in "World Sport".

MACFARLANE: I do love Masters week. Catch that with Amanda after this quick break. Stay with us.

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