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ECONOMIC COMMENTARY CNN’s ERIN BURNETT EXPLAINS CNN: JP Morgan CEO: Best case scenario for US economy is a recession PLAY YOUTUBE VIDEO Original article: https://www.youtube.com/watch?v=jt1_TtL3QKs Peter Burgess COMMENTARY Peter Burgess
JP Morgan CEO: Best case scenario for US economy is a recession CNN Apr 28, 2025 18.1M subscribers ... 1,196,308 views ... 11K likes #CNN #News CNN’s Erin Burnett explains how prominent business leaders and economists are predicting a likely recession for the US economy due to the implications of President Donald Trump’s trade war. 00:00 Erin Burnett leads a panel to discuss Torsten's prediction 10:32 Kaitlan Collins hosts Doug Burgum 20:18 Anderson Cooper and panel weigh in on CNN polling 27:36 Harry Enten breaks down polling on Trump and economy #CNN #News Transcript 0:00 Erin Burnett leads a panel to discuss Torsten's prediction A 90% chance of a recession. That is the prediction tonight from a top economist, Torsten Sl painting a dire picture of Trump's trade war and the implications, saying it's pushing the U.S. economy to the brink of full blown crisis. He writes that in just weeks, qu the consequence will be empty shelves in U.S. stores in a few weeks and Covid like shortages for consumers and for firms using Chinese prod as intermediate goods. And the administration tonight not giving much of a reassurance when pressed on this prediction. Are you worried about empty shel not at present. We have some great retailers. I assume they preordered. I assume they preordered. What about the millions and millions of small businesses that couldn't even preorder? Never mind everyone else supposed to see in you know, the ball, the crystal Those great retailers were all just at the white House Some of the biggest ones CEOs of Walmart, Target and Home They warned Trump in that meetin that his tariffs could lead to product shortages and more. Barclays tonight is echoing the in a memo to investors, writing we expect a sharp slowdown and a likely U.S. recession in the coming quarters All of it comes as tonight we're learning Jamie Dimon, the CEO of JPMorgan Chase, reportedly told investors just d according to The Wall Street Jou that a best case scenario is a mild recession. It's a daily drumbeat of warning Now coming from people who know a lot about the economy and it has Americans worried. Our latest poll out this afternoon, finding a majority of Americans, 59% say Trump's policies have made economic cond in the US worse, which could explain why the administration is tonigh doing all it can to not talk about the eco Moments ago, Trump signing executive orders this time regarding truck driver and what language they speak, saying they have to speak Englis Just look at the North Lawn of the white House fitting that theme. It's covered in photos of people the administration say are illegal immigrants. That's what they want to talk ab That's a discussion they want to They certainly do not want to ta the economy over the past 100 da The Dow sank nearly 4000 points. Trillions of dollars gone, according to CNBC. You see the S&P drop over the first 100 days 2:05 of President Trump's presidency is on track to be the worst 100 day performa in the stock market since Nixon. And that's clearly not something that you'd want to talk about if you were Trump. The next Trump economic boom will begin on November 5th, It's going to be a boom like no Words, of course, that now lives in infamy at this moment. Tonight, the Treasury Secretary is trying to turn things around. They they feel the clock. They feel the pressure. He's previewing deals. I would guess that India would b one of the first trade deals we would sign. So watch this space that could come as soon as tomor Who knows. They've got announcements in the It's one of the many deals we're told Trump is making. But it's been very, very tough to pin the administration down o something of such a crucial natu Tariffs, the economy, a recessio How many deals are they negotiat 3:03 We now have 18 proposals on paper that have been brought to the trade team. Okay, 18. Who knows? I mean, sort of lick your finger and stick it in the air because Trump's number dwarfs anything the white House has put he told time magazine. And I quote him, I've made 200 d Time responding. You made 200 deals. Trump 100%. Now, never mind, Caroline Leavit Trump says 200. Let's just compare Trump's number of 200 to the list that he released when he announced his sweeping tariffs earlier this month in front of that board, when they were all scrolling. By that, we're not even 200 countries on in total now. And that and remember that islan what's it called? What's going on here? Remembers that on the, the island was inhabited only by penguins. Now, one of those countries that Team Trump is continuing to they are talking to as we speak, is China. All aspects of government are in with China. China, though, keeps shutting do this claim. The Chinese embassy telling OutF 4:03 exclusively that no one from the Chinese government has to the Trump administration. And all this back and forth has come, as Trump has he would slash the tariffs on Ch Now, he said that without any ne or any talks at all, which brought to mind an episode of Seinfeld where George and Jerry were negotiating a deal with NBC for the show about nothing. So in this episode, NBC offers offers them $12,000 okay, for the whole show, and then this happened. So what did we get? $8,000. Beautiful. That's for the two of us. 1000 apiece. Let me see if I understand this. In other words, you held out for less money and I was wrong. You were right. You know, the basic idea of nego as I understand it, is to get your price to go u this month. I'm dumb, you know, this is how they negotiate in the bizarro world. 5:00 It's really on which maybe the world that we're living in right now. Why is it that Seinfeld. There's always something there? Is Trump about to make the same as George Costanza? Atlanta is out front, live outside the white House to begin our coverage. So, Elena, you know, we know that it's got Bassett maybe speaking tomorrow before the markets open. They're under incredible pressur to announce some things. How much pressure is Trump feeling right now to get an actual trade deal on t I think, of course, there's a lot of pressure, particularly when you look at some of the dismal polling numbe we saw from that new CNN poll. I mean, Americans are not confident right now that the president is delivering on his promise for this economic revival. I remember covering the presiden throughout his time on the campaign trail, repeatedly saying that it was go the golden age of America, that he would usher in. But when it comes to the economy Americans aren't feeling that. So yes, this administration is under heavy pressure to try and get a deal out on thi Now, we did hear Treasury Secret Scott Benson say a deal with Ind could come as early as this week In my conversations, I do. 6:03 I'm told not to anticipate that that would be announced tomorrow But we are going to hear from the Treasury Secretary directly tomorrow morning, 830, before the markets open. He'll be speaking in the briefin obviously taking questions from who are going to be pressing him on that exact topic. What is the status of these trad But, Aaron, one thing that's been so striking to me is the president's tone on the e I am told that when he goes to Michigan tomorrow, he is going to try to go on offe on this issue. He's going to talk about tax cut which really we haven't heard anything about other than Benson today telling people on Capitol just moments ago, really, that he wants a tax cuts deal by But no one Americans haven't had you know, something to to look forward to. And that's been the thing that I'm hearing behind closed doors is really been a key frustration The president has said that he's he wants Americans to be patient He is willing for there to be some pain in the short ter But how long will that will they be able to endure that pain That is really a key question. And tomorrow that's going to be the focus. 7:03 His 100th day in office. They are choosing to make it about the economy. And right now it's really not one of the winni for this white House. Aaron, of course. Thank you so much, Elena. The economy, you know, sometimes you think something sh it gets out of your control. and then you don't know what it All right. Everyone's here with So let's just start off with Apo chief economist, Torsten Slok came out big analysis. and it's worth reading in full, but saying the probability of a now 90%, which is just a stunning turnaro here in the past six weeks. What do you think? I mean, look, we've talked about the uncertain and this avalanche that's create It's likely a recession. That's what what's likely in the cards because of what's happening on the enterprise and what is going to happen with consumers because it comes down to like, time's not on their side. That's why they continue to talk deals, deal deals. But it's a Costanza moment because ultimately they know the cards on the table It's not a good deck. And that's why the reality is, 8:00 is that the market knows that they know they have to walk and and Alexis, you know, sometimes economics is about psy right. So you've got the economic reali The CNN poll, 59% of people say Trump's policy may have made things wors You know, it's gone up. I mean, when people get scared and sometimes a recession happen That's exactly right. And you often don't know you're in a recession until after the fact. Technically, a recession is two consecutive quarters of contraction. What's really important here is that in the fourth quarter, GDP was about 2.4%. This Wednesday, our first look at first quarter GDP is going to come out The prediction right now is 0.8% But a lot of folks believe it's going to be negativ because you're going to see a lot of distortions for the fac that people were actually stacking up invent in advance of the tariffs. The second thing to keep in mind is the University of Michig Consumer Sentiment Index, which came out two weeks ago, that reading was the lowest reading since Covid and the inflation predictions there took it up from 5 to 6.5%. 9:06 So sentiment is absolutely not your friend right now. Add to it on Friday you'll get the first look at the jobs data on Friday, and that will be reflective of the month of April. What is b And that shows some of this looking at this eve of 100 days, this is your whiteboard. Okay. I've got a whiteboard. Okay. This is your whiteboard. But this was just going through. This is the first 100 days. Okay I want to start out with red because there's one market down. Yes, that's big and it's down a And that is ours is down 8.4% ok That's the U.S. economy since US market since since inauguration. So basically eve of 100 days of of tomorrow. Okay. And then just to pick some of the others, Canada, where the trade war is, is in fu That market is up 3.4%. I'm going off here in numbers Pa These are the these are the ways you track the Okay. UK up. Imagine a world in which this was us 10.2. 10:04 Okay. Germany, the German boom. We've talked so much about Germa 18.5 up. I mean, this is sick. Yes. What about Mexico? Mexico? I don't expect you remember it o You know, your number was 20.9%. So one thing stands out here. We're outperforming Turkey. Oh that's well that's great news There is a glass half full kind That's a hickey glass half full. As a member of the administratio what would you say to those 59% of Americans Kaitlan Collins hosts Doug Burgum who say the president's policies are making things worse right now? Well, I'd say the first 100 days right now, when you have a presi is driving a dramatic and historic and positive change for the coun This is like asking a group of p how'd you like the movie? And they've seen 1/14 of it. I mean, his presidency is going to be over 1400 days long or 100 days in. And President Trump is driving enormous change in trying to rea America's standing in the world when it comes to trade. 11:04 he's certainly delivered on his in terms of the border, and he's delivering hard on a number of other things he's talking about in terms of restructuring, the size and impact government making great progress on balancing the budget. and of course, what he's doing o energy is fantastic in terms of bringing energy back as a priority for this country. So you're essentially saying that Americans need to keep watc Well, I think the smart money is on Am in the long term. And I think that's why you're seeing records, amount of of of both capital fro and foreign direct investment flowing to the United States, trillions of dollars. The people that want to invest in this coun because they know that he's on a towards lower regulation, lower taxes and more fair world trade. Those things are all super posit for our economy going forward. and every American is going to benefit from that. But you're one of his his key su who's argued the economy helped him win the e This is an unusual place for him to be and where he's getting bad numbers on the econo Why do you think that is? Well, I think it's 12:03 because he had the courage to ta this incredible imbalance that w The U.S had the most open economy in the the largest economy in the world and most even our allies have their economies close to us And so we really had a fundament unfair and unbalanced trade. And he's trying to rectify that. And right now, the white House, at record speed, is engaged in 35 different bilateral country to country, one on one, trade de And every single one of those th is going to come out better than where we started. because the premise here is that none of these deals are going to than the U.S than where we were It's only getting better from he Well, I'm glad you brought that up because obviously, I mean, tariffs is one thing he made very clear on the campai he was going to do. Maybe people didn't believe him. but he wrote yesterday that many people's income taxes will be substantially reduced, maybe even completely eliminated once the revenue from the tariffs comes in. But if you're making deals with and you're going to lower those 13:02 how are you going have the revenue to cover people's income taxes? Well, there is going to be reven two ways. One, in terms of just increased because if we if we have markets that are open to us companies and more things that are built h that's a positive for America because of income taxes, or one form of tax. But there's also many other forms of revenue that the government can generate And so I think like what. Well, certainly take a look at i under the Biden administration, revenue from from using the balance sheet of America, the land and the resources that we have both onshore and of we're going down, and we have a tremendous opportu through, leasing of of land for minerals, getting ourselves back in the mining. The war on mining is over with President Trump. The war on timber is over with under President Trump, the war on oil and gas is over. All this thing is over. And we're seeing investment comi And in those cases, those companies will buy a lease They write a check to the federal government. And then when they develop that they pay a royalty. But that's not the argument 14:05 he's making here. He's saying that the tariffs will generate so much revenue that people in a certain income level will not have to pa I mean, if you look at the numbers, the tariffs would be up to what would be four times what they are now to actually make up for that. I think some people look at that and say the math does not add up Well, I think when you're taking at the the opportunity that we have to balance trade, and companies that have had free access to our even at the 10% level, this is producing billions of do a day for America. If those stay in place, if they don't stay in phrase, because we end up with free and fair trade, we know that America can compete with anyone. And if we start building and manufacturing products here, as opposed to outsourcing to around the world, that's going to strengthen every community, create more high paying jobs. And with the advent of AI coming that's another thing where we've got to have the ener to be able to produce the electricity to win the AI arms race. 15:00 President Trump very focused on You're not the Treasury secretar or Peter Navarro, the trade advi But do you know of any trade agr that they are close to actually closing in on, and not just top lines? A memorandum of understanding? Well, I know, I know that they're very focused on taking a look at those in those 35 who was ready to come to the tab the top half of those 35 have been broken into three tier and these folks are working around the clock over the weekends to get trade d And I think for President Trump, you're going to see one trade de after another announced when you start walking through a hundred announcements with 100 different countries and every single one of those, we end up with a better trade de than we have right now. I mean, how can anybody say that's not a good deal for this But again, the courage to actually take on a completely global trading system, it takes, you know, President Trump was courageous in his first term Now he's fearless this time arou And he's fearless in fighting fo for every American because these things will benefit our economy and will benefit every American. I mean, he's arguing that he's m trade deals so far. 16:04 Well, there is a all kinds of companies, countries, excuse me, that are showing up at the doors because they understand America is serious about levelin the trade issues. Right. Can I ask you because you mentio if the tariffs stay in place, what that would look like, the r that you believe it could genera Tonight, the Wall Street Journal is reporting that he's expected to peel back some of the tariffs on automaker So essentially they're not payin on top of other tariffs. Just tariffs. If it's on steel and aluminum im certainly a relief to those auto But I wonder you know, those peo obviously have a direct line to the West Wing. So does Tim Cook of Apple. What do you say to small busines who look at that and say, you kn the big companies are getting a but we because we're small businesses are not? Well, I don't know that that's I mean, that's an assumption that I can't, a hypothetical I can't agree with because I know that, again, if a, if a small retailer, is buying goods and selling goods that is made in the United State tariffs aren't part of their lif 17:02 There are no tariffs on products made in the United States. You know, if you're a large reta and you're getting a lot of your made in China, yeah, you're going to have to de with a different cost structure. But but some small businesses get parts of products that they make from overseas and whatnot to the tariffs are affecting them. We've seen this with people who make strollers or bicycles, for example. Well, I think that I think every American now, during Covid, they had their first understandi that supply chains matter and what countries they come fro And now, as we have this discuss and people starting to realize how unfair the trade balance has been, that they're starting to underst maybe it would be a good thing if we were actually making things in America. and that's a positive thing, pos things for everybody, including, you know, small business on Main Well, as a former businessman, I do you get calls from old friend and acquaintances asking for for help with the pre Well, absolutely. I think that we, as someone who's been involved in business my whole life, we're hearing from a lot of different sectors. And, of course, every sector depends on energy. 18:04 President Trump has wisely kept out of all of these tariff discu because he knows that 18:09 both for us to be able to sell energy to our friends and allies, stop our adversaries 18:15 from funding those wars against whether it's, Russia funding their war against Ukrain 18:20 or whether it's, Iran funding 24 terror groups, all of them doing that because the Biden administration 18:25 was like, we're going to shut do U.S energy, we're going to buy our energy from our adversaries. 18:31 that was a, a policy that is, yo any country that does not secure 18:36 have their own energy security, has no national securi President Trump is putting us back on a path where part of the core affordability of any industry is we've got to have low cost in in this country. And one way you do that is increase supply. And whether it's minerals, whether it's electricity, whether it's liquid fuels, we're on the path right now. And what what has been accomplished in the first hundred days permitting, taking two year permitting, bring it down to one month, bringing back, baseload electricity in this cou 19:05 Yeah, we did see oil production at an all time high under under President Biden. He didn't tout it that often. but Secretary but he did because of the permit that happened under President Tr I mean, all time record oil production under Biden was because of Trump It was in spite of Biden. I was running, I was running a state that was a natural resources sta and we were fighting the federal government. Federal government wasn't even holding the legally required lease sales during the Biden administration. First president since Harry Truman was Biden. That didn't hold those lease sal So for them to take credit, that was all because, well, they didn't take credit because it wasn't very popular with their their voters. Secretary for Affordable Electricity is popular with everyone in America Needs to make sure we don't lose the thing. I mean, take a look what's happening in Europe right with 60 million people in a brow Blackout? we came very close to that happening in America because we've, the Biden administration policy so dangerously eroded baseload in favor of having unreliable intermittent sources 20:00 and so we're, we're just fortunate that we're where Europe is right now, and we don't want to go there. Germany spent a half $1 trillion chase a green path. and they ended up with electrici that cost three times as much, and they're producing 20% less. Secretary Doug Burgum, always great to have you. Thanks for joining. Thank you. I'm great to be here. Join us. Drill down on the rest of the ne CNN polling and more generally s Anderson Cooper and panel weigh in on CNN polling out the administration going to the 100th day. CNN's Larry Enten, also CNN political commentator, analyst for Griffin and David Ax So, David, according to the Jour the president is expected to bac on some of the tariffs. Will it for for negotiating? I mean, what do you think the viewpoint is around the worl president and his actual negotiating skills on trade deal Well, pretty obviously the world is baffled, as is the business community. The economy has been impacted by The markets have reacted to that But Anderson, the thing that people most voted for Donald Trump for, to do was to reduce costs. 21:00 These tariffs are going to raise costs, and automobiles are a big, component of that. So he it's not surprising to me that he has to bail out, of this one. It's so interesting to me, when you look back at the Biden administration and you look back at polling and and can speak to this, you look back to that withdrawal from Afghanistan, that that, shambolic withdrawal from Afghan And Biden's numbers took a big h and they never recovered. And you wonder whether, April 2nd, you know, what he called Liberation Day, but for the for the markets was kind of incineration day. You you want you look back at we wonder when you look back at and what you find is that was the beginning of the en that he never recovers because these economic numbers are devastating. So I see this as a, as a kind of a small bailout, from the position he put himself But there's so much more to it, and I'm not sure there's a way out for him. Yeah. Alyssa, is this now just chaos followed by bluster? I think that the president 22:04 is looking for an elegant off ra because this was disastrous. It was received horribly this Liberation Day announcement around tariffs by the entire business community And now you have the polling that backs it. He can't turn on Fox News and not see that his numbers are underwater. On the two things he was elected on the economy and addressing immigration. So I think that he's looking for targeted ways to be able to victory, will actually rolling back his own, policies h But one area that I think is als interesting is immigration, which that was a key issue that he won this election on. And now that the numbers are und on, immigration is stunning. And what I just have a hard time with is folks around him need to be telling him the message is clear. He has effectively secured the b The border crisis is over. But he's not talking about that. Instead, they're talking about deportatio that have bypassed due process, that have made mistakes in people that they've deported, putting up signs on the white House lawn about all the illegal immigrants that they're going to deport. And it's missing the message. All the American people wanted w 23:01 we don't want half a million peo coming across the border, and we want the cost of living to go down, like get back to the and you could change these numbe Harry, what is the polling say r No, I mean, you know, we talking about terro talking about the economy, and it's just a disaster. I mean, that's the only real wor you can use to describe it. I mean, take a look at Trump's economic approval rating now ver 100 days in to his first term. And what we see is it's ten points lower, right? The economy was a strength for him during his first term. Now it is a weakness. Now it is dragging him down. And we talk about history, right And historic numbers. I look back for every single pre Jimmy Carter in 1977, the lowest economic approval rating through 100 days belongs now to Donald John Trump And more than that, you know, tariffs are also related to foreign affairs, right. Your relationships with other co So take a look at Donald Trump's approval rating when it comes to foreign affairs You see again, lower than the fi you see it underwater 39%. And again, that is the lowest on record all the way back since James Earl Carter in 1977, 24:01 when we began polling that. And I love to see the smile when I refer to James Carr knows that you're shouting So I guess I'm so excited. I'm just so numbers get me excit I know they do. I know that's why we love you he Thank you, my friend. and so, David, President Trump's approval, I mean, the economic a ratings took a hit after the tariffs announcement. Are Democrats where are they on Are they are doing enough to to make the most of this? Do they have answers for any of Well, look, I kind of think it's taking care of itself right now. I agree with Senator Klobuchar. I think Democrats have a lot of to do to figure out why they became associated with the quo and lost to Donald Trump, who wasn't that popular a figure when he got elected. They have work to do to talk about the future. And after this tear down, what do they propose to build? But in the short term, he's destroying, himself. And we should point out that there's an election tonight Apropos to what Harry said in Ca in which the Liberal Party of Ca very likely will win. We'll see what the result is, 25:03 but they have a great chance. They were way behind before Trum basically declared economic warfare on Canada. And the prime minister up there, Mark Carney, use that issue to leverage his w back into the race. So that's one election, that victory that Donald Trump can justly, claim credit for. I'm not sure that he's going to, We'll also listen to David's poi I mean, he's brought his unify i countries around the world again us, but not this country. The Canada one really doesn't make sense to me. I mean, this is kind of a side point in all of it, but were it to become a 51st sta which of course is not happening you'd be importing a massive, highly progressive population to the United States, which would basically ensure that Republicans aren't elected anytime soon. But, listen, I think that there going to be a lot of comparisons to the first Trump term in the second Trump term, and there were a lot of flaws in the first one is going to be a lot of flaws in this one, but I'll be curious to see what actually stand the test of time after this 100 days. 26:02 you see some of these folks like Peter Navarro, who I think put some information in front of the president that was not ready for prime time, that got him into this pla that had the markets open close the lowest they had since the 1930s. That's someone who I think there's going to need to be a question around, should that be who we're listeni or do we need to bring new voice And he's still got some time to Yeah. David Anderson, I know we probably have to run, but I just want to say the people who are really on the bubble here are Republicans. If you're Thom Tillis, the senator from North Carolina, if you're Susan Collins and you're running for reelectio if you're any of those Republica in swing House districts, you're looking at these numbers and you're saying, what do I do I am trapped. so they're the ones who must be really anxious tonig Harry. What other numbers? I mean, look, we've been talking about it. Donald Trump's overall approval when you put it all together, is the worst on record at this point through 100 days. And the fact is, the only one who anywhere close to Donald Tru was him in his first term at 44% 27:04 He's a dozen points behind Joe B two dozen points basically behind Barack Obama and George W The bottom line is, what Donald Trump is doing right now is not working the minds of the American people And I can guarantee you this if Donald Trump's approval ratin come November of 2026, you can kiss goodbye that House majority for the Repu And there's a decent chance as w they could blow the Senate as we which is something I never thoug could possibly happen given the I like that you actually went through on the actual kiss. What? Listen, everyone takes on President Trump's reliable ra for his handling of the economy Harry Enten breaks down polling on Trump and economy are taking a major hit. A brand new CNN poll shows at 59% of the American people now say President Trump's polici have worsened economic condition in the country, an 8% increase from just last month. And this is before the federal j cuts and impact of Trump tariffs CNN's hairy entrance at the Magi Explain for us the reasons behind this and more in Harry. President Trump usually rates 28:04 really, really well on this. His latest approval rating on the economy is on par with the worst numbers that form President Biden saw during his presidency. Oh, I mean, I think the statistical definiti of what the numbers look like on our new CNN poll is Or maybe you, we can start off exactly where you were pointing out, rig In terms of the policies worsening the US economy. In March, it was 51%. And now look at this. Up to 59%. He is going in the wrong directi going in the wrong direction on And this speaks to the overall s of the economy. Right, Jake? What are we talking about here? We're talking about rate the US economic conditions as po as you were mentioning, or at least hinting at Donald Trump was elected to fix the economy. But yet when it comes to rating economic conditions is poor. A year ago, when Joe Biden was p 29:01 it was 70%. You flip forward to now it's 71% That's within the margin of erro It's actually a point worse. So what we're seeing here is that Donald Trump is in fact, not fixing what the American peo put him in charge to fix as basically the same percentage of the American public rate the economy as poor. Disgusting. What I think another way to put it, what are Americans increasingly concerned about rig Yeah. Okay. So you see these two numbers being the same. But it turns out their concerns the economy are not exactly what they were. What are we talking about here? Well, let's take a look here. Families top economic problem say a government policy is the top economic probl for their family. Look here in June of 2024, it wa in April of 2025. Look at this. It's 21% more than double what what government policy might have been instituted during the Trump presidency to make this percentage double. Well, maybe it was tariffs, maybe it was tariffs. And why do we see tariff policie Trump is, of course, making the argument 30:04 that even if in the short term, the policies may in fact hurt the economy, maybe in the long t they won't. While Donald Trump is not winning this argument, what are we talking about? Trump's tariff policies will hurt the economy. Well, in the short term it's 72% But even in the long term, even if it's a lower percentage, you still get the majority 53%. The bottom line is in this particular poll, when it comes to Trump's economic policies, I just don't see any bright spot pick up. So I can I can anticipate President Trump when he when he gets polls that he doesn When you see, here's the polls he doesn't like he attacks the p It's not like they're legitimate and he's doing anything wrong or the American people are wrong It's that the polls, the pollsters are wrong. So this is CNN poll. What do other polls show? You know, I remember an interview that Brianna Keilar did with Michael Cohen back in 2016. He said, what numbers, what poll And she said polls, all of them. And in this case, it is polls, 31:00 all of them. What are we talking about here? Trump's net economic approval ra Look at this. Negatives. Negatives across the board CNN 22 points underwater CBS 16 points underwater. Fox 18 points underwater, the New York Times 12 points und and the ABC News Washington Post 22 points underwater. It doesn't matter what poll you're looking at, if it's a scientific Paul, it shows that Trump is way underwater on the economy and it is dragging his presidenc with him. Jake. Well, who are you going to belie or your lying eyes? Harry. Well, there you go. Thank you so much. In the politics lead, just a few hours ago, President Trump met with House s Mike Johnson at the white House. The meeting came after House Republicans unveiled the first d of their sweeping bill to implement President Trump's a CNN's Manu Raju is on Capitol Hi Manu, you spoke with Speaker Joh What did he have to say about hi with President Trump? Yeah, this meeting was about the politics, Jake. In fact, it's about the midterms next year. And I asked him about concerns about Donald Trump's sinking approval ratings, about how number 32:04 majority of voters, according to not just our poll, but many polls show that Donald Trump is slumping and the economy is underwater on key issues, even on issues like immigration, whether or not he is worried that they could impact Republicans razor thin majority in the House potentially leading into Democra taking the House next year. And he brushed off those concern and contended that the GOP would be on offense in the November 2026 midterms. I'm not worried at all. I just had a great meeting with the president at the white and he's in good spirits. We talked about the upcoming rac the midterm elections, and we're very bullish on the American public souring and its pulse. Listen, you know, these are presidential terms are rollercoaster. Sometimes, there's been a little tumult in the markets with the tariff policy and all o But I think all this is settling And Johnson went on to predict that the Republican bill to impl the Trump agenda would juice the 33:00 he promised, which could change their fortune come next November. And, Jake, that part of that bill released over the weekend were d about how they would spend billions of dollars, more than $150 billion on national defense prog as well as roughly $70 billion or so on new physical barriers along the southern border with M There are a whole host of other that are still not been released as part of the larger agenda. But Jake, they are on an aggressive timeta to try to get this done this mon Something out of the house by Memorial Day that could be very difficult her And just moments ago, Scott Bastian, the Treasury secretary, was meet with Republican leaders in the H and the Senate. They still didn't resolve how to deal with the major overhaul of the United States ta But he did say they're closer on front, Jake, is the is the overhaul of the tax code the only unresolved issue that could derail Speaker Johnson's plans to have this pas by Memorial Day? That's one of the trickiest issu but is not the only one, the oth dealing with spending cuts. 34:01 The House Republicans are trying to push f $1.5 trillion in spending cuts as part of the plan. But the question is, Jake, where do those cuts actually com They have promise not to impact benefits for people who are receiving them from Medi as well as Medicare. But can they do that reset level without impacting benefits and p that are important to voters, particularly voters in Republican districts as well, and in swing districts in partic That's are all major questions Republicans have resolved. Not just that, but also how to raise the nation limit as well. This Treasury secretary also tol Republican leaders that they could make a new proje on when the U.S. economy could d If a debt limit is not raised, it could make that projection by maybe next week, sometime or the week after. And that could have a big impact in determining the Republican ti to gain this larger bill. Done,

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