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Other stuff. >> valerie jarrett, we appreciate you coming on. thanks so much. >> thank you. and we're following a lot of news. so let's get right to it. good morning. welcome to your "new day." it is wednesday, april 4. %-p. xwrats to ha great to have you. there are new fears of a twrad w trade war. and it plummeting. set for a 500 point drop. this after the trump administration detailed new tariffs on chinese imports. president trump insisting that the u.s. is not in a twrad wrad with china. and the "washington post"

It's list of tariffs. and it seems like this is spiraling towards a full blown trade war here. >> how are markets reacting? >> exactly. and markets are not reacting well at all. the news came out an hour ago and we saw a 400 point drop in dow futures. so pointing to an opening of 2% lower. and of course china responded tit for tat, $50 billion worth of tariffs on chinese chinese as well. and that includes soybeans, car, beef and aircraft. and all of those sectors in plea market trading are down 4%. soy futures down 4%, autos down 4%. and one thing i should say is that it is merely a proposal. ...

Bill which would have triggered a government shutdown before signing it any way. yesterday he announced new tariffs against china setting off an 1,100 point drop in the dow jones over two days. in the midst of negotiations with special counsel robert mueller over the terms of a high-stakes face-to-face interview, trump just lost john dowd, the lead attorney on his personal legal team, the only one with the reputation as an experienced criminal defender. that leaves trump with two lawyers who are known as right wing activists and pundits and one brought on this week may not even be sticking aro...

>> certainly there is a risk that interest rates will spike. i think what you saw last week we started these wild gyrations in the stock market. that thousand point drop we had on monday of last week was only the 99th largest reduction on a percentage basis. even though that doesn't point sounds like it's dramatic, in the history it's not that large of a swing. what triggered that is not the fact we were overheating the economy but we were borrowing too much money. the treasury had reached out to primary dealers last week. >>chris: but now you have to borrow more money. >> to anticipate the ad...

>> certainly there is a risk that interest rates will spike. i think what you saw last week we started these wild gyrations in the stock market. that thousand point drop we had on monday of last week was only the 99th largest reduction on a percentage basis. even though that doesn't point sounds like it's dramatic, in the history it's not that large of a swing. what triggered that is not the fact we were overheating the economy but we were borrowing too much money. the treasury had reached out to primary dealers last week. >>chris: but now you have to borrow more money. >> to anticipate the ad...