hello, i'm wolf blitzer. it's 1:00 p.m. here in washington. 6:00 p.m. in london. 7:00 p.m. in brussels. wherever you're watching from around the world, thanks very much for joining us. we're following breaking news. the shock felt around the world. in a stunning decision, britain is ending its 43 yearlong relationship with the european union with the first meeting happening on wednesday. to just start the process of working out this divorce. and the prime minister won't be sticking around to see the divorce completely through. it was a deeply divided vote in the uk. in the end, 52% of the voters chose to leave.

48% wanted to stay. as a result, british prime minister david cameron announced he would be resigning. >> i will do everything i can as prime minister to steady the ship over the coming weeks and months. but i do not think it will be right for me to be the captain that steers our country to its next destination. >> the fallout of the markets was tafast and furious. global markets tanked. british plummeted, close to the lowest level this 30 years. here in the united states, the dow went into free fall when the markets opened shedding 520 points. take a look at the numbers right now. they certainly are not much better at all. president obama who had urged the british voters to stay in the eu put out this statement and i'm quoting him now. the people of the united kingdom have spoken and we respect their decision. the special relationship between the united states and the united kingdom is enduring. so too is our relationship with the european union.

the united kingdom and the european union will remain indispensable partners of the united states. that's the president's statement. by the way, he's expected to speak later this hour in palo alto, california, we'll bring you his remarks live once that happens. stand by for that. the presumptive republican presidential nominee, donald trump, he's in scotland today saying the brexit as it's being called is a very similar situation to what's going on here in the united states. >> i really do see a parallel between what's happening in the united states and what's happening here. people want to take their country back. they want to have independence in a sense. and you see it with europe all over europe. you're going to have more than just, in my opinion, more than what happened last night. you're going to have, i think, many other cases where they want to take their borders back. >> the presumptive democratic presidential nominee, hillary clinton, issued her own

statement saying we respect the choice of the people of the united kingdom. have made th. this time of uncertainty only underscore it is need for calm and to support our friends and allies, stand up to our adversaries and defend our interests. a statement from hillary clinton. the uk's decision to leave the european union, sending shock waves through financial markets around the world. here in the united states, the dow plummeted more than 500 points right after the opening bell. >> three to go. we see the losses accelerate for all the major. they expected britain to vote to

stay in the eu and woke up finding out the vote went in the other way. they try to unwind. that was to buy into the market and instead, it's turned into quite a black friday where we see this selloff happen. >> are we expecting long-term effects on the u.s. market, alison? >> depends who you ask. some say this is a oneoff and others say this kind of gloom could weigh on the market for some time, especially if you see the brexit affect the global economy. case in point, the imf said the uk could now dip into a recession. if that happens, then the fear becomes contagion and the question becomes, could europe be next? and then the u.s. co could the united states be next after this? the worry about that interconnectivity and the weight on the uk and making this decision, that could still weigh over the market for some time, wolf. >> certainly could.

alison kosik. thank you. as the decision reverberates around the world, world leaders react swiftly. >> scotland faces the prospect of being taken out of the eu against our will. i regard that as democratically unacceptable. >> this painful choice which i deeply regret. >> we cannot jump to quick conclusions because this would have a further rift within the european union. we need to be calm and analyze the situation. >> cnn has reporters all over europe, across the globe covering this story from all angles. cnn's and erin mclaughlin and matthew chance standing by live in moscow. let's go to london.

it changed the course of the country's history. you spoke to the uk independence party leader, nigel farog. what did you ask and what did he say? >> reporter: it was extraordinary, wolf. i asked him whether he quite believed it and he said no. the level that both sides of this campaign, they were big on slogans but really very sparse on details. that is now starting to hit home here because even this morning, he had a lot of very big bold answers. but he didn't really have any of the fine details of how this would happen. he said the relationship with the u.s. was going to continue to be closer than ever despite barack obama's warnings to be able to continue to play a key role in terror and cooperation,

the global war on terror and really nothing that concrete. the reality is that one voter said to me, the entire nation feels as realization dawns almost it's waking up to a hangover. wolf? >> many are wondering how big of an impact this will have on the european union. outside of the eu. headquarters there in brussels. how are eu officials reacting? >> reporter: eu leaders are trying to reassure people. we hear expressions of unity, sorrow, respect for the democratic process but also hear expressions of resilience. president of the european council, donald tusz, saying what doesn't kill you makes you stronger. and at the same time, there is growing concern here in brussels about euro skepticism across the continent. we've heard for calls for similar referendums in countries such as france as well as the netherlands and that is going to impact any sort of an exit negotiations that uk might

undertake with the eu. i spoke to a senior diplomat who said there will be no niceties in the negotiations. there is no eu leader that wants to see a brexit look like an attractive option to other eu member states. wolf? >> interesting. the russian president putin may be one of the few leaders around the world supporting this decision. what's the reaction over there in moscow? >> yeah. that's right. i mean, putin, of course, is under sanctions from the european union, so it's seen as being in his interests for the eu to be divided in some way. tweeting earlier, putin benefits from a weaker europe. this vote makes europe weaker. therefore, putin wins. putin feels less pressure today. that was the word from the british foreign secretary. and putin absolutely categorically denies this. he said, i don't care whether or not britain is in or out.

he said these allegations against him that he's going to benefit are merely an attempt to smear him and an attempt to manipulate public opinion inside britain. but even his supporters here in russia are backing up those critics. the mayor of moscow saying that without britain in the european union, there will be less of a strident voice now to back up sanctions against us. against russia. so the hope in russia is without britain or europe, it will be much weaker sanctions than the ukraine. >> interesting. erin mcloughlin in brussels. thank you to all of you. the magnitude of this decision can not be stressed enough. the reverberations not only felt today but in the weeks, months, and indeed, years to come. tony blair served as the british prime minister for ten years and voted to remain in the european union. the prime minister joining us from london.

prime minister blair, thank you very much for joining us. i know you're disappointed. markets all over the world right now are down. world leaders spoke out shortly after the vote. angela merkel calling it a cut to europe. what's your biggest concern right now? >> my biggest concern about the voters is it's a vast moment with consequences for britain, the global economy and the beginning of a process in which britain will have to try and negotiate its way out of europe, negotiate new arrangements with europe. this is going to be very difficult and i think there's an urgent need to stabilize the country to bring it together and i think frankly, we're going to have to reflect all of us that come from the center right of left on the consequences of this type of campaign for where politics goes in the western world right now. since i think these type of insurgent movements are common everywhere within europe, within the west, but this is a huge

experiment with my country's future. >> it certainly is. and you're obviously very worried. we have more on the point you made in a moment. but as you know, analysts were clearly expecting a close vote. some predicting late yesterday that the, quote, remain vote would win. were you surprised that the lead vote won by over a million votes? >> yes, i was. and i think they focused their camp very much on immigration. that that really became the test and i think there was a lot of discussion about britain taking back control of its own destiny, although when i was prime minister for ten years, i literally cannot think of a big decision i was unable to take because of europe and i think part of the labor party vote and was voting obviously on issues like immigration but also voted against the government of the day and we didn't, frankly, as the labour party mobilize our vote to understand this was not

a protest vote for yesterday, thursday, june the 23rd, the people were the government. and the people took a decision of government. >> so you were concerned that the driving force that convinced millions of british citizens to choose to leave the eu was the fear that immigrants coming in to, let's say, other members, countries of the european union would be easily able to come in to britain and come there. that was the biggest concern in britain? >> the biggest concern was definitely immigration and the whole other thing got mixed up in this. as you know from the u.s., we can see it anywhere in europe today, this issue to do with immigration has the power to move electorates in a very sharp and clear direction. and there was a worry that, as a result of part of the european market, this free movement of people within that market, we have a lot of people migrate from different parts of europe

to come and work here in the uk, but the majority of our immigration is actually not from europe. it's from outside of europe and that's not changed by this decision. and those people that come in from eastern europe or elsewhere in europe into my country, frankly, they pay far more in taxes than they take in benefits and tend to work hard, pretty decent members of our community. this is a vote in which i think, as the days and weeks and months pass, people will reflect very deeply on how many of our real problems have been solved by this decision. but they've taken the decision and obviously, it's a big jolt to those of us who really thought that it was near impossible for britain to take a decision like this and take ourselves out of the largest political union and biggest commercial market in the world.

>> immigration has been a big issue here in the united states. donald trump said he saw parallels between the vote in the uk and the kind of support he's seeing here in the united states. do you agree with him? >> actually, on this point, i do agree. i think there are parallels. but, you know, the question is do those parallels take you in a good direction or bad direction? and, you know, the most important thing to understand in the end is that over these days, weeks, and months ahead, people will be able to see the consequences of this vote because what we're going to have to do in britain is we're going to have to single market is where we sell half of our goods and services. so this is a massive market for us. we're going to have to try and negotiate our way back into that market and this process, i think, will be a lot more difficult than people understand. this is not like a decision whether to join europe. it's a decision whether to come out of europe after more than four decades of integration with

europe. so i think yes, there are parallels with these insurgent movements, left and right and your way, our way, but the question will be over time, are these experiments going to result in a good outcome or not? >> i'm curious, what do you think of donald trump? >> look, who you elect as president is up to you. let me just put it like that. but what i do think is that there is a strange coming together of populism from the left and the right that you would think that populism of left and right doesn't have much in common but curiously, they have a lot in common. they basically take this force of globalization, which is a force that is driven by people, it's not created by government. it's the product of technology, it's the product of migration and the way the world's moving closer together, the ability to

travel, and they stand against this force of globalization. in different ways, but still thinking that isolating ourselves or shutting our borders is the way to deal with it. it's not. the way to give jobs to people who are marginalized in our society is better education, build the right infrastructure, develop the jobs of the future, make sure that we use technology in order to improve and change our public services and government. there are solutions for the future that we've got to put forward before people and the danger is that so much anger at the moment that the anger displaces what are frankly the more rational answers. >> you know the president, president obama, he was in the uk in april and he seemed, he clearly wanted the uk to stay in the eu and he seemed to deliver a direct threat to the people of britain. listen to this. >> i think it's fair to say that maybe some point down the line,

there might be a uk/u.s. trade agreement, but it's not going to happen anytime soon because our focus is in negotiating with big block of the european union to get a trade agreement done. and uk's going to be in the back of the queue. >> was that appropriate for him? because the criticism was, he was inappropriately intervening in domestic uk issues. >> i don't think he intervened inappropriately. and, you know, at some point, we could work out the difference between a threat and a warning. one of the things that people like myself are accused of here during the course of this campaign, when we were saying we should stay in europe, we were accused of scare mon gegering w we said they would be huge economic consequences. you see what happened in the pound today in the stock market and the discussion about uk's credit rating and then we said, if we vote to leave, there are going to be serious consequences

because scotland will say, if we vote to stay in europe, and the rest of britain votes to come out of europe, we'll want a fresh referendum on independence. again, people said, you're just scare mongering. we were warning, and today, the leader of the scottish national party and the leader of the scottish parliament said that. they want a fresh referendum. when people like president obama are saying, i'm trying to warn you of the consequences, they're not intervening inappropriately. they're simply saying, look, we're trying to say to you, this is what actually happens when you go down this path and part of the trouble with the world we've got today is that, you know, the problems are complicated. and there is a real problem everywhere that people are feeling their incomes are flat lining. they can see their communities changing around them. they feel, in a sense, lost control over their own destiny

and that feewas a very strong feeling in the uk but getting out of europe is not the answer. in a world that is coming together much more, you're better able to achieve your aims in alliance with others rather than thinking that if you pull up the drawbridge, you're going to make your problems better. you're not. so this is, you know, an argument that i think will go on both sides of the atlantic and what has happened in britain is one dimension of what is truly a kind of global debate and i do think the people like myself on the center left of politics and those on the center right, we've got to work out how we've lost traction so badly and how we regain it. >> quickly, we're out of time. who do you want to succeed, prime minister david cameron, who said he will resign? >> that's for the conservative party to desicide. the most important thing is when david cameron, he is still prime minister, he does everything he can to stabilize it and i'm sure

he will try to do that. >> tony blair, the former british prime minister, thank you for joining us. >> thank you. and coming up, donald trump gets a global stage during his trip to scotland today. but before talking about brexit, he talks about his new golf course. >> we fully renovated the course. brand new sprinkler system. the highest level. . >> take a look at this. live pictures from stanford university. the president of the united states getting ready to speak there. we'll have live coverage. we anticipate he will react to this significant decision by the uk to leave the eu. this company's servers. accessible by thousands of suppliers and employees globally. but with cyber threats on the rise, mary's data could be under attack. with the help of at&t, and security that senses and mitigates cyber threats, their critical data is safer than ever. giving them the agility to be open & secure.

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scale on demand with the number one company in cloud infrastructure. as we watch history unfold in the united kingdom right now voted to leave the european union, donald trump whether by careful cooperation or by coincidence at the center of it all in scotland. trump landed there early this morning to visit his new golf resort at the property of the republican presumptive presidential nominee had the world's attention and this is how he used it. >> to think that we'd be here owning turnberry one day is

incredible. we have taken the building and made it something special. brand new sprinkler system. the highest level. a lot think this will be the greatest par 3 anywhere in the world. >> trump spoke about the golf course in detail for 13 minutes, eventually answering questions after his son also spoke. our political reporter sara murray was at the event and now joining us live from the event in scotland. some are baffled by donald trump's approach right now. was it a surprise to those of you on the ground? >> reporter: wolf, i feel like this is a case of donald trump being in the right place at the right time. it was very interesting to see him come out this morning though. he sort of briefly flicked at the brexit vote and talked about how it was a historic day and momentous occasion and then you saw there launched into a very long explanation of the upgrades

he's made at his trump property here and facing a little bit of criticism for the fact he's essentially running a business while he's running a campaign for the white house and i asked him about that today. take a listen. mr. trump, 7 in 10 voters want to see you cut ties with your business while running for the president of the u.s. while you're running though? >> i will do though. i don't think it matters while i'm running. nobody had this big of a business and runs for president rin wynn wins. i would probably put everything in trust. >> trump property we visited during your presidential campaign, why do you continue to have events there? >> number one, i have the best properties. okay? and you can say that. i will say a lot of press has said, whether you like him or not, there's no properties like that. you don't get to see that otherwise, but i have the best properties and why should i use somebody else's properties?

>> reporter: now, wolf, at times, traveling with donald trump has felt like a promotional tour as it has being on the campaign trail but spoke more about the brexit today. he drew parallels between the angst and anxiety over the economy and immigration here in the uk and it's similar to voters back in the u.s. but once again, brought it around to his business interests saying if the pound takes a hit as a result of the brexit, that's only good news for his resorts and might inspire more visitors to come to a close like turnberry. >> thank you very much. sara murray in scotland for us. let's talk more about donald trump's response. other ways the brexit results could impact the u.s. election. joining us now are cnn political analyst, the host of "the david gregory show podcast," david gregory and susan page. thank you very much for joining us. i was watching "new day" this morning and having the news conference live. you seem almost dumbfounded by

his opening statement f yif you will. >> we've all covered presidents or anyone trying to be a world leader on the world stage and in a moment like that, you expected him to at least address the brexit vote off the top and with a note of caution but doesn't even talk about it until he's asked about it and frankly, i mean, it's impossible not to ridicule. he's talking about adding suites to the lighthouse behind him while pursuing the white house. it was just another aspect of the surreal quality of the candidacy. a real missed opportunity and again, i think for voters in america looking. they see a presumptive nominee trying to prove some and quite shac shaky at the very best. >> he said there are parallels to what's happening over there to what's happening here in the united states. >> it's clear there's some political parallels. the u.s. electorate is more

diverse but the concerns about immigration and the feeling the people are left behind in this economy, the decline of manufacturing, those are all elements that we saw in the brexit vote that we also see in the presidential election here. and also, some of the divides in the e lk tralectoratelectorate. older people voting to go. younger people voting to stay. people without an education voting to go. those with better education to stay. those are some of the divides we see here. >> big institutions, distrust for elites. i thought that was an aspect of what trump said in the q and a that was effective and a reminder of trump seizing on the populist message that has been very effective for him politically in his primary run and he was able to tie that in to what's happening there. >> you heard tony blair saying immigration was a huge factor in the uk just as it is here in this current election cycle. >> also, a willingness to take a risk. the elites in great britain said it's very risky to do this. big economic consequences.

here too, i think the opinion of elites is mattering less than it often does when you talk about the risk of voting for donald trump. >> we stand by to hear from the president of the united states and a statement on this. not very happy. certainly did not want britain to leave the european union but trump interestingly enough said the president has himself to blame for this decision. listen to this. >> i was actually very surprised that president obama would come over here and would have been so bold to tell the people over here what to do. and i think that a lot of people don't like him. and a lot of people voted. i think if he had not said it, i think your result might have been different. but when he said it, people were not happy about it. and i thought it was totally inappropriate. >> interesting. to test that proposition because there is an aspect to kind of the globalized elite political structure saying, don't do this. because it's bad. economically and for the concept

of europe and people say, no. we don't want that. what i thought trump was effective or dangerous depending on your point of view was the brexit vote today not somebody with a polished view of the world but as a business guy. and his impressions of what will happen. i think there's a lot of people here say, yeah, some of that makes sense and i think some of the voters who hear politicians like a tony blair or president obama or others say don't do this, we have to stick to the globalized order, no, there's got to be something better because we don't trust these big institutions anymore. >> here's another clip, susan, from what the president said in april when he was in the uk speaking on this very sensitive referendum. >> i'm not coming here to fix any votes. i'm not casting a vote myself. i'm offering my opinion. and in democracies, everybody should want more information, not less. and you shouldn't be afraid to

hear an argument being made. it's not a threat. that should enhance the debate. >> a lot of people in britain, as you know, they saw it as a threat when they said, you know what? when you leave the eu, we'll negotiate new trade deals with the eu. you're a much smaller entity than the eu. you'll be at the end of the queue. he said that was bitterly seen by a lot of british citizens that the president was interfering with their domestic affairs. >> and of course, president obama is not just a commentator on cnn as powerful as those people are, he's president of the united states. when he makes that kind of commentary, i think it carries a little bit of a threat of a sting and now you see a situation, of course, we understand why president obama spoke up. there's some economic consequences we're going to see in the united states as a result of this decision. there's going to be some shifts in the political dynamic and strategic partnerships that we have. i mean, i think it strengthens germany's hand as a partner to

the u.s. but great britain has. >> in terms of the u.s. election, hillary clinton, donald trump, is this seen as a good move, a good step for donald trump right now? is this a win for him, the decision in the uk? >> i think it cuts two ways. doubles down on his political philosophy depending on your perspective is refreshing or dangerous. and i think hillary clinton has to see this populism sweeping across the globe and find a way to deal with it. the problem for donald trump is we look at our screen here. the dow off almost 500 points. the economic shocks from this decision which will play out in the days and weeks and months ahead could be a real warning sign to american voters about this kind of politics and that may hurt trump especially on the first day in scotland. he went so far out there saying, no, this is a good thing. >> lovely golf course out there. >> apparently. >> may be sold out after his big coverage. >> he's got some good publicity for that. david gregory, susan paige. thank you. we stand by to hear live

from president obama getting ready to speak about the uk's historic vote to split from the european union. we have live coverage of that. stand by. he's out at stanford university in california right now. who hugs a friend. who is done with treatments that don't give you clearer skin. be the you who controls your psoriasis with stelara® just 4 doses a year after 2 starter doses. stelara® may lower your ability to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tuberculosis. before starting stelara® tell your doctor if you think you have an infection or have symptoms such as: fever, sweats, chills, muscle aches or cough. always tell your doctor if you have any signs of infection, have had cancer, if you develop any new skin growths or if anyone in your house needs or has recently received a vaccine. alert your doctor of new or worsening problems, including headaches, seizures, confusion and vision problems these may be signs of a rare, potentially fatal brain condition. some serious allergic reactions can occur. do not take stelara® if you are allergic to stelara® or any of its ingredients. most people using stelara® saw 75% clearer skin and the majority were rated as cleared or minimal at 12 weeks.

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show me "previously watched." what's recommended for me. x1 makes it easy to find what you love. call or go online and switch to x1. only with xfinity. president obama has been briefed on the stunning vote by britain to leave the european union. we expect to hear from the president literally any moment and speak at stanford university part of a panel discussion with the facebook ceo mark zuker berg. we'll have live coverage momentarily and hear the president's words on this historic decision by the uk. we also heard from the vice

president, joe biden, just a little while ago during a speech at the dublin castle in ireland and talked about the fears that may have led to the brexit vote and the politicians who play to those fears. >> we see it in europe, we see it in other parts of the world. an we see it in my home country, where some politicians find it convenient to scapegoat immigrants instead of welcoming them. to play to our fears, to play to our fears rather than, as abraham lincoln said, appeal to our better angels. to divide us based on religion or ethnicity rather than unite us on our common humanity, build walls instead of bridges, it has been un-american what we have been seeing. it's not -- i'm here to tell you it's not who we have become.

it is not who we are. >> the vice president clearly referring to donald trump, the presumptive presidential nominee. the stunning vote to leave the european union reflects deep divisions in the uk over issues like immigration and globalization. our senior international correspondent frederik pleitgen. one of the highest leave votes in the uk. fred, what are you hearing from the people there about why they wanted to pull out of the eu? >> reporter: hi, wolf. you're absolutely right. it's a high percentage of people who want to leave the european union. it's about 70% of the people who did vote in this referendum for the leave campaign. and also, they had a really high voter turnout here as well. more than 70% of people actually turned out and i did ask some of the folks here who are coming by here why exactly they voted that way. a lot of them were talking about

issues with immigration. they felt that was something that was not being handled well. both by the current government in london but also by the european union as well and the other big issue was the economy. a lot said they felt left behind in the past couple of years. as, of course, this country has advanced economically but many say the european union was at least in part at fault for themselves having a lot of trouble finding jobs and finding good-paying jobs. the other thing that we also asked the folks as well here is what do they think of the consequences of all of this are going to be? we've seen the pound, for instance, drop a lot. we've seen the stock markets drop a lot. most of the folks we speak to here say believe that's something temporary and say it's going to rebound and a lot believe in the long term, the economy here in this country could be better off than it was better. you certainly do see a lot of people who are quite disgruntled at their current situation and who certainly believe that they'd be better off without the

european union, wolf. >> fred, thank you very much. fred pleitgen reporting. as britain bids farewell, dow plunging nearly 500 points. we talk to an economic analyst about how bad it could get. live pictures coming in from stanford university. we're expecting president obama to speak specifically on the brexit vote. when he takes to the stage at this event, that's coming up. we'll have these comments live once he gets to that stage. who hugs a friend. who is done with treatments that don't give you clearer skin. be the you who controls your psoriasis with stelara® just 4 doses a year after 2 starter doses. stelara® may lower your ability to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tuberculosis. before starting stelara® tell your doctor if you think you have an infection or have symptoms such as: fever, sweats, chills, muscle aches or cough. always tell your doctor if you have any signs of infection,

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with official reaction to the united kingdom's decision to leave the european union. we're standing by for live coverage. we'll hear what the president has to say. u.s. markets there reeling for britain's vote to leave the european union. look at this right now. the dow jones industrial is down almost 500 points. we'll be watching the markets throughout the day. for more on how the brexit vote could impact the united states, your finances here in the united states, indeed, around the world. chief commentator. thank you very much for joining us. how unprecedented is this decision by the uk? >> it is pretty unprecedented. one of the countries joining ever more deeper economic trade agreements. this is the first time a major economy has made an affirmative decision to leave one as important as the european union. one of the reasons markets are upset is that this is the first of a series and a referendum in countries like france,

netherlands, sweden and this fall, we could nominate donald trump. >> this could lead to a global recession. is that realistic? >> probably overstated at the time. this is not like lehman brothers. we don't have a large number of banks going bankrupt. it's not like greece. it's not about to replace pounds with a different currency but the uncertainty over britain. why all of these rules and arrangements get rewritten. but whether other countries follow the same direction. that's going to be very negative for business investment and business investment has been the single biggest part of the economy lately. >> down about 500 points. how worried should american investors be right now that their 401(k)s and other investments would be in trouble? >> you see an adjustment downward to identify the fact that the world is a riskier place. earlier this year, when the chinese were devaluing their

currency. i do see what's happening as a portend of a much deeper bear market. i would not have to feel something you need to prepare for. but it does tell you the world is a much more uncertain place and economic growth weaker than it was. >> what would be the impact if it went the other way? >> a modest rally. in the days before the vote, the polls seem to show it was getting the momentum and begin to rally. we see today, such a shock to what investors had already -- >> you agree with tony blair, the former british prime minister that it was to vote against staying in the eu? >> absolutely. if you look at the polls before the referendum, what is the most important issue to you? 30% sad sovereignty, classic of the european union and 50% said immigration. i think that if immigration hadn't been there, in fact, if this vote taken place five or six years ago, that remain would

have won quite soundly. >> thank you very much. live pictures coming in from stanford university. the president, president obama, expected to react to the brexit vote any moment now. his comments. you'll see them. you'll hear them live right here on cnn. neutrogena® makeup remover does. it erases 99% of your most stubborn makeup with one towelette. need any more proof than that? neutrogena. what are you doingetting faster. huh? detecting threats faster, responding faster, recovering faster. when your security's built in not just bolted on, and you protect the data and not just the perimeter, you get faster. wow, speed kills. systems open to all, but closed to intruders. trusted by 8 of 10 of the world's largest banks. hmmmmm.......

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welcome back. the president of the united states now being introduced by the president of stanford university, john hennessey. the president will be speaking momentarily. we're told he will open his remarks with u.s. reaction, official reaction to the stunning vote, the historic vote by the uk to leave the european union. we'll have live coverage of the president once he starts speaking. take a look at the dow jones, the nor new york stock exchange. it's been pretty steady like that all day. a lot of investors are wondering, will it stay at 500? will it go up, will it go down? is this just a one-day reaction, or is it going to be a reaction for days and days, weeks and months? >> i think it's more likely to be a one-day reaction, mostly because what i see today are investors and traders repositioning them for an outcome they did not expect.

if this were the first of a series of dominos, like we saw during the global financial crisis, you might want to brace for more days ahead. but i should caution there's a lot we just don't know at this point. this vote doesn't end the uncertainty, it just gives us more of it. first of all, the uk has to arrange a treaty to withdraw from the european union. then it has to arrange a second treaty. then it has to sign about 50 new treaties with other countries, with which it previously only had relations via the european union. and then there's the regulatory law that is no longer effective in the uk because it was done by the eu. so that basically creates this wall of uncertainty. as we were talking about earlier, it also gives i think energy to the populous. you actually saw the markets fall more in europe. let's say france is taken out of the european union. that would be a big blow.

>> yeah. the president of the united states has been introduced. he is now going to be speaking at stanford university. we'll listen to the president. >> thank you so much. thank you. thank you. thank you very much. thank you. everybody have a seat. thank you so much. thank you. oh, thank you so much. this is a good-looking group. thank you. well, first of all, let me thank president hennessey for the introduction, and the entire stanford family for letting us take over the campus for a few days. as some of you know, john is stepping down after 16 years as president of stanford. fortunately for me, i cannot do that. to just stick around longer than

my term limit. john, i'm sure there's some people who want you to stick around longer. but i'm confident that you're going to do extraordinary things, and we could not be prouder of john hennessey and stanford and all the great work that they have done. so please give him a big round of applause. [ applause ] now, it's summer break. just so all of you know, stanford is not always this quiet. this school is unique. folks ride on bicycles everywhere. and athletes are also computer engineers. this is the place that made nerd cool. [ applause ] we are thrilled to be here. i know i'm not the first speaker

that you've heard from, but many of you have traveled here from a long ways. we've got more than 170 countries from every region in the world represented. some of you, this is the first time you're visiting our country. so let me just say on behalf of the american people, not only welcome to our global entrepreneurship summit, but welcome to the united states of america. [ applause ] we are glad to have you. i am not going to give a long speech, because what i really want to do is have a conversation with some outstanding young people who are part of our panel, and we're going to introduce in a moment. but i do want to begin by offering some opening thoughts about the time in which we gather here today. and i'm going to start with the british people's decision to leave the european union. the vote that took place yesterday. just a few hours ago, i spoke

with prime minister david cameron. david has been an outstanding friend and partner on the global stage, and based on our conversation, i'm confident that the uk is committed to an orderly transition out of the eu. we agreed that our economic and financial teams will remain in close contact as we stay focused on ensuring economic growth and financial stability. i then spoke to chancellor merkel of germany, and we agreed that the united states and our european allies will work closely together in the weeks and months ahead. i do think that yesterday's vote speaks to the ongoing changes and challenges that are raised by globalization. but while the uk's relationship with the eu will change, one thing that will not change is the special relationship that exists between our two nations. that will endure. the eu will remain one of our indispensable partners. our nato alliance will remain a cornerstone of global security, and in a few weeks we'll be

meeting in warsaw for the nato summit. and our shared values, including our commitment to democracy and pluralism and opportunity for all people in a globalized world. that will continue to unite all of us. and that is the work that brings us here today. the world has shrunk. it is interconnected. all of you represent that interconnection. many of you are catalyzing it and accelerating it. it promises to bring extraordinary benefits. but it also has challenges. and it also invokes concerns and fears. and so part of why this global entrepreneurship summit has been so close to my heart, something that i've been so committed to is because i believe all of you represent all the upside of an