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QUEST MEANS BUSINESS
First Time Dow Closes above 19,000; Trump Pulls Plug on TPP; U.K. Rejects Trump's Call for New Ambassador; U.K. Government Set to Miss Deficit Target
Aired November 11, 2016 - 16:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
RICHARD QUEST, CNN HOST: The closing bell ringing on Wall Street. The next generation about to close. The Dow goes over 19,000. Yes. That is
what you call a robust, firm gavel. Over here, look at it, it's over 19,000 for the first time and it is Tuesday, it's November the 22nd.
QUEST (voice-over): Tonight: TPP, RIP. Donald Trump has killed off the giant trade deal. Australia's finance minister gives his reaction live
tonight on this program.
Two ambassadors are not better than one. The British government politely rejects Trump's latest suggestion for their man in Washington.
And a new grand master of TV on demand: we sit down with Jeremy Clarkson.
I'm Richard Quest and we have a very busy hour ahead together and I mean business.
QUEST: Breaking news on the markets. The Dow Jones industrials has closed above 19,000 for the first time in history. Shortly after the opening
bell, the market went straight up like a rocket, 19,000 was seen. It fell back shortly during the course of the day.
There you are. That's where you see it going up and over to 19,000 at the beginning. We did wonder if it would hold that level around about
lunchtime but then in the afternoon the buyers came back into the market and up it went again.
And because all of the other indices, the S&P 500 and the Nasdaq composite were higher, they're up at record levels.
Now for those of you that like statistics, it took the best part of 76 years for the Dow to do its first 1,000 points, it took 483 days to climb
from 18,000 to 19,000. With records across the markets, all three indices closing at a record high for the second straight day.
Paul La Monica is at the New York Stock Exchange.
Why does this rally continue, Paul?
I know it is about infrastructure spending, lower taxes, economic growth but there is another side to the Trump policies which could not be that
advantageous to markets.
PAUL LA MONICA, CNNMONEY DIGITAL CORRESPONDENT: I agree. I think that investors may be a little too giddy right now. They're ignoring possibly
the harmful effects that, if they were to come to fruition, tough trade policies that Trump has talked about could happen on the market.
When you look at the Dow in particular, so many multinational companies hurting trade with foreign partners like Mexico and China, would not be
good for the market.
QUEST: Now in the initials days after Mr. Trump's victory, we saw the Dow rise but the Nasdaq fall, because obviously Nasdaq stocks may be the ones
most hit by a trade war. Now we're seeing all three markets rising in lockstep.
Is there an element of irrational exuberance, to use the phrase?
LA MONICA: To go with a little Alan Greenspan there?
I like that. I think that investors are clearly buying first and asking questions later. The snapback that we have seen with companies like
Facebook and Amazon, is a little surprising because you're right, Richard. I think a lot of investors worry that Trump may not necessarily wage all-
out war against Silicon Valley.
But he has a lot of detractors in the tech community, in the state of California, and his policies about immigration could really hurt tech
QUEST: Talking about Facebook, I believe Facebook may have been one of those few companies today that bucked the trend and actually was lower,
which suggests any company that is not fighting -- is not rising with the market, along with the rising tide, there must be something going on?
LA MONICA: Well, Facebook was down not that much today, Richard, and Facebook has actually enjoyed a pretty solid comeback from the lows it hit
just about a week after the election. It's now up about 7 percent or so, I think investors are growing used to the notion that Facebook is a company
that will continue to do well, despite all these accusations that they possibly influenced the election with fake news.
QUEST: Paul La Monica, congratulations, Paul. We'd better all celebrate on the day the Dow hit 19,000. Good to see you.
LA MONICA: I'll do it again at 20k.
QUEST: Before we move on, give me a guess, how long before20 k?
Number of days?
I will go 643.
LA MONICA: I think it's going to be less than that. Sometime in calendar 2017. It's only a 5 percent move.
QUEST: All right, good point. You're right, I'm wrong.
Paul La Monica --
QUEST: Now we need to have a moment of silence, a moment of mourning. Alas, poor TPP, we hardly knew ye. But even before you arrived, you were
gone. It took five to six years of painstaking negotiations and the Trans- Pacific Partnership has been well and truly killed off by Donald Trump.
In a statement outlining his plans for the first 100 days, the president- elect left nobody in any doubt. He said he will pull out of the biggest regional trade deal in modern history.
(BEGIN VIDEO CLIP)
DONALD TRUMP (R), PRESIDENT-ELECT OF THE UNITED STATES: I'm going to issue our notification of intent to withdraw from the Trans-Pacific Partnership,
a potential disaster for our country. Instead, we will negotiate fair bilateral trade deals that bring jobs and industry back onto American
(END VIDEO CLIP)
QUEST: Now what now for the TPP and the 11 other signatories covering 40 percent of the world's economy?
Now the deal was designed to boost trade between the U.S. and the Pacific Rim countries. If you come over here, you will see the ones I'm talking
So obviously we have a somewhat transatlantic-centric map but it is obviously a Pacific deal. So you're looking at this side. And the other.
The countries that are involved, obviously the United States is the largest in terms of economic importance. And the fact that the U.S. has not and
now will not ratify means that the deal cannot reach the 50 percent membership countries comprising 85 percent of the global -- of the
It can't be done without the United States. The Japanese prime minister Shinzo Abe giving his reaction to it, basically said the deal is
meaningless without the United States. He said it would be impossible to renegotiate.
(BEGIN VIDEO CLIP)
SHINZO ABE, JAPANESE PRIME MINISTER (through translator): The TPP without the United States is meaningless. And so, just as renegotiation is
impossible, because the TPP without the United States will collapse the balance of the benefit.
(END VIDEO CLIP)
QUEST: Now not everyone is feeling totally despondent. Australia's trade minister says give the Americans time to weigh up the pros and cons
further, although why the minister thinks that Donald Trump would change his mind on TPP, bearing in mind it has been such a cornerstone of his
And in New Zealand, the prime minister, John Kay (ph), was all smiles during the ceremony earlier this year and now the PM is saying that the
U.S. can't shut itself off from the global economy.
(BEGIN VIDEO CLIP)
JOHN KAY (PH), NEW ZEALAND PRIME MINISTER: But you're not safe as an island. You know, you can't just sit there and say it's not going to
trade with the rest of the world. So at some point, they're going to have to give some considerations to it. That may actually (INAUDIBLE).
(END VIDEO CLIP)
QUEST: Many of the countries involved put huge political capital to get the TPP passed. Obviously President Obama also tried to expend some of
his own capital but it was never going to happen as long both parties or both candidates were against it.
CNN's Asia Pacific editor, Andrew Stevens, now reports from Hong Kong.
ANDREW STEVENS, CNN ASIA PACIFIC EDITOR: Richard, the Japanese prime minister, Shinzo Abe, was probably expressing some personal frustrations
when he described the TPP as meaningless without U.S. participation.
Mr. Abe has put a lot of personal political capital into getting the TPP passed. In his eyes, TPP will lead to big economic reforms in Japan which
are crucial to getting that Japanese economy back on track and growing.
He says the reforms are part of his so-called Abenomics, economic policy. Malcolm Turnbull, the Australian prime minister, also noting that Australia
would be a bit of a loser, he said TPP would provide Australia with better quality and more jobs and stronger economic growth. Now that's unlikely to
There is one winner, though, and that winner was not even a member of the TPP and that, of course, is China, it was out of the original grouping of
12 but in any new deal, it will be front and center now when they write the next big trade deal for the Asia Pacific region, which is still the engine
route of the global economy -- Richard.
QUEST: Andrew Stevens in Hong Kong.
To Australia for the point of view of the government on TPP, the finance minister, Mathias Cormann joins me now from Canberra.
Minister, thank you very much. It must be pretty frustrating. You spend all of this time negotiating a treaty which basically can now never come
MATHIAS CORMANN, AUSTRALIAN FINANCE MINISTER: Never is a very long time, Richard, and obviously we do believe and as do 11 countries that have been
part of this process that this is a very good agreement which will improve business relationships across all of our countries which will provide right
opportunities for exporting businesses across all of our countries.
And, in the end, that is what it is about. We do a lot of business with America. We would love to do more business with America from an Australian
point of view. We buy much more than we sell. And the Asia Pacific is the part of the world where most of the global growth will be generated in
years and decades to come.
So ultimately, the U.S. will want to be part of that action.
QUEST: Right, but if Donald Trump, well, he is going to withdraw from TPP, it's a fair question, Minister, what happens to TPP now, in your view?
CORMANN: Well, TPP parties have two years to complete the modification process, certainly from an Australian point of view we look forward to
engaging with the Trump administration on how we can best boost trade across this part of the world.
Australia's pursuing other opportunities, of course, we're pursuing other bilateral as well as multilateral opportunities relating (INAUDIBLE)
regional comprehensive economic partnership involving 16 countries in this part of the world, all of the ASEAN countries, China, India, Korea, Japan
as well as Australia and New Zealand.
So we're looking at other opportunities as well but the Trans-Pacific Partnership is a very important agreement. It is a very beneficial
agreement. We believe for America and for all of the countries that are part of the agreement and we look forward to continuing to engage in that
conversation with the new U.S. administration.
QUEST: You seem to be suggesting you think there may still be life in a reformed TPP under a Trump administration.
If -- I mean, is it a case of TPP or the Chinese equivalent, the RCEP?
CORMANN: Well, two points there, firstly we are convinced that America under the Trump administration would want to sell as many of their products
and services into key markets around the world as possible and of course TPP provides a very important platform to help achieve that.
Now in relation to potential new members of the Trans-Pacific Partnership agreement, we've always said that we would welcome new members, ultimately
that would be a decision for all Trans-Pacific Partnership parties.
And they would have to agree and any new applicant would have to meet the very high standards in the agreement. And China, to date, certainly has
not expressed any real interest to date.
However China, Indonesia and other countries in this part of the world could be potential future partners. The important point is that the more
barriers we remove, the less (INAUDIBLE) there is, the more capacity there is for exporting businesses in America and Australia to sell our products
and services into this part of the world which will continue to grow strongly, the better for all of us.
QUEST: Now Donald Trump did say yesterday -- and you'll have read his words very carefully -- he said he looked forward to bilateral trade
agreements which he said would be good for America.
Is the era of the giant multilateral Doha round TPP, the big regional deal, is it over?
And is the future now for you, sir, whether it be with Britain on Brexit or the U.S. on a trade deal, bilateral instead?
CORMANN: Well, it is certainly true that multilateral agreements are much more difficult to achieve and I guess this process shows that. And
Australia certainly has continued to pursue a very ambitious bilateral free trade agenda.
Over the last two or three years, we have signed very good bilateral agreements with China, Japan, South Korea. We're currently exploring deals
with India and Indonesia and, indeed, the European Union.
So we will continue to do that. We have already got a very good agreement, of course, free trade agreement with the United States. But that doesn't
mean that we should give up on achieving integration of markets on a multilateral level, where that makes sense.
Recognizing that in the end, for trade deals to be sustainable, they have got to be win-win. People in all of the participating countries have got
to recognize that there are benefits for them and for their economies.
QUEST: So finally and briefly, sir, are you prepared to reopen TPP, renegotiate, reopen, whatever phrase -- let's not parse the words, let's
not hang ourselves on the words, are you prepared to relook --
QUEST: -- at TPP if that's what administration in Washington wants to do?
CORMANN: We're currently exploring all options and we're certainly very keen to engage with the Trump administration to ensure that we get the best
possible trade agreement that can facilitate trade and investment flows in this part of the world.
QUEST: Minister, wonderful to have you from Canberra, thank you, sir, for joining us at the beginning of your day and at the end of the New York day.
CORMANN: It was good to talk to you.
QUEST: Thank you, sir.
Donald Trump once said they will soon be calling me Mr. Brexit. Now the president-elect says the original Mr. Brexit should be Her Majesty's
ambassador in Washington -- in a moment.
QUEST: So the British government has poured cold water on Donald Trump's suggestion by tweet for the next U.K. ambassador in Washington. The
president-elect tweeted that Nigel Farage, one of the leaders of the Brexit movement, in his words, "would do a great job" in the post. Mr. Trump's
comments are a remarkable break of diplomatic protocol.
There's another small problem. The U.K. government says it's not looking to fill the position.
(BEGIN VIDEO CLIP)
BORIS JOHNSON, BRITISH FOREIGN MINISTER: We have a first-rate ambassador in Washington, doing a very good job of relating both with the present
administration and the administration to be. And there is no vacancy for that position.
(END VIDEO CLIP)
QUEST: And Nigel Farage, who you see here when he met with Donald Trump at Trump Tower last week, said he hadn't expected Trump to give him such a
public boost. When I spoke to him earlier this month, he told me he and the president-elect were kindred spirits.
(BEGIN VIDEO CLIP)
NIGEL FARAGE, UKIP: What's happened in 2016 is we have seen two events, we've seen the Brexit event and now this huge event of Trump winning the
And really what it's all about is do you believe in nation-state democracy or are you happy with bigger supernational forms of government, where
decisions get taken elsewhere?
And I believe in nation-state democracy. I believe in controlling borders. I believe we have got to confront the threat of Islamic terrorism and
President-Elect Trump believes in very much the same thing.
(END VIDEO CLIP)
QUEST: Now Sir Peter Westmacott was Her Majesty's ambassador to the United States until January of this year. Sir Peter joins me now from London.
Good to see you, sir.
How much of a breach of protocol, a change of protocol, was it for the president-elect to tweet to (INAUDIBLE), oy, send Nigel Farage?
SIR PETER WESTMACOTT, FORMER U.K. AMBASSADOR TO THE UNITED STATES: Well, it was a different way of going about thing. I think we have all got used
to the idea that life under President-Elect Trump will be a bit different, that he operates according to different --
WESTMACOTT: -- norms. But I think the main point to bear in mind is that ambassadors are chosen to go abroad to represent their country by the
governments of those countries. They're not chosen by the countries to which they are sent.
And that's for one very simple reason, that they're there to defend the national interest of the place that they represent. So I think it is
normal that it should be the British government that determines who the ambassador is, not that it should be somebody in Washington.
QUEST: Right. But Donald Trump will have known that and his decision to tweet Nigel Farage would be a good chap to send to Washington, I mean, I
described it this morning as mischief-making in the sense that he must have known it was not his position to say this.
WESTMACOTT: Well, I saw it as an act of friendship toward somebody who has been very loyal to him, from somebody who is happy to break the mold and do
Does he know how these things are done?
Well, perhaps he does. But, frankly, whatever the intention was, I think that this is not an idea that's going to be taken up by the British
government. Theresa May's been clear about that. Boris Johnson was clear about that, as you just showed in the House of Commons. And there is not a
vacancy because my successor has been there less than a year.
QUEST: But governments try and choose ambassadors -- yes, who will promote and prosecute that government's position but also who will be
favorable to the receiving country.
I'm thinking of William Farage (ph), remember William Farage, he was the U.S. Ambassador in London. Well, one of the reasons was he had a horse
farm and was very frequently with the royal family and therefore was then able to cultivate a greater intimate relationship at that level.
Now if Donald Trump and Nigel Farage get on well, isn't there a case for saying, well, maybe some role should be found for him in this event?
WESTMACOTT: I think there is a role for lots of people to play an important part of making the relationship between the British people and
the American people, the British government, the American government, business and so on, even stronger. It's not just up to diplomats,
ambassadors and politicians. I agree with that.
But you know what should that role be?
Well, Number 10 can think that one through. Clearly, he's -- Farage is not a member of the governing party. He has been very critical of the present
British government so I think there is obviously a limit to what role he could have.
But, yes, everybody can play roles in different ways but I think not on behalf of the British government.
QUEST: Finally, Sir Peter, it's a difficult position for the prime minister, isn't it?
I mean the special relationship is going to be ever more important in a post-Brexit world. Let me put in undiplomatic language: she doesn't want
to piss off the new U.S. president. If he is feeling particularly lovey- dovey towards Nigel Farage, surely she would be wise to accommodate in some shape or form?
WESTMACOTT: I think that the British prime minister will want to do what is right in terms of how you behave as a prime minister, tight in terms of
the diplomatic relationship, right for British national interests.
She has got her own view of the right way representing British interests there. So it's not about pissing him off. I think it's about ensuring
that she assumes the right responsibility that she has got.
So whether Nigel Farage is a friend or isn't a friend of Donald Trump, in a sense that is separate. That relationship can be strong. It can be
useful. Nigel Farage says he wants to help. And the fact is that Donald Trump, president-elect, has already said that he is very keen to work with
the U.K. on everything to do with the post-Brexit world.
So I think there's plenty to work on already.
QUEST: Good to see you, sir, thank you.
WESTMACOTT: Thank you.
QUEST: Former British ambassador in Washington, Sir Peter Westmacott.
Now European stocks mostly finished in the green, not surprised. They'd seen what was happening on Wall Street as Wall Street roared to a record
high. And it was a rally in mining shares, except for the second day in a row. And look at the Zurich SMI. It's off 1.33 percent.
The British government's widely expected to miss its target for lower borrowing. That's not a surprise when it gives a budget update tomorrow.
Already surprising bearing in mind Brexit is going to cost considerably more across the board.
The former chancellor, Lord Nigel Lawson, thinks the U.K. government is wise to scrap the budget targets. He told Nina dos Santos Britain can
flourish outside the E.U.'s single market.
NIGEL LAWSON, FORMER CHANCELLOR OF THE EXCHEQUER: There is no such thing as a soft Brexit. Brexit is Brexit, as Theresa May said. I think that it
is -- would be sensible for us to say to our friends in the rest of the European Union, we would like to offer you a free trade agreement with no
But I don't think for a moment they will accept it. And so there you go.
NINA DOS SANTOS, CNNMONEY EUROPE EDITOR: So kiss goodbye to the single markets.
Do you think that the U.K. can still flourish under those conditions, really?
LAWSON: Well, they can do better.
DOS SANTOS: Why do you say that?
LAWSON: -- because the single market entangles us into and being a member of the European Union is a whole lot of European Union legislation and
regulations which are extremely damaging for British business, particularly small and medium size businesses. And to be free from that will be a huge
It is the most important thing.
DOS SANTOS: What do you think the U.K. can really achieve if they leave the single market, as you said, because the E.U. doesn't want to give it
LAWSON: We do far more trade as it is with the rest of the world than we do with the European Union. And we have no trade agreements with the rest
of the world. The whole thing is a complete nonsense, people have misunderstood the facts of life.
DOS SANTOS: So you're not worried about other countries slapping on huge tariffs on certain products and -- ?
LAWSON: Well, they can't because --
DOS SANTOS: -- and --
LAWSON: -- unfortunately, we live in a world where we're all governed by WTO, World Trade Organization rules. And these rules are very good and as
I say, the rest of the world is our biggest market.
We do far more business with the rest of the world under WTO rules than we do with the European Union and the gap is widening. And it is also the
case -- I don't know, do you ever go shopping? Do you ever see goods in the shops made in China?
China is not a member of the European Union. There is no barrier, insurmountable barrier to trade if you're not in the European Union.
DOS SANTOS: What do you make of the pound's recent fall?
Does it cause any cause for concern for you?
LAWSON: Most economists in advance, I can remember saying the pound is overvalued and now it is no longer overvalued and that's fine.
DOS SANTOS: Let's talk about the fact that during your tenure as Chancellor of the Exchequer, you're one of the famous chancellors, if not
the last chancellor who managed to balance the books. We've now abandoned this era of austerity to try and balance the books.
Is that a good thing?
Is that a bad thing?
Does the U.K. need stimulus?
Does it need restraint at this time?
LAWSON: I think we do need to balance the books. And I don't think that has been abandoned. What has been abandoned is the George Osborn proposal
that we should do it by 202-. I don't think that was ever realistic because the deficit was so large. I don't think it was likely to be ended
by that time.
When I did balance the books, as you were kind enough to remind everybody, I never put a date when it would be achieved. But I achieved it.
And I think it's the same now. It is foolish to put a date because the world is an uncertain place, not because of Brexit. The world's by its
nature an uncertain place. And the fact is so long as you have that as your clear target, you can achieve it. You don't know what date, but you
can achieve it.
QUEST: Lord Lawson.
QUEST (voice-over): A parade of contestants, suspense and controversy, keeping audiences guessing. It's all the hallmarks of a good reality
television show and Donald Trump is a master at that as he goes through the transition (INAUDIBLE).
RICHARD QUEST, CNN HOST: Hello, I'm Richard Quest. Of course there's more QUEST MEANS BUSINESS in just a moment. Donald Trump says it is only the
crooked media that care about his foreign businesses. We'll talk to one of his partners in Dubai.
And Jeremy Clarkson tells us that his new show on Amazon has already set a record for ratings.
Before that, this is CNN and, on this network, the news always comes first.
QUEST: Donald Trump continues to put together his cabinet and he is enjoying a good tease in the process. Just a few hours ago, the president-
elect tweeted that he is seriously considering Ben Carson, his former rival, for the Republican nomination in this case now for the job of
Seems unusual to be making such public pronouncements on a process that is usually done under great privacy and confidentiality. I spoke to CNN
senior political analyst David Gergen, who told me Trump transition is lacking a team ethic. The process is all about one man.
DAVID GERGEN, CNN SR. POLITICAL ANALYST: This drama s a transition staged for television. And it's very consistent with what Donald Trump likes to
do and that is create drama, create a story about himself. And in that sense, I think it's he has done what he wanted to do.
It is also very controversial, Richard, because -- not only because of some of the selections he's made but because of the fears that so many Americans
have that the government is going to crack down on them to send their relatives -- deport their relatives or deny them benefits, shred the safety
net, engage in anti-Semitism.
There are a lot of those fears and the transition has been notably silent in trying to address those fears.
QUEST: On this question of the televisual, if you like, spectacle, I made a couple of notes here, the sort of thing -- I mean, first of all, he
describes the candidates or the people he's looked at as the finalists. "Only I know the finalists."
He has them all paying homage, coming up the road to visit him when, in the past, as I understand it, many of these things are being discreetly done.
You don't see the people and you don't comment on their meetings.
GERGEN: Well, that's the -- you're right on that. First of all, past transitions have been very quiet, behind the scenes. A selection process
goes on that is quite deliberative. You might interview several people. You check out people, you know, talk to their peers and that sort of thing.
So that's one difference.
But the other difference, Richard, is that when the selection is made for any major post in government, traditionally the president-elect comes out
with the person he is appointing and stands shoulder to shoulder and talks about --
GERGEN: -- how they're going to get great things done as a team. He is very proud of the team. Corporate life, as you know, they're -- all of the
conversations these days about how do you create collaboration, how do you create teams that are winning teams.
And in this case it's always -- you get the picture of Mr. Trump but you don't get him out there talking about how this man's going to be terrific.
Let me tell you about him. Instead, you get a tweet or you get something on paper.
And it lacks a kind of a sense of this is going to be a group, right?
Rather, it has a sense of this one driving force.
There's one person who's going to be making all the decisions here and that's the president.
QUEST: And with that thought in mind, Donald Trump is the dominant central character in what some now believe is almost a reality show of transition.
The cabinet and the prospective cabinet are his supporting cast and the plot twists keep coming along exactly as it would on television. In other
words, according to some, this transition has all of the hallmarks of a reality show.
QUEST (voice-over): It's the drama the whole world is watching, the vicious campaign that broke all the rules.
DONALD TRUMP (R), PRESIDENT-ELECT OF THE UNITED STATES: I'll keep you in suspense.
QUEST (voice-over): A shocking finale after America demands four more years.
TRUMP: Sorry to keep you waiting.
QUEST (voice-over): Now in the transition, Trump takes on America's business. This family affair, a new season with a new tease. Close
confidants pushed aside. Old rivalries buried. Day by day, see the parade of contestants. Only Trump knows who the finalists are.
TRUMP: Make America great again.
QUEST (voice-over): Time is short. This season ends on Inauguration Day. And Stay tuned for "Trump: The President."
TRUMP: This movement is now really just beginning.
QUEST: That's how it might be done on television.
Well, Seth Grossman is a TV producer who's worked on shows like "Intervention" and "Hollywood Hillbillies." He says Donald Trump is
exactly what he looks for in the casting process. Seth joins me now.
How surprised are you, sir, at the way in which this has turned into -- it's not a circus, it's more than that; it's actually a reality show of
SETH GROSSMAN, TV PRODUCER: Yes, I'm a little shocked that this is the way that things have turned out but it's not surprising, given the way the
media has fractured in the last eight years since Obama ran for president.
We have gotten a lot of instances of Donald Trump bypassing traditional media. And he's the perfect kind of character to do it. I mean Donald
Trump is someone who came of age on reality TV and he understands better than anybody how it works.
He's a guy who understands that -- oh, go ahead.
QUEST: But what's its purpose?
He still has to put together a cabinet. He's won the election.
And why go through this dragging the people out, talking about finalists, the suspense of saying maybe later today, possibly tomorrow, stay tuned and
see what happens?
What is the end game?
GROSSMAN: Well, I think it allows him to control the discourse. I mean, we're watching this now as a reality show instead of talking about policy
I mean, look at his nominee for attorney general, Jeff Sessions. We're talking right now about a bunch of losers in a hotel room who are giving
the Sieg Heil; Heil, Hitler, and the racism of these guys.
By the we're not talking about the policy implications of Jeff Sessions, who doesn't believe in prison reform. And we're the country with the
largest number of people in prison in the entire world.
So it's creating a sideshow. And the circus comes to town but afterwards, someone has got to clean up the elephant dung. And Donald Trump is someone
who doesn't understand anything about true governance. But he's learning really fast.
QUEST: Is it damaging to the process to treat it in this way, do you think?
Or once -- I mean, because you can't keep this up for four years. Yes, you can have all of this happening, or maybe you can keep it up for four year.
Maybe this is something the American public will accept as a form of communication from their head of state who previously had been much
respected and revered.
GROSSMAN: Well, look, Donald Trump is a character that is easy to understand. He's a person who never shies from conflict. And if you think
about this as a reality show, right now we're in an episodic conflict that has to do with his nomination process. But the series-long conflict --
GROSSMAN: -- here is Donald Trump against the traditional media. Now they've been bashing him and he has been coming out on Twitter and talking
about "SNL" and "Hamilton" and things like that. And I think that that's all going to be a big distraction from, as I said, the policy implications
of the people that he's choosing to run his government.
QUEST: Seth, good to see you, sir, thank you and please, as this continues, come back and help us understand more about Trump, the movie,
Thank you, sir.
GROSSMAN: Thank you, Richard.
QUEST: Now Donald Trump is about to head away for the holiday weekend after meeting with reporters from "The New York Times."
Jessica Schneider is in the White House on Fifth Avenue.
Look, the president is off to Mar-a-lago in Florida for the weekend, to a warmer climate.
Have we learned anything today of substance, Jessica?
JESSICA SCHNEIDER, CNN CORRESPONDENT: Well, interestingly, Richard, there was a lot going on at "The New York Times" building when Donald Trump met
with the reporters, the editorial staff, the executives for about an hour. It was really a flurry of comments. We saw it all coming out. A lot of it
was on the record.
"The New York Times" reporters were tweeting it as it happened.
Donald Trump really touched or scratched the surface on a lot of different issues. One thing in particular that was notable is he talked those
questions swirling around his businesses and whether or not there could be conflicts of interest as Donald takes office on January 20th.
Donald Trump brushing off any indication that there could be a conflict of interest. But of course that talk has been swirling in the two weeks since
he has been elected president.
A lot of his businesses, of course, are overseas. He does business with foreign governments; in fact, the Bank of China is a tenant right here at
Trump Tower and a lot of people now pointing to the little known clause in the Constitution, the Emoluments Clause. It really hasn't been litigated,
really hasn't been looked at a lot in history because we haven't really had a president with these extensive business dealings.
But it does say that anyone holding office cannot accept compensation or gifts from foreign governments. Donald Trump, though, is saying don't
worry about that clause. I'm not in violation. In fact, I can keep doing business as I have been.
He said it's not an issue. One thing he said is that the law is totally on my side. The president doesn't or can't have a conflict of interest. I
think some legal scholars might beg to differ on that point. And obviously it's going to be an issue that will continue to dog Donald Trump up until
Inauguration Day and possibly beyond -- Richard.
QUEST: Jessica, the only good part, perhaps, from your point of view, of Trump going to Florida is that you probably don't have to stand out in the
SCHNEIDER: Please save me.
QUEST: You're saved, you're saved.
Jessica Schneider is outside Trump Tower.
Donald Trump, by the way, is on his way to Florida. We had some pictures earlier. The plane will be leaving shortly.
Now he has a passion for golf and now the president-elect is hoping his portfolio overseas stays out of the long (INAUDIBLE). That's live pictures
-- well, it was a live picture of the plane taking off, heading down to Florida. There's the plane again, Donald Trump going away for the
Thanksgiving weekend. QUEST MEANS BUSINESS.
QUEST: President-Elect Trump is rejecting concerns over any conflict of interest when he enters the White House. He began the day tweeting how
only the crooked media are caring about claims that he's using the presidency to make himself richer. Now going into a business with Donald
Trump has its risks and most definitely its rewards. Today his name takes pride of place on a new golf course -- there it is -- it's in Dubai.
But it always wasn't that way, as John Defterios told us.
UNIDENTIFIED MALE: He was over here a year and a half ago.
JOHN DEFTERIOS, CNN EMERGING MARKETS EDITOR (voice-over): Nearly a year ago, developer Hussain Sajwani (ph) and his company, Dimac, were swept up
in a political firestorm. At the center of it all was this Trump international golf course on his project called Akoya (ph).
When candidate Donald Trump proposed a ban of all Muslims going into the United States, anything with his name on it suddenly became toxic in the
region. But the soft-spoken Sajwani (ph) decided to shut out all the noise and stick to business.
UNIDENTIFIED MALE: We're not a political organization. I'm not a politician. I respect my business with my friends. I make a deal with
you, I'm going to respect my deal with you.
DEFTERIOS (voice-over): That was his internal position but the perception outside seemed different.
Needless to say, it was quite a week for Dimac (ph). On December 8th last year, Donald Trump made his comments about Muslims. Two days later, his
name was pulled off the stone wall and three days after that it was put back up again. The developer insists it was just unfortunate timing when
scheduled maintenance dovetailed with Trump's comments about Muslims.
DEFTERIOS: It seems more than a coincidence.
UNIDENTIFIED MALE: Exactly and honestly nobody would believe us. But that week we had to do maintenance on the stone sign and we took it down and put
it back up in less than 48 hours.
DEFTERIOS: Removed and never to be seen again was a giant billboard with Trump's image.
But the Dubai developer and his team never wavered.
UNIDENTIFIED MALE: I think (INAUDIBLE) appreciated that, Mr. Trump and his organization appreciated that. And the government locally appreciated
DEFTERIOS: Sajwani (ph) said his first Trump project did not get beyond the blueprint stage due to the global financial crisis. With land much
cheaper after the crash, he decided on something much bigger.
Now he's in the unusual position of coming to the market with a name that will occupy the White House.
UNIDENTIFIED MALE: We have that island which is Trump's island, where we launched the last.
DEFTERIOS: Multimillion dollar villas on what he named Trump Island are already sold out.
UNIDENTIFIED MALE: No question in the last 12 months, his brand becomes stronger and more global and I think it will have a positive impact on our
sales. We're happy with that.
DEFTERIOS: I would imagine.
So happy that he started work on an even bigger project next door and, you guessed it, with another Trump golf course.
QUEST: John Defterios.
Now Amazon says its new series with Jeremy Clarkson has already attracted record ratings. Maggie Lake sits down with Clarkson after you have had a
moment to ponder life as we make and highlight from "Make, Create, Innovate."
QUEST: Lights flashing, it's fast and it's certainly very expensive and that is exactly what you'd expect for the boys at "Top Gear" or at least
the "Top Gear" that was and now of course is called "The Grand Tour." Its new home is Amazon. It's a new show and fans around the world wondered if
Amazon's program would recapture the "Top Gear" magic.
UNIDENTIFIED MALE: (INAUDIBLE) so expensive.
UNIDENTIFIED MALE: How does it look to him?
UNIDENTIFIED MALE: You have to release it, you Muppet.
QUEST (voice-over): This appears to be successful with millions of people streaming the opening episode, breaking records for Amazon's video
streaming. Fans and critics alike have raved about the new show, perhaps unlike its replacement "Top Gear II," which of course remains on the BBC.
The host, Jeremy Clarkson, told Maggie Lake there was one rating that left him stunned.
JEREMY CLARKSON, "THE GRAND TOUR": The one we're most pleased about is the rating on IMDB and Rotten Tomatoes because that's higher than "The
Shawshank Redemption," which is -- that's a huge surprise, to have a show rated more highly than that, is sort of eye-widening.
MAGGIE LAKE, CNN BUSINESS CORRESPONDENT: Well, I don't know if you read reviews but not only have the viewers turned out, the reviews have been
CLARKSON: Yes, the BBC weirdly, yes, they didn't like it. How weird is that?
LAKE: For people who have not seen the first episode yet, this is -- how is it different from "Top Gear?"
CLARKSON: It is "Top Gear" in witness protection is what it is. As a friend of mine said the other day, a reviewer. It is different because it
moves around the world. That is really it.
So he are hosted from a tent, which in show one was in Los Angeles, two is in Johannesburg, three is in England. So it moves around the world. The
audiences are therefore different.
But it is still James, Richard and I. So it is like if you have a glass of champagne, and you have it in a bucket or a glass, it is still champagne.
And that's really what it is. It's a different vessel but the shows -- there's different elements about the same.
LAKE: How do you find working for Amazon?
Have you met Jeff Bezos?
What's that like?
CLARKSON: No, no. I had an e-mail from him. Forgot to reply. I've just remembered. But anyway, he e-mailed us to wish us luck, which is nice.
And they provide the tool that enables people to see it and then we clown around.
It's an ideal scenario, really. And Amazon's idea of SVOD is very good, it seems to be the future.
LAKE: It's interesting you say clown around because initially a lot of people would have said you host a car show or "Top Gear" is a car show. It
seems like it really has morphed into something else or that the real attraction is the chemistry between the three of you.
What do you think that it is that appeals to people?
CLARKSON: It's so peculiar. One of the things that has been interesting is that around the world, "Top Gear" was a very well-known show, much less
so in America. It's tiny here compared to Russia or the Middle East or Australia or South Africa.
And it's really hard because you find people here saying, what is it, what is the show? It's like trying to explain "Hamilton." The first time I
heard it's like rap music with a historical thing, I thought, oh, dear, no.
You can't get --
LAKE: So what do you tell people when they ask what it is?
CLARKSON: Because if you say it's three old men who fall over and catch fire, which is what it is, everyone goes, oh, I'll be tuning in for that.
But if you say it's a car show, people say, oh -- it's really hard to explain what it is.
LAKE: How important is humor?
Because I love the ad that says, what could possibly go wrong?
It seems that that's such an important vein in it.
CLARKSON: It is, because we -- most TV shows, when something goes wrong, you can't -- you reset and you start again. We rejoice in failure.
There's nothing -- because if you win, it's really hard to get your face right. Because you can look proud but you must look boastful. And that's
a difficult expression. If you lose, that is an easy face, everyone can do that face.
We like losing. James doesn't, but Richard and I like losing. And it is quite funny because we're all so different, Richard, James and I. We get
along terribly well when we're working.
LAKE: Not working?
CLARKSON: Yes, not working. There's people in the world I'd like to see.
But it is really hard to explain why it is so popular, because it was the world's most watched TV show, factual TV who.
LAKE: And that left a great expectation; Amazon spent a lot of money on this.
Were you ever worried at any point about living up to the expectations?
CLARKSON: -- far less than Netflix would have you believe, it's nowhere near as expensive as people have been saying.
LAKE: Do you know how much it cost to make?
CLARKSON: Yes, I do. And I wouldn't tell you. (INAUDIBLE) talk about how much money we're earning. It's just not a British thing. But way less
than all the speculation.
I mean, look at me.
Do I look like I'm making $300 million a year?
Exactly, my shoes have got holes in them.
QUEST: Jeremy Clarkson with Maggie Lake. We'll have a "Profitable Moment" after the break.
QUEST: Tonight's "Profitable Moment:" the Dow at 19,000. Well, it took 70-odd years to get the first 1,000 and just a matter of several hundred
days to get this latest 1,000.
Why is it significant?
It is significant because these are exceptionally uncertain times and the market is rallying very strongly, seemingly for purpose but not purpose
that is not fully understood. The only thing one can say with any degree of assurance is that the next few months will be rocking.
And that is QUEST MEANS BUSINESS for tonight. I'm Richard Quest in New York. Whatever you're up in the hours ahead, I hope it's profitable.
We'll do it again tomorrow.