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Quest Means Business

Russia Says It Will Pause Attacks On Energy After Trump Call; Russian Source: Trump-Putin Call Went Very Well; Chief Justice Roberts Rebukes Calls To Impeach Judges; Israeli Strikes Kill Hundreds As Gaza Ceasefire Shatters; The Future Of Tariffs, Mining, And Chile's Economy. Aired 4-4:45p ET

Aired March 18, 2025 - 16:00   ET

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

[16:00:10]

RICHARD QUEST, CNN INTERNATIONAL HOST: Closing bell ringing on Wall Street. A bit of an awful day on the markets. As you can see from the Dow Jones off

very sharply into the late afternoon, down 250. It has been down from the start. Hit the gavel, Madam. There we go. It is the Bank of America, Accord

and Exponent women ringing the closing bell. I am sure they are not too happy that its off half a percent. But those are the markets, and these are

the main events of the day.

After holding a call with President Trump, Russian President Vladimir Putin agrees to temporarily pause attacks on Ukrainian energy and infrastructure

targets.

The U.S. Chief Justice John Roberts issues an extraordinary rebuke to President Trump after he threatened to impeach a judge.

And Chile's export driven economy finds itself slapped banged walloped Caught in the middle of a trade war between its two biggest customers, the

U.S. and China.

We are live today, live from Santiago in Chile. It is Tuesday. It is March the 18th. I am Richard Quest in Santiago, where, of course, I mean

business.

Good afternoon from Santiago. Good evening in many ways. It is a gorgeous day and in fact, one of the problems and penalties of such a beautiful

city, the Chilean capital, one of Latin America's biggest cities. The sun high in the sky late afternoon. Over there, the wonderful mountains that

can be seen just in the blue yonder distance.

All of which is a gorgeous place to be and we are in one of Latin America's great economic success stories. Decades after the Pinochet military

dictatorship fell, Chile is one of the so-called high income economies in the region, if not the highest income. It has built its fortune on mining,

especially copper exports. All of that could be in jeopardy, of course, as the U.S. threatens tariffs.

I will be discussing that with the CEO of one of Chile's biggest mining companies. We also have a former adviser to the President, and I will be

sampling some of local food, huge sandwiches with a Santiago chef.

But to start, of course, with today's breaking news, and Russia says it has agreed to pause its attacks on Ukraine's energy infrastructure after a

phone call between Vladimir Putin and Donald Trump.

The two spoke for roughly two hours about the need for a lasting peace. No agreement on the proposal from Donald Trump for a 30-day ceasefire, the

Kremlin says President Putin only agreed to a 30-day pause on energy targets. Moscow is emphasizing the war can only be resolved by ending

foreign military and aid for Kyiv.

We've just been hearing from Ukrainian President Volodymyr Zelenskyy in the last few moments. He says Ukraine is going to support a temporary halt on

attacks on energy. Asked by CNN's Clarissa Ward if there was anything the Russian President could do as a gesture of goodwill, Zelenskyy said to

return all our prisoners of war just to give our people back.

So Jeff Zeleny is at the White House. Two hours they spoke, and we know that there is this sort of rough agreement, but not much more.

JEFF ZELENY, CNN CHIEF NATIONAL AFFAIRS CORRESPONDENT: Richard, it was a two-hour conversation between Donald Trump and Vladimir Putin, really

coming just a month and a few days after their first phone call reset relationship and from that side of the conversation, at least the American

side in the Oval Office, the presidents agreed to a variety of things.

But is not inconsequential at all that the ceasefire, at least on energy infrastructure Has been reached. I mean, that certainly starts a far short

of a broader ceasefire that the United States and Ukraine were hoping for. But it really is the first tangible concession from Russia to agree to a

ceasefire of any kind.

So, look, I think we will have to see and hear more from Volodymyr Zelenskyy. He is holding that news conference in Ukraine right now, and

certainly welcoming the ceasefire on the energy infrastructure. The bigger question is the military weapons and things back and forth.

But look, I do not think it is inconsequential that we are at least moving toward a couple of steps toward the beginning of a ceasefire. Of course,

the details of all of this, perhaps an even broader ceasefire agreement, a permanent ceasefire will be discussed in negotiations, technical

negotiations coming up in the Middle East -- Richard.

[16:05:10]

QUEST: But is that -- but there any timeline for between now and when a 30- day ceasefire could come into force because that is in a sense, what everybody waits for, because arguably, you know, there will be those who

will say that President Putin will make all the right noises, but actually do none of the deeds that will allow it to happen.

That certainly is something to watch for and certainly a possibility. No, to our understanding, there is no timeline for the beginning, if you will,

of this 30-day pause, so we will see exactly when it takes shape if it takes shape.

So look, most of the balls now are still in Putin's court here, but the reality is the beginning of at least a ceasefire is something that did not

exist a week ago, certainly a month ago. But look, the details still must be worked out, there is no doubt about it.

And the United States is not holding the cards here. The Trump administration is very hopeful that Putin will continue to go on, but look,

Ukraine is still in a vise here and left with limited options and the bottom line is, at least 20 percent of its land likely will not be in its

hand after this, of course. So that is certainly a reality check on all of this.

QUEST: The reality check from Jeff Zeleny at the White House and now to Moscow, where the Kremlin says President Trump and Putin shared an interest

in normalizing relations between the U.S. and Russia.

The Kremlin also says the leaders discussed a wide range of areas they could work together on, including energy and the economy. The Kremlin

saying President Trump supported the idea of hockey games between Russian and American players.

Fred Pleitgen is in Moscow.

Fred, the critics will say that Putin is playing Trump, playing for time, playing to avoid, playing to see what further territorial gains he can

stand to make. Is that fair?

FREDERIK PLEITGEN, CNN SENIOR INTERNATIONAL CORRESPONDENT: I would say that's fair and playing to win, I think, would be the next one that a lot

of the critics would probably say in the United States, maybe internationally, but certainly here in Russia, those who support Vladimir

Putin, especially in politics, are saying that they believe that he came out the winner in all of this, that Vladimir Putin stood his ground. That's

just some quotes from some Russian politicians that we are hearing tonight.

And I think some of the things that Jeff was alluding to certainly are extremely important, like that possible cessation of hostilities as far as

attacks on energy and critical infrastructure are concerned. But one of the things that we have to keep in mind with all of that, Richard, is also that

such a cessation would also be good for the Russians as well, for while they've been pounding Ukraine's critical infrastructure for an extended

period of time with missiles and drones, the Ukrainians have been shooting back and hitting a lot of oil refineries here in Russia as well.

So certainly, Russia has an interest also in that stopping. But I think one thing that you mentioned is absolutely correct. The Russians are looking

further already. They are already looking at normalizing relations between Russia and the United States in the future and one of the things that we

heard today, there was actually a big economic conference that went on here in Moscow as well, where they were talking about sanctions relief and

possible business relations in the not too distant future -- Richard.

QUEST: But where does it go from here? That's the core issue because getting from this agreement in principle to the nitty-gritty details, which

frankly, the Europeans and Zelenskyy always said this idea of an instant ceasefire was a nonsense. Getting to the next stage is going to be the

really tricky point.

PLEITGEN: Well, absolutely. The really tricky point, and certainly one where the Russians are not showing any signs of moving on their core

positions.

I think one of the things that was very interesting in the readout, as we saw from the Kremlin that came out earlier tonight, is that Vladimir Putin

said, yes, he does share this interest in ending the conflict with Ukraine, but he also said that the root causes, as he put it, of that conflict, must

be eliminated first.

And for the Russians, of course, that means NATO forces, not just inside Ukraine, but anywhere near Ukraine, are a big issue for them. And then, of

course, there is the huge question that Jeff was just talking about as well, of territories, the territories that the Russians have captured in

the full on invasion of Ukraine. Crimea is also, of course, a big talking point as well.

All of these things are major issues that could involve really long negotiations. And of course, until then, the question is, what happens to

the fighting on the ground, which is indeed very bloody with the Russians on Ukrainian territory are making gains, but those gains are slow and

certainly involve a lot of losses as well -- Richard.

QUEST: Fred Pleitgen, who is in Moscow, joining us from Moscow.

[16:10:10]

So Donald Trump's call to impeach a judge who ruled against him has drawn a very sharp rebuke from the U.S. Chief Justice, who wasted no time in

putting out a rare statement. John Roberts said: "For more than two centuries, it has been established that impeachment is not an appropriate

response to a disagreement concerning a judicial decision. The normal appellate review process exists for that purpose."

And this is because the President denounced the judge who ordered a pause because of the certain deportation flights, and he said the judge, like

others who have heard cases against him, should be impeached.

Now, the Chief Justice has come out. Joan Biskupic is with me from Washington.

Two things, Joan.

Firstly, the highly rare moment of the Chief Justice on his own motion, putting out a statement and secondly, the speed with which he did it after

Trump made his comments. We are now in very different times.

JOAN BISKUPIC, CNN SENIOR SUPREME COURT ANALYST: We are, and it is good to see you, Richard.

Okay, two things.

Chief Justice John Roberts had been under a lot of pressure from lower court judges to make just such a statement because even though you just

played what Donald Trump had said today about the Judiciary, you know, he and his allies have been keeping up a drumbeat against judges who have been

deciding Trump litigation in this early phase and being very critical in talking about impeachment.

Today, you know, it was just right for the Chief to make his statement. But I have to say, as much as lower court judges are heartened by this, they

did feel like it was overdue. But it recalls also what happened in 2018, when Donald Trump had derided a judge who ruled against him again in the

immigration context, calling him an Obama judge and Chief Justice John Roberts said, we don't have Obama judges, we don't have Trump judges, we

don't have Bush or Clinton judges, we are you know, a neutral group.

And this time, I think he thought he could tamp down a bit of the talk by saying just what you put up on the screen.

QUEST: Right.

BISKUPIC: That if you have a problem, there is a process. Go ahead. Yes.

QUEST: Has he thrown down the -- has he thrown down the gauntlet? Because in many ways people say that the Judiciary, independent, equal co-branch of

government. But people are saying that the Judiciary is the last guardrail. Has John Roberts now put the Judiciary, potentially in direct conflict,

assuming the administration decides to go against it?

BISKUPIC: Absolutely not, Richard, and I will tell you why.

This is more between those two individuals. What is so extraordinary here is that you have the head of the Judicial Branch, John Roberts, and the

head of the Executive Branch, Donald Trump. This is not setting up some fight. In fact, it is the opposite of picking a fight.

Look at that language that you just read. It couldn't be more moderate in tone, "The whole idea that for more than two centuries it has been

established that impeachment is not an appropriate response to disagreements concerning a judicial decision." He is just saying appeal,

and that's that. There is no controversy in that statement -- Richard.

So he is not -- he is not challenging Donald Trump. Donald Trump might feel challenged, but I don't think we are going to hear from John Roberts again,

to tell you the truth.

QUEST: No, but it now behooves A., the administration to stop talking about impeaching judges and arguably B., to start actually obeying orders such as

the judge in the deportation case and everybody at the administration's side to -- forgive my colloquial language -- to back off.

BISKUPIC: Well, some might back off, but I don't think you're going to hear -- I think you will still hear people talking about impeachment. But what

this does, it at least says to the public, it says to John Roberts' colleagues in the lower courts, the judges who are actually on the front

line of this litigation, that I will speak up for you. That's what the message is here, Richard. I do not think -- I mean, as much as we would

love to see some sort of more public sparring between these two heads of government here, I think this will be it from John Roberts' side, at least

at this point.

QUEST: Joan, always grateful. Thank you so much. Thank you.

BISKUPIC: Thank you.

QUEST: Now, I don't know what the Spanish word for shvitzing is. I am sure somebody will tell me, but here, I am shvitzing here in Santiago, and this

is just as they come out of summer, going to autumn. But it is beautiful in this capital city of Chile.

We are going to explain how this has become one of the most robust economies in South America, and what threatens that prosperity. QUEST MEANS

BUSINESS live from Chile.

(COMMERCIAL BREAK)

[16:17:49]

QUEST: A warm welcome back to Santiago, the capital of Chile and were here, of course, I am on assignment here, but it is a perfect opportunity to take

the temperature of the Chilean economy, which grew more than expected last year.

GDP was up 2.6 percent, significantly above the last estimate. This economy should continue to grow again this year, but there is the potential of

large U.S. tariffs on the largest export from Chile, which is copper and copper exports, if they get hit well, that will really complicate matters.

(BEGIN VIDEOTAPE)

QUEST (voice over): A sliver of breathtaking beauty spanning more than 4,000 kilometers from north to south, Chile is one of the world's longest

countries and also one of the narrowest. It is home to iconic landscapes, the Andes Mountains, Easter Island, those famous salt flats and lying

beneath it all valuable minerals.

Gold is what brought the Spanish to Chile in the 16th Century. It was a conquest that would end nearly 300 years later as the country gained

independence.

The years since have brought dictators coup d'etats and democracy. Some of the world's largest protests and constitutional crises have also been held

here.

Mining is an industry brought to the global stage by a stunning rescue in 2010. Copper is one of the country's crown jewels. It makes up a quarter of

the world's supply in 2023.

Demand for the metal is expected to double by 2050 because economies are embracing green energy and electrification, and that requires copper.

That bright future could be dimmed to some extent by Washington. The new U.S. President is threatening a 25 percent tariff on copper. It puts in

jeopardy a free trade agreement that's been in place for more than 20 years.

[16:20:12]

The Chilean economy could be hit hard. Consumers will feel the effect of rising prices. The United States said in an executive order last month it

will ramp up production at home.

As U.S. influence wanes, China becomes more entrenched. Its companies own more than half of Chile's energy sector, and it is the biggest trading

partner.

All in all, this could leave Chile caught between two feuding superpowers.

They call this the land of the poets. What happens next could be highly discordant. Well, if all goes wrong, at least there is the world famous

wine to enjoy over a dinner of Chilean sea bass, and of course, there is always the view.

(END VIDEOTAPE)

QUEST: Absolutely, now, Lucia Dammert is a Professor of International Relations at the University of Santiago here in Chile. She previously

served as the chief adviser to the outgoing President Gabriel Boric. Gabriel Boric is limited, can't stand again.

She is with me.

The position that Chile finds itself in politically in relation to the United States now is very tricky. You don't want to piss off because of

copper exports, but at the same time it could be very difficult.

LUCIA DAMMERT, PROFESSOR OF INTERNATIONAL RELATIONS, UNIVERSITY OF SANTIAGO: Yes, but there are some things that we are not going to move

forward from, such as human rights. So we are of course against what is happening in Gaza. And we are, of course, against what is happening in

Venezuela. And the government has been very clear that those are issues that we are not going to be moving against, even though perhaps the U.S. is

changing their agenda.

So in those areas, I think the Chilean government has to be -- and the Chilean political realm in general has been very clear and there are other

issues, of course, and we are waiting for the U.S. to finally develop a formal agenda for the Latin American realm.

QUEST: What's the fear? Is it that the U.S. wants to have an increased sphere of influence in this part of the world? We saw it with Canada.

DAMMERT: Yes.

QUEST: You see it with Panama and the Canal. You see it with this relationship with Milei in Argentina. What do you think?

DAMMERT: Well, the U.S. is our partner and we have to develop partnership with them.

QUEST: That's just being diplomatic.

DAMMERT: No, no, no, we are not, you know, second level citizens. We really need to talk to the U.S. as Mexico is talking to the U.S. with formal

policies, with very difficult issues such as drug trafficking and migration.

But also if the U.S. wants to have more impact in Latin America, also have to invest more.

QUEST: But it is the old line: Where does the 500-pound gorilla sit? Wherever it wants. And to some extent, an incoming administration here,

because there has to be a change in president --

DAMMERT: Yes. Right.

QUEST: -- is going to be, I won't say weakened, but it is learning from new, dealing with a very bold president.

DAMMERT: Yes, but here in Chile, the international affairs policy hasn't changed that much from one government to the other. And I think that the

next president will be able to talk to the U.S. President, not only for the visa waiver program, which is very important for us, but also in terms of

trade, migration and the Latin American perspective.

QUEST: You're the only country in Latin America that has a visa waiver.

DAMMERT: Visa waiver.

QUEST: And the risk is bearing in mind what's happening with travel at the moment, the risk is they're going to take it away.

DAMMERT: Yes, I hope that the government of the U.S. will not use the visa waiver program as a political tool.

QUEST: They will.

DAMMERT: They probably will.

QUEST: And you're going to lose.

DAMMERT: And that will be awful.

Well, Chile is going to lose not one specific party, and if the government continues to do that, instead of having good partnerships with Latin

America, they will see a broader gap between the U.S. and Latin America and we are the closest neighbors. We are the closest neighbors.

And in order to strengthen America, you need the neighbors to be with you.

QUEST: Good to see you. Thank you for coming. Gorgeous day, isn't it?

DAMMERT: Yes. Great day.

QUEST: This is going into winter. Thank you so much.

DAMMERT: Thank you.

QUEST: I appreciate it. Thank you.

Coming up, as we continue tonight, the Israeli Prime Minister says this is only the beginning after airstrikes in Gaza shatter a fragile ceasefire.

It is QUEST MEANS BUSINESS tonight live from Santiago.

(COMMERCIAL BREAK)

[16:25:45]

QUEST: The Israeli Prime Minister says a series of strikes in Gaza was only the beginning of a renewed fight with Hamas. Benjamin Netanyahu said the

strikes are part of an effort to bring the remaining hostages home, and he rejected claims that he broke a fragile ceasefire for political reasons.

(BEGIN VIDEO CLIP)

BENJAMIN NETANYAHU, ISRAELI PRIME MINISTER (through translator): I hear bold commentators who are lying as if the IDFs actions are out of political

consideration, there is no shame.

Once and again they are encouraging Hamas by doing that. So I'd like to say to Hamas, don't build on it. Nothing will stop us from achieving all goals

of the war.

(END VIDEO CLIP)

QUEST: Gaza's Health Ministry says more than 400 people have been killed as a result of the strikes on Tuesday. It makes it the deadliest day in Gaza

since November 2023.

CNN's Jeremy Diamond has more on the day of violence and a warning, some of the images are graphic.

(BEGIN VIDEOTAPE)

JEREMY DIAMOND, CNN CORRESPONDENT (voice over): Israeli airstrikes once again pounding Gaza, marking the end of a two-month ceasefire and a return

to the sights and sounds of war.

Civilians rushing to the enclave's barely functioning hospitals carrying the wounded and the dead. In just a few hours, Israeli airstrikes killed

more than 400 people, according to Gaza's Health Ministry. Hundreds more were wounded.

It is the single deadliest day of the war since November 2023, and once again, children are among the victims, some too stunned to speak, others

silenced forever. Their small bodies motionless on the morgue floor.

Israel says it targeted Hamas commanders, officials and infrastructure, launching the strikes because of Hamas' refusal to release more hostages.

Israel, now threatening to widen these attacks.

Hamas so far not firing back at Israel, insisting it has been committed to negotiating phase two of the ceasefire agreement while accusing Israel of

trying to impose new conditions.

[16:30:10]

In the daylight, the scale of the devastation becomes all too clear. Umm Hazem al-Janad was preparing a pre-fast meal for her family when the

missiles hit the school they were sheltering in east of Gaza City. 16 of her relatives were killed, the youngest just 2 years old.

I have no one left, she says. 16 people killed. Why? They are all civilians.

At another hospital, a father opens a body bag to show the face of his daughter.

This is an unjust world, he cries. The whole world is unjust. Here are the children. This is a little girl.

Hamas and Palestinian Islamic Jihad acknowledge a number of their militants and officials were killed in the overnight strikes. But a doctor at one

hospital in Gaza City told CNN the majority of cases she had seen were children.

Residents in Deir al-Balah in central Gaza said they had no prior warning of the strikes, which killed families as they were sleeping.

We have been pulling the remains of children since this morning, this man says. Since 2:00 in the morning we have been collecting the remains of

people from the streets. They are all civilians, children.

The Israeli Military now ordering civilians in multiple neighborhoods close to the border to move west as the threat of a renewed Israeli ground

offensive looms.

Jeremy Diamond, CNN, Tel Aviv.

(END VIDEOTAPE)

QUEST: Now we turn our attention again to Chile, and particularly the vulnerability that the country suffers to U.S. tariffs. Chile's top export

is copper, mining as a quarter of the world's supply, and the Trump administration is threatening a 25 percent tariff on copper. The U.S. is

Chile's second largest trade partner, so the effects could be somewhat disastrous.

Ivan Arriagada is the chief executive of Antofagasta. I think I've got that right, sir.

IVAN ARRIAGADA, CEO, ANTOFAGASTA: Yes.

QUEST: One of Chile's largest copper mines. Not coffee. Copper mines. Good to see you, sir.

ARRIAGADA: Good to see you.

QUEST: We know copper is a review taking place at the moment. Is it just a question of time before copper has tariffs from here?

ARRIAGADA: Yes, well, we don't know. I think copper is in short supply globally. It's required for electrification, energy security, many uses.

The U.S. is a net importer of copper. And therefore Chile has been a very reliable trading partner for many years in the supply of copper. And from

that point of view, you know, the imposition of tariffs or disruption to trade has the risk of impacting investment globally on copper.

QUEST: OK. But how is it going to impact you?

ARRIAGADA: Well, yes. We sell copper globally around -- or less than 10 percent of the copper that we sell goes to the U.S. and therefore, you

know, we have a balanced portfolio in terms of our sales mix. But I would say generally, again, Chile is well-positioned being a reliable trading

partner with the U.S., you know, when it comes down to tariffs.

QUEST: On this question of copper, you're also doing your best to build up copper producing facilities in the U.S., which in many ways is exactly what

the president wants.

ARRIAGADA: Indeed. Now projects take -- copper projects take long lead times.

QUEST: How long?

ARRIAGADA: You know, on average, between 10 years and eight years. So we're very keen. We have a project in the U.S. called Twin Metals, and we've been

trying to get it over, I mean, in terms of running and -- but that's taking time. And I hope this administration will provide a more friendly

environment for that to be developed.

QUEST: Is that going to be your negotiating point, through your government? Is it going to be, look, don't tariff us, A, there's a trade surplus with

the United States, but more importantly, give us the permissions to go and dig for the copper in the U.S., the Twin Metals?

ARRIAGADA: I tend to think that these go through separate lanes. These are different things. Again, Chile is the number one copper producer globally

in the world. And there's very good trading relationships with the U.S. The U.S. has a surplus in trading with Chile. We have very low tariffs. So I

think from that point of view we are expecting to see what will happen. But I think Chile is well-positioned in this conversation. Whatever we do as a

company in the U.S. investing separately, I think it goes through different lanes. It's a separate story.

QUEST: The way in which it goes forward, the whole region, there's a certain amount of turmoil over what's going to happen. Where is the

administration going to rest? How is it going to be put together? That uncertainty is deeply worrying for people like you.

ARRIAGADA: Yes, I mean, certainly, when we have an industry where copper is in shortage, which needs more investment, this is another element of

uncertainty for investors and therefore it can impact short-term investments.

[16:35:04]

And therefore, yes, it is a concern from that point of view. You know, we like to see trade flows more, you know, go freely across the world because

we think that benefits the global economy. So this does create additional uncertainty, which we have to deal with.

QUEST: The market is saying what in copper at the moment? As I look at the price and we just showed it a second or two on the screen, it's hard to

gauge because copper is such an in-vogue, bearing in mind the necessity of electrification and for digital. Everyone wants copper. Everyone wants

copper. So it's hard to know what in the price is speculative, what is tariffs, what is concern. Where do you see it?

ARRIAGADA: Look, I think most of it reflects the fundamentals of copper, which are positive. Copper is required for electrification, energy security

and those fundamentals are prevailing. There is short-term volatility associated to some of the, you know, noise in the market, but most of it

reflects the fundamentals that copper is in short supply, is required, and it's going to be needed. And I think those fundamentals are quite solid and

good for, you know, for the mining -- for the copper mining industry.

QUEST: Let's talk about the environment here. I don't mean the physical, obviously the physical environment, the economic environment. After

dictatorship, then democracy, some rocky years, some civil unrest, how would you describe Chilean society now?

ARRIAGADA: I think, look, I think we've got a well-established democratic system and rule of law, which is good. I think the priorities, however,

have changed and evolved recently. The most people are concerned with is getting growth back in the economy, getting investment moving, and second,

public security, because that's been an issue as well in the region and in particular in Chile. But I think we have very solid institutions and from

that point of view, a very solid framework on which to build going forward.

QUEST: I'm grateful, sir, that you came in to talk to us today.

ARRIAGADA: OK.

QUEST: Thank you very much indeed.

ARRIAGADA: Thank you. Thank you, Richard.

QUEST: Good to see you sir.

ARRIAGADA: Yes.

QUEST: Now, before we move on, let's take a look at the markets and see how they've been trading because very busy days in the markets, all of which

are somewhat uncertainty. Going to show you first of all the Dow Jones Industrials and what's happening there. The Dow and the triple stack.

Do you see the Nasdaq just simply can't hold its own. The weight of issues against it is what's causing such good. And the Dow dropped more than 260

points. Tech stocks were down. And if you look at the Dow components of Nvidia, another 3.5 percent, IBM, Walmart closed lower. A solid day,

though, for health stocks and Verizon finished up top gaining more than 1 percent.

A question for you. What do you put on your sandwiches? How big a sandwich do you like? Would you like something along the lines of these sort of

sandwiches? Well, here in Santiago, here in Chile, they just love a good sandwich.

(BEGIN VIDEO CLIP)

FELIPE SANCHEZ, FOUNDER, CHICKEN LOVE YOU: Sorry. And they want to try the most famous and flavorful Chilean sandwiches.

QUEST: I only came for lunch. I'm getting a floor show. So this is the hotdog. I don't know where to begin.

SANCHEZ: It's a Chilean tradition to eat our sandwiches with your hands. So I don't know which is your tactic,

Richard, now you are a Chilean.

(END VIDEO CLIP)

QUEST: I may be a Chilean, but I also have a dry cleaning bill.

With me is Felipe Sanchez, the man you saw in that report, the founder of the restaurant Chicken Love you.

Now, I love you now. These, what is it? You take that one. What is it about these sandwiches? Why does Chile love a big sandwich?

SANCHEZ: Well, sandwiches are like our main dish here. If you are a foreign, you have to try one of our classic sandwiches like the Chacarero.

You had that at the local market. And I had my own fried chicken joint. This is kind of new. It's not like a trend in Santiago here in Chile,

because we have -- we use, for example, lots of vegetables.

QUEST: Right.

SANCHEZ: Inside the sandwiches. And as you saw, they are huge because as you can see in other parts of the world, the sandwiches are very, very

small. So you can have them with only one hand. But now how can you hold that with only one hand, Richard?

QUEST: Yes, but here's the point. A sandwich is supposed to be convenient.

SANCHEZ: It's supposed to.

QUEST: It's supposed to be convenient. It's supposed to be quick and easy. It's not supposed to be a monster like we saw over there or with these

chickens here. Why did it grow like -- oh, dear, look at this. This has got --

[16:40:03]

SANCHEZ: Go ahead. You can lick your fingers.

QUEST: No, no. No way.

SANCHEZ: You can lick your fingers.

QUEST: No way. No way. Not yet. Maybe. Maybe. Why did it grow like this? What is it? What happens in Chile with these?

SANCHEZ: Well, in Chile we are a very hard working class and we want to like to feel like we beat the system. So when we go outside, it's to eat.

It's to celebrate something. And we want to feel like we are the winners, the champions of the world, and we beat the system and we're eating a lot,

and we pay a little bit for it. So instead of having a huge plate of meat and rice and vegetables, we prefer to put it inside two buns. And that's

how we roll.

QUEST: And you have tried how many sandwiches in your life?

SANCHEZ: Yes, since 2018, more than 2,000 sandwiches. I had projects where I ate one different sandwich a day for three years in a row while traveling

the globe. So it's the best job in the world.

QUEST: Best job in the world.

SANCHEZ: It is actually.

QUEST: Fascinating. OK, so finally, if you take Chile today and you take Chile and you look at how the society has come together, how would you

describe today's Chile facing what it is in its environment bearing in mind the United States?

SANCHEZ: Oh, difficult question. I mean, Chile has had ups and downs of course. And we have lived a lot of crisis, even natural crisis. But I think

we are a very united, how do you say, a nation. So as long as we are together, we can, like, go ahead and fight against all the troubles, you

know, and sandwiches are part of it.

QUEST: Thank you very much, sir. I'm very grateful indeed.

SANCHEZ: Thank you, Richard.

QUEST: All part of the trouble.

And that is our report from Chile for today. I know exactly what you don't want. I know exactly. So here we go. And that's QUEST MEANS BUSINESS for

this -- what day is it?

UNIDENTIFIED FEMALE: Tuesday.

QUEST: For this Tuesday. For this Tuesday night. I am Richard Quest in Chile. Give me your hand. Whatever you're up to in the hours ahead, I hope

it is profitable. I'll see you back in New York. Here we go.

SANCHEZ: You're a Chilean, Now, you're a Chilean.

(COMMERCIAL BREAK)

END