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Quest Means Business

Trump Tells Republican Lawmakers To Pass Sweeping Policy Bill; Donald Trump Announcing Golden Dome Concept; Spending Bill, Tariffs Cause Concern About U.S. Debt, Growth; Elon Musk Plans To Do Less Political Spending In The Future; Battery Maker CATL Surges In Hong Kong Debut. Aired 4-5p ET

Aired May 20, 2025 - 16:00   ET

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

LYNDA KINKADE, CNN HOST: The closing bell ringing there on wall street. Stocks are down slightly across the major indices. The Dow there closing

down more than a hundred points. These are the markets and these are the main events.

President Trump urges lawmakers in his own party to pass a major tax and spending bill.

The U.K. pauses trade negotiations with Israel over Netanyahu's governments policies in Gaza and the West Bank.

And billionaire Elon Musk says her will spend a lot less money on politics in the future.

Live from Atlanta. It is Tuesday, May 20th. I am Lynda Kinkade in for Richard Quest and this is QUEST MEANS BUSINESS.

A very good evening and good to have you with us.

Tonight, Donald Trump delivering a message directly to House Republicans, "Get it done."

The President was on Capitol Hill earlier to drum up support for his sweeping legislative agenda. Sources saying that he told members of his

party that the time for negotiations is over, and that they should move ahead with the bill. Some Republicans tell CNN that there are issues still

to be worked out. Still, the President says he was encouraged by the tone of the meeting.

(BEGIN VIDEO CLIP)

DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: I think we have unbelievable unity. I think we are going to get everything we want and

I think we are going to have a great victory.

I think it was a really great -- that was a meeting of love, let me tell you, there was love in that room. There was no shouting. There was -- I

think it was a meeting of love.

(END VIDEO CLIP)

KINKADE: A meeting of love.

Jeff Zeleny is outside the White House to talk about all of that love. Good to see you, Jeff. So Trump is certainly trying to urge consensus, but

Republicans are divided over the costs and the cuts, just take us through the biggest sticking points.

JEFF ZELENY, CNN CHIEF NATIONAL AFFAIRS CORRESPONDENT: Lynda, a meeting of love, perhaps like any family gathering where there is also some fighting

and tough love that needs to go on. And look, I mean, the reality is we are hearing from members of Congress, Republican members that the President, at

least at this moment, did little to persuade them and here is why.

Some of the biggest sort of issues here is Medicaid. That is the program here in the U.S. that provides health care for millions and millions of low

income Americans, many of whom were Trump supporters, of course, some were not. But the President has said, do not touch Medicaid.

Well, the numbers just don't add up unless you do touch Medicaid and the issue here is not removing it entirely, but it is adding work requirements.

So Americans would have to show that they are working a specific amount to get the Medicaid. And the question is when that would go into effect, what

year that would go into effect.

So the hardliners, the far-right hardliners, if you will, are urging this to go into effect sooner and that could impact millions of Americans.

The other things at issues are specific to state and local tax breaks. This is a big issue for areas like New Jersey and New York, California and that

is where many of the Republicans who actually make up the majority of the House of Representatives are from. So there are issues sort of on both

sides of the equation.

KINKADE: Jeff, I am just going to interrupt you for a moment. Donald Trump is speaking right now. Let's listen in.

TRUMP: -- many years ago, but they didn't have the technology, but it is something we are going to have. We are going to have it at the highest

level.

I want to thank Secretary Hegseth, who has been fantastic, and Secretary Rubio and Space Force Vice Chief of Space Operations, General Michael

Guetlein. I also want to recognize Senators Dan Sullivan, Kevin Cramer and Jim Banks, fantastic senators, great talents, great political talents, and

people that love our country.

In the campaign, I promised the American people that I would build a cutting edge missile defense shield to protect our homeland from the threat

of foreign missile attack and that is what we are doing.

Today, I am pleased to announce that we have officially selected an architecture for this state of the art system that will deploy next

generation technologies across the land, sea and space, including space based sensors and interceptors. And Canada has called us, and they want to

be a part of it, so we will be talking to them. They want to have protection also. So as usual, we help Canada do the best we can.

This design for the Golden Dome will integrate with our existing defense capabilities, and should be fully operational before the end of my term. So

we will have it done in about three years.

Once fully constructed, the Golden Dome will be capable of intercepting missiles even if they are launched from other sides of the world, and even

if they are launched from space, and we will have the best system ever built.

[16:05:11]

As you know, we helped Israel with theirs and it was very successful and now we have technology that is even far advanced from that, but including

hypersonic missiles, ballistic missiles and advanced cruise missiles, all of them will be knocked out of the air.

We will truly be completing the job that President Reagan started 40 years ago, forever ending the missile threat to the American Homeland and the

success rate is very close to a hundred percent, which is incredible when you think of it. You're shooting bullets out of the air.

I am also pleased to report that the one big beautiful bill will include $25 billion for the Golden Dome to help construction get underway. That's

the initial sort of a deposit, and we have probably you're talking about -- General, we are talking about $175 billion total cost of this when it is

completed.

This afternoon, I am also announcing that I will appoint very importantly, General Guetlein to lead the ambitious new effort as the direct reporting

program manager for the Golden Dome, a very talented man, and I am very honored to have been the one that helped -- we created Space Force. Space

Force has turned out to be a tremendous success. We were third in space, and now we are number one in space by a lot. It is not even close.

And Mike is a four-star Space Force general, the recipient of the defense distinguished service medal, one of the most respected people in the world

having to do with defense. You know, we have offense and we have defense. Somebody who is good at offense, and he is an unmatched background in

missile warning technology and defense procurement.

General Guetlein also knows that we need to move fast. No one is more qualified for this job and everybody, this was a universal acceptance of

General Guetlein. Everybody that knows him and knows everybody else, they said there is only one man for the job. So I have a feeling we have the

right guy.

But now I'd like to invite Secretary Hegseth and the General to please say a few words and describe the system a little bit, and we appreciate you

being here. And the press has really been very fair over the last period of a couple of months. I don't know what happened to you. It was so much more

exciting the other way. But you've been very, very fair.

We have very high poll numbers, the highest we've ever had, and I think we are doing a great job. We had a tremendous trip to the Middle East as you

know, it was a really amazing trip. And now I came home and this is the one I was really looking forward to this day, because this is very important

for the success and even survival of our country. It is a pretty evil world out there.

So this is something that goes a long way toward the survival of this great country. And as I said, we will be discussing Canada. They want to hook in

and they want to see if they can be a part of it. And it sort of makes sense. I guess that's what I was talking about from day one. You know, it

just automatically makes sense and it won't be very difficult to do, but they will pay their fair share. Thank you very much, everybody.

And Pete, go ahead.

PETE HEGSETH, U.S. DEPARTMENT OF DEFENSE SECRETARY: Well, Mr. President, add this to the long and growing list of promises made and promises kept.

Ultimately, this right here, the Golden Dome for America is a game changer.

It is a generational investment in the security of America and Americans. Mr. President, you said we are going to secure our southern border and get

a hundred percent operational control after the previous administration allowed an invasion of people into our country.

President Reagan 40 years ago, cast the vision for it, the technology wasn't there, now it is and you're following through to say, we will

protect the homeland from cruise missiles, ballistic missiles, hypersonic missiles, drones, whether they're conventional or nuclear.

And it is not lost on me, sir, also, that you had the vision to start the Space Force. And here we are in the -- others said we didn't need it. Here

we are in the Oval Office with one of the leaders of the Space Force in General Guetlein leading the charge on putting in place a game changing

Golden Dome for America.

So, sir, it is an honor to be a part of this bold initiative. We are going to get to work on it. We have been since you signed that executive order on

January 27th. We've been fast forward on this.

We are here on this day, and this is just one stop in delivering this defense of the homeland, which is something you've charged us with doing

and we will keep going until it is complete, sir.

TRUMP: Thank you, Pete.

Pete is doing a great job, by the way. Thank you very much -- General.

GEN. MICHAEL A. GUETLEIN, VICE CHIEF OF SPACE OPERATIONS, UNITED STATES SPACE FORCE: Mr. President, today is a great day for the nation as we

double down on protection of the homeland. As you are aware, our adversaries have become very capable and very intent on holding the

Homeland at risk.

While we have been focused on keeping the peace overseas, our adversaries have been quickly modernizing their nuclear forces, building out ballistic

missiles capable of hosting multiple warheads, building out hypersonic missiles capable of attacking the United States within an hour, and

traveling at 6,000 miles an hour.

[16:10:14]

Building cruise missiles that can navigate around our radar and our defenses, building submarines that can sneak up on our shores, and worse

yet, building space weapons. It is time that we change that equation and start doubling down on the protection of the Homeland.

Golden Dome is a bold and aggressive approach to hurry up and protect the homeland from our adversaries. We owe it to our children and our children's

children to protect them and afford them a quality of life that we have all grown up enjoying. Golden Dome will afford that.

I greatly appreciate your trust in me and your nomination to me, and your trust in the team to deliver this. It is a great day for America.

TRUMP: And also very importantly, we are the only ones that have this, we call it super technology. Nobody else has it and nobody else is nearly

really near what we have.

So this is a very exciting project. This is something that will win -- the General said close to a hundred percent protection. So that's something we

need. I think it is a very -- an everything is going to be made in the USA, by the way, very importantly. So it is something that I've been looking

forward to do for a long time.

And I just noticed you too, Jim, you're standing there behind you is a very important document, the Declaration of Independence and that was in the

vault for many decades under -- right under this area, we have vaults with pictures. On top, you have Abraham Lincoln. You see, there was the original

Abraham Lincoln, the original Washington, and does everybody know who the middle was? General Grant.

And so it is a very exciting -- you look over here and above Ronald Reagan, you have Thomas Jefferson. That's Monroe from the Monroe Document. And you

know who that is, right? Andrew Jackson.

So we have a lot of very exciting pictures. And on the other side, likewise, some just some great, great presidents and great people on these

-- many of these because people were asking about them, many of them, almost all of them were in the vaults or nearby, but generally in the

vaults downstairs.

We have some great -- so it is very exciting -- and the place has become a little different than you first saw it, Jim. Right?

SEN. JIM BANKS (R-IN): Yes. Much better.

TRUMP: A bit different, it is slightly better. But to think we had them and some were in the vaults for over a hundred years, so it is pretty, pretty

cool stuff. Everybody knows Jim Banks. He is a great congressman, and now he is a great senator from Indiana. And you might want to say a few words.

BANKS: Well, your legacy with Space Force, Mr. President, is already big, but the Golden Dome is going to be an even bigger legacy for our country

and Indiana is going to help you make it.

TRUMP: Right.

BANKS: The space satellites that are made in Fort Wayne, Indiana by L3Harris. All the work done at Crane Navy Base in Southern Indiana is going

to be a big part of it, and Hoosiers are very proud of that. we are proud of you. Thank you very much.

TRUMP: You're going to be a big factor. Thank you and good luck and congratulations. You won that race by a lot. That wasn't even a contest.

Right?

BANKS: Well, thanks to you and all of your support.

TRUMP: Thank you very much. Please go ahead. This is Senator Cramer, and he is one of our best. Can't get any better. Go ahead.

SEN. KEVIN CRAMER (R-ND): Well, you're very nice, Mr. President and thanks for this. And I remember the day in your first term when you called, and I

was a brand new baby, freshman senator on the Armed Services Committee and said you said I want to have a Space Force, would you lead the effort on

the Senate Armed Services Committee? And I felt so proud thinking that you chose me, only to find out later no one else would do it, but nonetheless -

-

KINKADE: You have just been watching President Donald Trump at the White House there announcing his plan for a so-called Golden Dome. This will be a

protective shield over the U.S., similar to what Israel has. He says the U.S. helped Israel with theirs, and now the technology is much more

advanced.

We also heard from Defense Secretary Hegseth, who called it a game changer, as well as General Guetlein, who said it is a great day for the nation. He

said, this is a bold and aggressive approach to protect the Homeland from adversaries, and this Golden Dome is meant to protect. It is going to be a

system that protects from space, from land, from sea.

Our Jeff Zeleny has been listening in to that White House briefing and joins us now from outside the White House.

Good to have you with us again, Jeff.

So we have heard The Pentagon has presented three options -- small, medium, large. No matter which way you look at it, this is going to be a very

expensive Golden Dome, right?

ZELENY: It certainly is, and small, medium, large all come with a large, larger and largest price tag, Lynda, there is no doubt that this is one of

the most expensive endeavors of all the proposals that the President has indeed made.

This Golden Dome proposal is viewed as a very, very expensive. And just the timing of this you know, could not have been planned necessarily, but it is

-- this has been on the White House schedule, but coming as the House Republicans are trying to put together a budget and tax bill that already

is projected to send deficits and the nation's debt soaring, the question is, where is there room for this?

[16:15:22]

However, it is a priority of the President. He certainly wants to discuss it. So discuss it he is. He is in the Oval Office there, as you saw,

talking about this, but even some of the most supportive Republicans are somewhat skeptical about the notion of accomplishing this in the short term

anyway.

KINKADE: Yes, certainly. It is an ambitious project. He said it will be completed in the next three years. He has set aside $25 billion in this

current budget, which obviously hasn't got through yet, but we will discuss this further, no doubt.

Jeff Zeleny, we will leave it there for now. Thanks so much for joining us.

ZELENY: My pleasure.

KINKADE: So, as Mr. Trump's spending bill makes its way through Congress, warnings of rising U.S. debt and the threat of tariffs are growing louder.

JPMorgan CEO Jamie Dimon says that markets are showing "an extraordinary amount of complacency."

"The New York Times" and others are reporting that the 'Sell American' trade is making a comeback after Donald Trump's tariff announcement sparked

a large sell off. And Citi wrote in a recent note that the U.S. could face a Liz Truss style crisis.

Well, Greg Valliere is the chief U.S. Policy Strategist at AGF Investments and joins us now from Washington. Good to have you with us.

GREG VALLIERE, CHIEF U.S. POLICY STRATEGIST, AGF INVESTMENTS: Good to see you.

KINKADE: So, Greg, let's start with the credit rating. The U.S. obviously has lost its AAA credit rating from all three major credit rating agencies

due to the growing fiscal deficit and, of course, rising interest costs.

If Trump's so called big beautiful bill goes through, hopefully you're still there, just if this bill goes through that, Trump is trying to pass

what could it mean for the nation's fiscal imbalance?

VALLIERE: Well, I think the budget deficit continues to rise, and this fiscal year that ends on September 30th will be well over $1 trillion in

debt. And this Golden Dome, by the way, will be about $25 billion initially, and every year after that, it goes (AUDIO GAP) verge of spending

over $1 trillion on defense.

And I think (AUDIO GAP) and then we will have a big debate in congress over Medicaid and things like that. The problem is there are very few people in

Congress who would cut dramatically, and I think that when they're finished this year, the deficit will be much higher rather than lower.

KINKADE: Yes, and the head of Congress' independent fiscal watchdog has warned that ignoring the country's ballooning debt could lead to a crisis

similar to what we saw in the U.K. with Liz Truss back in 2022.

Do you agree with that assessment?

VALLIERE: Could be. You can't say that -- you could be sanguine right now. The cost of these programs are staggering. Nobody really wants to do

anything about it. We are going to get some tax cuts, and maybe not as much as Donald Trump wants, but sooner or later, this bill will pass. I think it

is going to be later rather than sooner. It may be October before we get it done.

But how ironic that the Republicans talking about fiscal restraint, we are going to wind up spending a lot more money this year.

KINKADE: Yes, exactly.

Greg, we will continue the conversation soon. We are having a couple of little technical difficulties connecting with you, but we appreciate your

time today, Greg Valliere, thanks so much.

Well, Home Depot says it will not raise prices on most items despite Donald Trump's tariffs. Still, it says the price of select items will go up and

other items will no longer be sold. The company reported earnings earlier. Its executives say it is trying to keep costs competitive as plunging

consumer sentiment weighs on sales.

Shares were down after the announcement.

Well, Nathaniel Meyersohn is following the story and joins us now.

Good to see you, Nathaniel.

So just give us a sense of Home Depot's earnings report, its forecast and what it is saying about tariffs.

NATHANIEL MEYERSOHN, CNN BUSINESS REPORTER: So it is actually really surprising what Home Depot is saying, because you've had so many companies

that are saying the tariffs are really going to hurt them. But Home Depot is saying that it can manage the tariffs and that prices are not generally

going to rise.

Now Home Depot is saying this because it is able to source about half of its merchandise from the United States and Home Depot has reduced its

reliance on China the past several years. So it is not entirely exposed to China and other imports, and so that's how Home Depot is saying that it is

going to be able to manage tariffs.

[16:20:02]

And look, Home Depot is the largest home improvement retailer in the U.S., so it has the size and the scale to drive prices down and actually thinks

it could be an opportunity right now to gain market share against smaller competitors that are going to be forced to raise prices.

Now, Home Depot also said that it may have to cut some products if they just get too expensive from tariffs, but the consumer impact here may be

more muted than other retailers.

KINKADE: It is interesting, though, Nathaniel, when you compare what Home Depot is saying to Walmart, which is arguably the biggest retailer in the

world. Why the contrast?

MEYERSOHN: Very notable that just days after Walmart said that higher tariffs are going to mean higher prices, and Walmart was very outspoken

about how even Walmart, the world's largest retailer, is going to have an impact from tariffs. Very notable that Home Depot is kind of taking a step

back here and tiptoeing around tariffs.

Now, we don't know exactly why Home Depot is doing it, but of course, Donald Trump, the President attacked Walmart on went after them for raising

prices because of tariffs, said that Walmart should eat the costs.

So it does beg the question of whether Home Depot is worried about kind of getting blowback from the President, and how are other companies going to

navigate talking messaging around prices and messaging around price strategy over tariffs? We have Target reporting earnings tomorrow. I am

going to be really interested to see how they talk about tariffs and how other companies, knowing that Trump's Truth Social posts may hang over all

of this.

KINKADE: Yes, exactly. We will be watching Truth Social in the markets.

As always, Nathaniel Meyersohn, good to have you with us. Thank you.

Well, still ahead, Israel may face sanctions as its onslaught in Gaza continues. The mounting pressure to allow more aid deliveries to Gaza's

starving population. We will have the latest, next.

(COMMERCIAL BREAK)

KINKADE: Welcome back.

I'm Lynda Kinkade.

The United Nations says that Israel has approved about 100 aid trucks to enter Gaza on Tuesday. Several were seen moving towards the Gaza side of

Kerem Shalom Crossing. U.N. officials say this initial amount of aid is nowhere near enough.

Well, the Netanyahu government is facing growing pressure to lift its blockade on Gaza. The E.U. says it will review its association agreement

with Israel. France and Canada have threatened sanctions if the military operation continues in Gaza and the British Foreign Secretary told

Parliament the war has entered what he called a dark new phase.

[16:25:15]

(BEGIN VIDEO CLIP)

DAVID LAMMY, BRITISH FOREIGN SECRETARY: Therefore, today, I am announcing that we have suspended negotiations with this Israeli government on a new

free trade agreement.

(GROUP "Hear, hear.")

LAMMY: We will be reviewing cooperation with them under the 2030 bilateral roadmap.

Netanyahu's governments actions have made this necessary, Madam Deputy Speaker. Today, my Honorable Friend, the Minister for the Middle East is

summoning the Israeli Ambassador to the Foreign Office to convey this message.

(END VIDEO CLIP)

KINKADE: Well, Israeli Prime Minister Benjamin Netanyahu has accused leaders in Europe and Canada of offering what he called a huge prize to the

October 7th attackers.

Well, an Israeli opposition party leader, retired General Yair Golan, warned that Israel is on its way to becoming a pariah state.

Sir Richard Dalton was the British Consul General to Jerusalem. He is now an associate fellow at Chatham House. Good to have you with us.

SIR RICHARD DALTON, FORMER BRITISH CONSUL GENERAL TO JERUSALEM: Good evening.

KINKADE: So the U.K. has summoned the Israeli Ambassador, has sanctioned West Bank settlers over Israel's offensive in Gaza and its blockade. How

much trade does Britain do with Israel? And what sort of impact could these measures have?

DALTON: These measures by themselves, will not impact Britain's substantial trade with Israel, nor so far will they impact the residual arms transfers,

which Britain still has with Israel. We've had powerful declarations from the British government, but it remains to be seen whether Israel changes

its policy, whether the United States puts pressure on Israel to change its policies and therefore whether it will be necessary for Britain and its

European partners to move towards the sanctions of which they have spoken.

I believe they are determined to do so. They wouldn't have made that threat unless they had thought it through properly and it is entirely right that

the British government should recognize that what Israel is doing is an affront to the values of the British people, that it is incompatible with

the principles underlying Britain's relationship with Israel, that it is damaging Britain's relationship with the Israeli government, and that after

our own experience in Northern Ireland, the only way to bring security to Israel is the political process that people have been talking about

fruitlessly for 30 years to give a viable political alternative to the men of violence on both sides.

KINKADE: Sir Richard, you made a good point about what other nations might follow suit and we have heard from Canada and from France, even the E.U.

saying that they are going to review these sort of trading partners. What sort of pressure do you think the U.S. could apply?

DALTON: Well, the U.S. has to be persuaded that those very points which Mr. Lammy made and which I detailed to you about the conduct of Israel being

incompatible with the values that underlie our relationship with Israel, the United States should be brought to realize that the United States'

conduct in underpinning the Israeli war and in conniving at the savagery and the brutality and the criminal activity of Israeli leaders, is

incompatible with the principles underlining the British and European relationships with the United States.

It is a very serious matter and a very serious point that we've now reached, where I believe it is necessary to demonstrate to the United

States policymakers and the United States public that our countries are sick and tired of the prolonging of this situation by virtue of United

States absolute support for Israel.

Now, whether my government and other governments would be prepared to speak as frankly as that remains to be seen. It is undoubtedly a long term matter

to bring peace and stability in accordance with British interests, European interests to the Middle East and these dialogues are going to have to be

sustained over a long period and we've got to show that we are putting our money where our mouths are by following through with sanctions, if indeed

Israel's conduct remains the same.

[16:30:12]

KINKADE: Sir Richard Dalton, we'll leave it there for now, but appreciate having you on the program. Thanks so much.

DALTON: Thank you.

KINKADE: Well, the world's richest man says he'll be spending less money on political candidates. We'll have more on Elon Musk's interview at the Qatar

Economic Forum, where he was asked about his commitment to Tesla.

(COMMERCIAL BREAK)

KINKADE: Welcome back. I'm Lynda Kinkade.

Elon Musk says he's taking a step back from political spending. The Tesla CEO was asked at the Qatar Economic Forum about his plans.

(BEGIN VIDEO CLIP)

ELON MUSK, CEO, TESLA: In terms of political spending, I'm going to do a lot less in the future.

UNIDENTIFIED FEMALE: And why is that?

MUSK: I think I've done enough.

UNIDENTIFIED FEMALE: Is it because of blowback?

MUSK: Well, if I see a reason to political spending in the future, I will do it. I do not currently see a reason.

(END VIDEO CLIP)

KINKADE: Well, Musk spent more than $290 million to help Donald Trump and other congressional candidates get elected last year. He then led the Trump

administrations so-called Department of Government Efficiency. But the billionaire failed to get Wisconsin voters to back his pick for the state's

Supreme Court, despite spending $20 million on that race.

Well, Hadas Gold is following the story and joins us from New York.

Good to see you. So he's the world's richest man, but he's stepping back from government and announcing that he's going to cut back his political

spending. Why now?

HADAS GOLD, CNN MEDIA CORRESPONDENT: It's pretty stunning to hear Elon Musk say this because, as you noted, the amount of money that he spent to get

President Trump and other Republicans elected spending money in Wisconsin, and he often talked about how he really viewed these elections as saving

humanity's future, as how it was so necessary for our survival as a species to get these people elected.

[16:35:05]

And now he's saying, I don't really see a reason to continue my political spending. And I don't think that's because he thinks that the work is done

and everything is just fine. And a lot of Republicans are probably hearing what Elon Musk is saying and are getting very worried, because what about

the midterm elections? There is a slim Republican majority in Congress right now. Things could easily change, easily flip.

Now it is completely possible that Elon Musk will still be involved behind the scenes, and we're just not going to see him on stage brandishing a

chainsaw like we have seen him up until now, essentially. But also, I think you have to look into what else is happening around him. As you noted, he

supported that judge in Wisconsin. That candidate failed. And also, Tesla is having its own issues.

We've seen its sales and its stock prices diminishing, as Elon Musk has been so closely associated with Tesla. Tesla has been so closely associated

with Elon Musk. And then when you look at Elon Musk's own approval and disapproval ratings, and you can see where there has been quite a drastic

change in just a few months. In February of 2025, his disapproval rating was at 49 percent.

In just a couple of months, it pops up to 57 percent and his approval rating has not gone up significantly at all. I do think it's notable,

though, that even despite his comments today that he is stepping back from politics, he doesn't see a reason to spend more money in it. He did leave

the door a little bit open, and he did himself say that he is still going to Washington. As he has said, he's going to spend one to two days working

on issues with DOGE.

And he said in that interview that he's going to Washington this week to have dinner with President Trump. He's going to be meeting with Cabinet

secretaries as well. So he still obviously going to be involved in politics, but perhaps we won't see him spending the same amount of money

until there's another candidate or until there's another issue that he gets really passionate about.

KINKADE: Yes. And of course, his businesses really did take a hit when he was at the forefront of DOGE. And he spoke about how difficult it was to

juggle both. How are his businesses doing now, Hadas?

GOLD: Well, there has been a bit of an improvement. When you look at the Tesla stock price, just over the last month or two months, you do see the

sort of rise as it goes up, as we saw Elon Musk start to take a step back because for some time investors were just crying out for Elon Musk to step

away from politics, come back to Tesla, come back to lead this company that has become so associated with Elon Musk, the person, especially as we saw

the brand be damaged so much by his connection to politics.

And as I've heard from people close to Elon Musk before, they say Elon Musk is Tesla. Tesla is Elon Musk. And I think the business issues that we saw

affecting Tesla really affected Elon Musk, the person. And that's why we see him now starting to step back into his businesses and focus his time

there, and also why we're seeing him doing all of these media availabilities.

I mean, just today, Elon Musk had that interview at the Qatar forum with a Bloomberg reporter Michelle Hussein, a very good BBC anchor, and he was

just on CNBC for an extensive interview. These are, you know, real journalists who really pushed him. And I think that is a reflection of how

he sees that he needs to really get back into focus on his businesses.

KINKADE: All right. Hadas Gold, good to have you on the story from New York. Thanks so much.

GOLD: Thanks.

KINKADE: Well, shares in the world's biggest electric car battery maker surged today in their first day of trading. Contemporary Amperex Technology

limited had its IPO in Hong Kong. The shares rose 16 percent and it comes as the IPO market shakes off a slowdown. The A.I. company CoreWeave has

rocketed since it started trading in March and the stock brokerage platform eToro has jumped since its IPO last week. Chime, Hinge Health and MNTN are

other companies planning debuts.

Well, Anna Cooban is in London and joins us now live.

Good to have you with us, Anna. So the Chinese company holds the title for the world's largest electric vehicle battery maker for companies like BMW

and Volkswagen. And certainly this was a strong debut. What does it signal?

ANNA COOBAN, CNN BUSINESS AND ECONOMICS CORRESPONDENT: I mean, it very much is a strong debut. It's raised $4.6 billion in this listing. And I think

this really signals that no surprises that investors want to snap up shares in an EV battery maker. It's a growing sector. The International Energy

Agency came out recently to say that about a quarter of all new cars sold this year will be electric vehicles. That's what it expects.

And so it makes -- it's no surprise that investors want a piece of that pie. And then this company, in particular CATL, they've got a big global

presence, factories in Germany and Hungary and China, and this IPO was an attempt to raise the capital to further expand their global presence.

Now you've mentioned those companies that have IPOed recently. Now this is for some people potentially quite surprising. We've seen huge amounts of

uncertainty unleashed on the global trading stage, on the global markets because of U.S. President Donald Trump's trade war. Pitchbook is a research

firm. They came out last month to say that the tariffs really had cast a shadow over the global IPO market this year, with some actually delaying

plans to go public.

[16:40:07]

But the companies that you've cited and of course CATL appear to be bucking that trend.

KINKADE: All right, Anna Cooban joining us live from London. Good to have you with us. Thanks so much.

We have some news just in to CNN. George Wendt, star of the beloved sitcom "Cheers," has died at the age of 76. He portrayed beer-loving Norm

Peterson, who always made an entrance at the local bar.

(BEGIN VIDEO CLIP)

GEORGE WENDT, ACTOR: Afternoon, everybody.

UNIDENTIFIED MALE: Norm.

UNIDENTIFIED MALE: How you doing, Norm? What do you know?

WENDT: Not enough.

(END VIDEO CLIP)

KINKADE: Wendt's performance on that show earned him six consecutive Emmy nominations. A family representative says he died peacefully in his sleep,

adding that he was a doting family man and a confidant to all those who are lucky enough to have known him.

Well, U.S. markets pulled back. The Dow Jones lost 114 points, the S&P 500 snapped a six-day winning streak. It slipped 4.4 percent. And the Nasdaq is

right there with it. You can see tech stocks are also near the bottom of the Dow 30. Nvidia, Apple and Amazon all down around 1 percent. Microsoft,

IBM and Cisco also in the red. Home Depot dipped more than half a percent off mixed earnings.

Well, that is QUEST MEANS BUSINESS for today. I'm Lynda Kinkade. Thanks so much for joining us. I'll be back in about 6:00 p.m. Eastern tomorrow. But

right now Richard Quest is heading to Santiago, Chile for "WORLD OF WONDER."

Stay with us. You're watching CNN.

(COMMERCIAL BREAK)

[16:45:08]

(BEGIN VIDEOTAPE)

RICHARD QUEST, CNN INTERNATIONAL ANCHOR: I'm Richard Quest.

We're sailing.

I love traveling the world.

Oh, that is really good.

And I'm not done yet. It's time to embrace new adventures.

It just doesn't get much better than this, does it?

Seize the moment in this WORLD OF WONDER.

I'm just getting my sea legs.

(Voice-over): If you only arrive in Santiago, and then move on to more famous destinations, you'll have truly missed out on the charm that is

right here.

So that is the famous Costanera Building, which is the tallest building in South America. It's big.

(Voice-over): There are little moments of discovery.

This is the string. It's made with the makibi.

UNIDENTIFIED FEMALE: It's berries.

QUEST: Berry.

UNIDENTIFIED FEMALE: It's berries.

BONDI BEAU, CAMERAMAN: It's berry good.

QUEST: Did you think -- did you just say what I think you said?

BONDI BEAU: I couldn't resist. I couldn't resist.

QUEST: I really am thoroughly enjoying my visit to Santiago. It's an amazing city. There's a tremendous energy and it's just gorgeous weather.

(Voice-over): Hungry or not, when you're here before long, one of these will be put in front of you. The humble empanadas.

Oh, I know. What this is. This is the bit where you're hoping it turns into breadcrumbs.

(Voice-over): Which is how I've come to find myself elbow deep in pastry dough.

All right.

BONDI BEAU: No need to throw it everywhere.

QUEST: Stop it.

BONDI BEAU (through text translation): Is he doing good or not?

QUEST: Excuse me. I understood that.

(Voice-over): The (INAUDIBLE) family have invited me into their kitchen. Son Jose is a chef, but his mother, Juanita, who is showing me how to make

traditional Mapuche empanadas.

UNIDENTIFIED FEMALE: Mapuche.

QUEST: Mapuche. Yes. Mapuche.

(Voice-over): Prepared in the ways of the indigenous people and baked in piping hot ovens.

Don't mind that.

UNIDENTIFIED FEMALE: No.

QUEST: I'm getting there. Yes, yes, I'm getting there.

(Voice-over): Juanita is either horrified or amused with my feeble efforts at shaping and rolling. I'm trying to work out how she makes hers so

perfect.

BONDI BEAU: I'll take over from here.

QUEST: Of course, Bondi Beau thinks he can do better. And producer Holly won't be left out.

No, I'm not so sure. No, no, no, it's going a bit weird.

UNIDENTIFIED FEMALE: Bien.

QUEST: No.

(Voice-over): The more the merrier joining in my ritual humiliation. Empanadas are not unique to Santiago or Chile. What's different here is

that they are baked. And like Chilean sandwiches, huge.

There is a premium to be paid for empanadas with the Quest touch.

(Voice-over): The Santiago classic Empanada de Pino is filled with beef and onion, egg, hard boiled thankfully, and a single olive. Then fold, fold and

fold again. While they bake, traditional Mapuche entertainment. My efforts are a little too much for the experts.

Nearly there.

BONDI BEAU: I think they're ready.

QUEST: All that's left is to try our creations.

It's very hot, very hot.

(Voice-over): Nuclear.

[16:50:01]

It's too hot. This is going to take ages to cool off. Oh, hot.

(Voice-over): I've discovered that to be a true Chilean is to burn one's mouth at least once a day on an empanada.

Oh, very good.

(Voice-over): And yet keep eating anyway. That's OK, because I've found the cure to cool me off.

(COMMERCIAL BREAK)

QUEST: There are two spots in Santiago from which the views cannot be beaten. One is Santa Lucia Hill. To reach the other, I must be hauled to

the top.

The funicular at San Cristobal Hill is well worth the ride because once at the top --

Oh, wow. It's huge. I keep thinking of it as some sort of small Santiago, but actually it's --

BONDI BEAU: Well, I've really got appreciation for it now.

QUEST: Yes.

BONDI BEAU: It's much bigger than you think.

QUEST: Yes, much bigger.

(Voice-over): A city of nearly seven million people that sits in the valley of a mountain chain, the Andes. And they are a calling.

UNIDENTIFIED FEMALE: Ready?

QUEST: Well, I don't know. These things always look like one thing and then you get closer.

UNIDENTIFIED MALE: Paddles. The paddles. Excuse me. Thank you.

UNIDENTIFIED FEMALE: How's everybody feeling?

QUEST: Carlos, Javier, Jorge. Holly. The crew is all suited up. The goal today is simple. Raft down the River Maipo without anyone falling in.

UNIDENTIFIED MALE: Show me how you jump in in your boat.

QUEST: Is now a good time to admit I've never rafted?

UNIDENTIFIED MALE: Forward. Come on.

QUEST: Too late.

UNIDENTIFIED MALE: Here we go. Backwards. Backwards. Backwards. Backwards.

QUEST: I have no idea what I'm doing and frankly, I'm not sure anyone else does either.

I think we're going to sink. That was cold.

UNIDENTIFIED MALE: Get down, get down.

QUEST: Get down? Good. Yes. And sir, we're going backwards.

(Voice-over): Oh, the hits, they keep on coming.

UNIDENTIFIED MALE: Let's go.

QUEST: I'm not sure if this river is bringing out the best or the worst in our team.

The man at the front is Jorge, who up until this point in our visit had been all quiet, unassuming driver.

[16:55:01]

His whole attitude is an inspiration for ambition over experience.

UNIDENTIFIED MALE: Jorge, what do you think?

UNIDENTIFIED MALE: I love.

UNIDENTIFIED MALE: Excellent.

QUEST: It's good fun.

SABINO, SANTIAGO RAFTING: So welcome again in the River Maipo.

QUEST (voice-over): Meanwhile, our river guide at the back is parking his raft better than I can park a car on a street.

UNIDENTIFIED MALE: He's showing off now. That was nice. Very nice.

QUEST: The River Maipo is fed by a glacier and extends all the way through this Andean canyon down to Santiago.

What actually causes the rapid?

SABINO: All you're seeing right now is exactly reflection of what we have underwater. For every wave, we have a rock.

UNIDENTIFIED MALE: Yes.

SABINO: OK, so the water goes up. Down there.

UNIDENTIFIED MALE: Nice.

SABINO: Stop. Enjoy, enjoy.

UNIDENTIFIED MALE: Wow. Look at this place.

UNIDENTIFIED MALE: Oh, this is spectacular.

UNIDENTIFIED MALE: This is life.

SABINO: Yes.

QUEST: I mean, this is just wonderful afternoon down the river. Such friendship and good laughs and everybody having a good time. And it's cold.

I tell you what. You do notice after an hour or so of doing this everybody does get into a rhythm and everybody just start rowing as a team.

(Voice-over): Enough reflection, please. There's a river to raft.

You're doing this deliberately.

UNIDENTIFIED MALE: Back up.

UNIDENTIFIED MALE: Back up.

QUEST: He's doing it deliberately. I'm soaking.

(Voice-over): And Jorge? He's still loving life. Every bit of it.

Chile. Gosh, what a wonderful trip. So many exciting things to do. And you all want to come here. Do it all for yourself. Fantastic Chile. Definitely

part of our WORLD OF WONDER.

(COMMERCIAL BREAK)

END