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Quest Means Business
Trump Administration: Framework Agreement Reached With China; Trump Proposes Semiannual Reporting For Public Companies; E.U. Mulls Further Ban On Russian Tourist Visas; U.S. Senate Expected To Vote On Stephen Miran's Nomination To Fed; Donald Trump: U.S. Struck Cartel Boat From Venezuela; Highclere Castle Basks In The Legacy Of "Downtown Abbey". Aired 4-5p ET
Aired September 15, 2025 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:14]
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": Closing bell ringing on Wall Street. You and I start a new week together, and we are
delighted to be together. The markets are all at a record, as you'll see when we show you the detailed numbers. It is the Dow that's just eking out
a small gain, but hey, it is in the green. So that's positive.
Sir, would you please hit the gavel? Oh Good Lord. You can see the trouble. Yes. Get on with it. Oh one. Talking about waiting for your moment of
glory. There we go, three gavels. The trading is over. Those are the markets and these are the main events of the day.
Donald Trump's administration says it has reached a framework deal with China over the popular app TikTok. The President also wants to say goodbye
to the quarterly earnings report. What does that mean for investors?
And Downton Abbey's finest props and frocks and all manner of bric-a-brac going under the hammer even the toast rack.
We are live in New York. Start of a new week, Monday, September the 15th. I am Richard Quest, and I mean business.
Good evening.
Donald Trump's administration says it has reached a long awaited deal over the future of TikTok. Scott Bessent, the Treasury Secretary, made the
announcement while he is at trade talks with China in Madrid, but no details. Officials say it makes an in-person meeting between President
Trump and Chinese President Xi likely, more likely, I should say. The Treasury Secretary said the two would discuss TikTok during a phone call on
Friday.
(BEGIN VIDEO CLIP)
SCOTT BESSENT, U.S. TREASURY SECRETARY: We have a framework for a TikTok deal. The two leaders, President Trump and Party Chair Xi will speak on
Friday to complete the deal, but we do have a framework for a deal with TikTok.
(END VIDEO CLIP)
QUEST: Now, despite progress on TikTok, the U.S. and China are facing new tensions over America's most valuable company. China says that NVIDIA is
violating its antitrust laws. The Chinese market regulator will now carry out a further investigation into the company and two Chinese chip makers
are also on the list in the U.S. barring them from buying U.S. chip technology.
Kevin is at The White House, Clare is in New York.
Kevin, Clare, just bear with us one second. There is one other thing I need to just talk to Kevin about, which I can ask, Kevin, I assume you're seeing
Donald Trump, feel free to look down and read it, because I am just looking at it now.
The President says he has ordered a second kinetic strike against positively identified, extraordinarily violent drug trafficking cartels,
narcoterrorists in the SOUTHCOM area, three dead, international waters, no U.S. casualties. What can you tell me? This came out of the blue.
KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Yes, and this is -- well, it is sort of out of the blue. It is the second time that the U.S. has
conducted one of these strikes. You'll remember some weeks ago, the U.S. targeted a boat that it said was loaded with Venezuelan narcotraffickers,
as well as drugs. It has raised all kinds of questions from legal experts about the legality of what the President was doing.
You have heard accusations from the Venezuelans that the U.S. struck a boat that was not actually people who were trafficking drugs, but someone else.
But I think this latest strike is evidence that The White House and that the administration is not backing off this strategy. He says -- the
President says in this tweet or X post that these extremely violent drug trafficking cartels pose a threat to U.S. National Security, foreign policy
and vital U.S. interests.
So it is clear, I think, that the President is very much entrenched in the strategy, and it was interesting, the President was asked yesterday whether
he would rule out strikes on mainland Venezuela, and he would not rule it out. So really taking those legal questions and throwing them aside very
much following through on what the strategy is here.
QUEST: Of course, we have no way of confirming, identifying or anything the core that these were drug trafficking narcoterrorists.
LIPTAK: No and the President posted a video along with a Truth Social post, obviously, you cannot tell from this video that was taken from the air who
is exactly on the boat and that was the question that all of these legal experts are raising is that if you strike this boat and everyone drowns and
the boat drowns, and is at the bottom of the ocean, there is no way to definitively prove who was on it and what it was transporting.
[16:05:10]
But the President, I think, as evidenced by this, is unconcerned by those arguments.
QUEST: Right. Let's turn back to what we originally invited you to talk about and you're with Clare. So it is really -- the discussion here is
really about the trade and relationship with China.
Kevin, on the one hand, it looks like they're coming together to do some sort of deal with TikTok, but at the second time, Clare, you're going to
talk about this fact of NVIDIA, the Chinese putting pressure on using NVIDIA, if you will, as a bargaining chip.
Start with you, Kevin, on TikTok. It looks like a deal has been done.
LIPTAK: Yes, and we don't have the specifics of it, that will be hammered out when President Trump and President Xi talk by phone on Friday. What it
seems to be is what the deal was that was in front of them in April, which is a consortium of investors coming together to obtain TikTok.
The President had made very clear that he didn't want to see that app go dark in the United States. He has credited it with him for winning the
youth vote in last year's election, but I think when you talk to American officials, they're not necessarily separating out these two things. The
view among some of the officials I was talking to is that China took this action against NVIDIA as essentially political cover to allow it to enter
into this deal on TikTok, because for so long it had seemed resistant to selling off that critical algorithm, that it has put on an export control
list, now, it seems more willing to part with it as a way, I think, to advance some of these discussions about potentially putting together a
meeting between these two men, and it does seem likely that they will meet in the coming months.
The big question seems to be where that will happen, potentially on the sidelines of the APEC Summit in South Korea. But Beijing seems more intent
on hosting President Trump for a state visit and I think the view is that this could potentially grease the wheels to make that happen.
QUEST: Right. But Clare, I mean, this is very unwelcome for NVIDIA, which, I mean, it is not exactly an innocent bystander in a sense, but it has got
well and truly caught in the politics and the geopolitics of the trade issue.
CLARE DUFFY, CNN BUSINESS WRITER: Yes, it really has got caught in the center of both this U.S.-China trade tensions as well as the sort of U.S.-
China tech war that we've seen escalate over the past few years. This announcement about this antitrust investigation came as sort of a surprise
on Monday, although Chinese regulators began looking into NVIDIA back in December.
What they are saying now is that a preliminary probe shows that NVIDIA is violating Chinese anti-monopoly law with this $7 billion investment of the
chip designer firm Mellanox, that Chinese regulators actually approved back in 2020, but it is unclear at this point, you know, it was light on
details. It is unclear if NVIDIA is going to face any penalties.
Chinese market regulators say they're going to continue investigating NVIDIA, but I do wonder if this is going to throw a wrench into these trade
talks and potentially into this TikTok discussion, especially given the fact that Trump was hoping to benefit from the restart of sales of NVIDIA
chips to China. This 15 percent commission that he has gotten the company to agree to pay The White House if it can restart sales in China, but China
seems to be at least trying to imply that even if those sales restart, they might not be interested in buying.
QUEST: Now that is interesting. I am glad you reminded me. I had forgotten for a moment about that.
Kevin, will The White House be, I was going to say pissed off, but you know what I mean? I mean, you know, they've just about done one thing, and the
Chinese have done this. How will The White House view the NVIDIA move?
LIPTAK: You know, I think they view it as a domestic political maneuver by President Xi and by Beijing as they try -- as they give up this other
bargaining chip, which is TikTok.
You know, the officials that I talked to at The White House weren't necessarily going to lose a lot of sleep about it. You heard the Treasury
Secretary, Scott Bessent, sort of write it off as poor timing when he was speaking in Madrid earlier today.
All of that said, this is just one -- like there are a lot of other stumbling blocks for these two sides to get across, whether it is the
soybean purchases that China has sort of reneged on, whether it is the precursor chemicals to fentanyl that the President wants them to crack down
on. There are a lot of other issues for these two men to talk about aside from TikTok, so it is very evident that this is just adding to the pile of
sort of grievances between the two countries.
QUEST: Kevin, I am going to let you go. Last quick question to you, Clare. Does this have any real impact on NVIDIA?
DUFFY: Well, I mean, I think not. I mean, there are sort of two ways you could look at it. Again, I think to Kevin's point, how legitimate is this
Chinese investigation at this point? It is kind of unclear whether this is, you know, a bargaining chip, leverage in these trade talks or something
more serious. But obviously, the Chinese market is very important to NVIDIA.
You've heard Jensen Huang on the company's most recent earnings call, hammering home the fact that the company still has not been able to restart
sales to China because it hasn't gotten regulatory guidance on that 15 percent quid pro quo and saying that the company is missing out on billions
of dollars in revenue that they could be getting from sales to China.
[16:10:22]
So that market is very important and NVIDIA certainly I can imagine that in Jensen Huang's meetings with Trump, he is at The White House very often. I
am sure he continues to bring this up, you know, is trying to find a way for the company to restart those sales.'
QUEST: Clare, I am grateful. Thank you very much. Clare Duffy, we are going to stay with this larger idea of China, in a sense, one of the issues about
China is that people always talk about is that they think in the long term, whether it be government or companies, they think for the long term, 10
years, 25 years, 50 years down the road.
U.S. corporations, on the other hand, think about the next quarterly earnings season, the quarterly report. President Trump is now proposing an
end to this long standing practice of the quarterly report, the 10Q, as it is, has been mandatory since 1970, when the SEC shifted from semiannual or
interim to quarterly.
Since then, it has repeatedly been criticized from business leaders, including Warren Buffett and Jamie Dimon. The two argued in a 2018 op-ed in
"The Journal" that short-termism was harming the U.S. economy. Changing it would bring the U.S. back more closer to the U.K. and Europe, there, most
companies report interim reports every six months. Mainland China still requires quarterly.
Interestingly, Sam Stovall is the chief investment strategist at CFRA. So this has been around a long time, this idea. In a sense, China does do
quarterly reporting, but it is a mindset, isn't it, in the -- because China's companies aren't susceptible to investor pressure as much.
Do you support this idea of the President going from quarterly to interim semiannual?
SAM STOVALL, CHIEF INVESTMENT STRATEGIST, CFRA: Hey Richard, good to talk to you again.
Certainly by switching to a semiannual reporting period, the positives really are focused more on the companies themselves because then they can
focus more on long term strategies rather than short term profits. Also, it could end up reducing their costs because it frees up staff and thereby
increases profitability, and as you just mentioned, it already has the backing of two very high profile people within the industry.
Yet from a retail investor perspective, it is going to make them feel even at a greater disadvantage when compared with Wall Street analysts since
they're going to be receiving less frequent transparency in terms of updating earnings and revenue forecasts, as well as operational guidance.
QUEST: But the quarterly reporting has been blamed for a short termism. I mean, we've seen how the market gyrates to some sort of almost like
petulant child status when a company misses a quarterly or there is one little digit off. How do -- by moving to semiannual, you do take off that
pressure.
STOVALL: Yes, you do. And management has done an excellent job of managing expectations because in 64 of the last 66 quarters, actual results have
exceeded end of quarter estimates. So rarely do company managements not guide down significant or, appropriately enough, so that they just end up
beating them.
So I think that by moving to a six-month reporting schedule would actually increase volatility in share prices because you would have increasingly
outdated assumptions, because you're focusing on six months rather than on three months.
QUEST: So let me throw that back at you. How then do you get rid of that short termism? And i would say it is the Street that has the short termism.
Did they make the numbers in this quarter? Did they do this? Did they do that? -- which puts the unreasonable pressure on the management of a
company to perform for the quarter?
STOVALL: Well, that is true. But, as what was it, William -- one of the rail titans said back in the 1800s, the public be damned, I work for the
shareholders. And so as a result, the companies are going to do what shareholders want and if they want short term data, then they will get the
short term data.
[16:15:01]
The SEC is the one that sets the precedent, sets the timing. The Securities Exchange Act of 1934 only says that the Commission may prescribe the
frequency of reporting. So it is not necessarily three months is the law, it is the requirement by the SEC which could change. And if it does this
time, it will probably take about 18 months to do so, which would be toward the end of President Trump's term in office.
QUEST: I suppose it really just depends whether the President wants this, since, as you know, and I am grateful you point out it is an SEC matter. He
basically gets the SEC Chairman to do it.
STOVALL: Yes, and there is a three to one majority of Republicans on the SEC with one vacancy.
QUEST: Excellent, sir. By the way, it was -- I do love A.I. I do love it. I am not going to guarantee this is accurate, but at least its close. It was
an 1883. It was John Dickinson Sherman, the reporter asked, it was William Henry Vanderbilt, and he said, do your limited express trains pay or do you
run them for the accommodation of the public? And Vanderbilt responded, accommodation of the public, the public be damned, we run them because we
have to for the shareholders.
Thank you, sir. I am grateful.
STOVALL: All right.
QUEST: The European Union is preparing a new package of sanctions against Russia, and it might include a wider ban on tourists. The Croatian Prime
Minister is with me in a moment to talk about that.
And also, where does he stand on this call for European countries to stop buying Russian oil? The Prime Minister next.
(COMMERCIAL BREAK)
QUEST: He European Union is considering tougher visa rules for Russian tourists as part of its next sanction package, an E.U. official tells us.
The package may also include restrictions on the movement of Russian diplomats within the bloc, other measures include sanctions on banks,
energy companies, crypto and the shadow fleet of ships of Russian oil, all of which could be presented to member states later this week.
The Croatian Prime Minister, Andrej Plenkovic, is with me.
Now, Prime Minister, good to talk to you as always. Thank you for the time on QUEST MEANS BUSINESS.
Before we get into other matters, do you support tightening the visa regime for Russia, bearing in mind that it certainly could affect your tourism
industry as your country has one of the highest percentage of Russian tourists coming to visit.
[16:20:02]
ANDREJ PLENKOVIC, CROATIA PRIME MINISTER: Good evening or good day, Richard. First of all, we are -- we have been very supportive about all the
sanction packages that the E.U. has adopted against Russia. Now there is a debate about the 19th package. This is just a circulation of an idea that
might affect citizens, i.e. the tourists which would require visa to enter one of the E.U. member states.
Croatia today stands when it comes to statistics around 25,000 to 27,000 Russian tourists. So let's say there, in overall number of more than 21
million tourists, which will visit our country this year, this would not be a significant impact on the tourist sector for Croatia.
But as I said, from what we know, this is just an idea floated within the commission. We will see the concrete proposal very soon.
QUEST: Right, and on this idea of President Trump talking about, he has prepared to do more for sanctions on Russia, but demanding E.U. nations
stop purchasing as much or any Russian oil and gas.
Hungary is the worst offender of that. There are others, Slovakia as well. Do you support what the President is suggesting and saying? Would you like
to see your fellow E.U. counterparts slowing and stopping buying Russian fossil fuels?
PLENKOVIC: Well, I think that President Trump has made a very valid point. Indeed, there were some exceptions a couple of years ago when it comes to
the sanctions regime for some of the landlocked countries of the European Union. In the meantime, what we have done as Croatia, who is keen to ensure
the energy security and the unhindered energy supply to all of our neighbors, you know that Croatia has so-called Adriatic Pipeline for
bringing the oil to our neighbors and we have checked all the capacities.
Croatia can guarantee today, both to Hungary and to Slovakia, that it can supply them with more than 12 million tons of oil, any blend needed in
order to cater for all the needs for Szazhalombatta Refinery, which is in Hungary and Bratislava Refinery in Slovakia.
We believe that there is no risk for the supply of oil to two of our neighboring countries, which we would like to help when it comes to energy
security.
QUEST: So assuming you neutralize the energy security issue, and it really then becomes a political question of whether or not they wish to continue
purchasing from Russia, and it would seem that those countries do still wish to keep a commercial relationship for whatever reason, with them.
So putting President Trump's requirement and it is a requirement before he is prepared to act against Russia, the Eu member states have to do so. Will
you be advocating that at Council?
PLENKOVIC: Well, I think the moment is ripe. I think that the pressure that President Trump and his administration is trying to do with all of Russia's
clients is consistent with the line that he has made on the E.U. member states in terms of stop buying Russian oil, and if you do so, I will apply
sanctions, because otherwise it doesn't make a lot of sense that the European Union is on the consumer side of the Russian oil.
So that's why the different supply routes for all those countries who were theoretically in need of Russian oil, if it is adequately addressed, and we
feel that for these two countries, we should address through the Adriatic Pipeline, then I think we could come to a joint solution at the E.U. level.
The other issue is not only where does the oil come from, but the price that is being actually bought for this oil.
QUEST: So, you know, as a relatively small country within the Union, your position in Croatia as being one of those small but important and pivotal
countries in a sense, aren't you?
We see them, you know, a lot of the Nordics or the Scandinavian countries have that sort of niche area, that ability, to put it crudely, to play a
role to punch beyond your weight because of the way you position yourself and the positions you take. That is deliberate, isn't it?
PLENKOVIC: Well, indeed, Croatia has a unique experience. We were a country which was a victim of aggression. That's still the current generation of
Croats, whether they are in politics or just any Croat today still remembers. We feel that we have some knowledge about the conflict
resolution, liberation of the occupied territories, including the peaceful means, with the use of the United Nations.
[16:25:04]
We are very well geographically located. That's why we are trying to be the energy hub for our neighborhood, both when it comes to oil, but also when
it comes to the liquefied natural gas. We have a terminal that was a far sighted investment that we did in my mandate, which was long time ago. So
let's say that we have found a niche, a niche which is constructive niche for our neighbors and for strengthening Europe's energy security, but also
contributing to the overall security efforts of the E.U. in addressing the global crisis spots such as Ukraine, for instance.
QUEST: Prime Minister, you missed the important bits. Of course, the splendid food and wine, the magnificent weather and the gorgeous holiday
destinations that you have within your country which you would have enjoyed. I am grateful to you, Prime Minister. As always, thank you for
joining us tonight.
PLENKOVIC: Please come again. We will be happy to host you again. Tourist season was better than last year and around 21 million tourists will visit
Croatia this year, which means that it highly contributes to our GDP.
Thank you, Richard, for this opportunity. All the best.
QUEST: Thank you. Thank you. Good night, Prime Minister. Thank you.
Now a pivotal Fed Reserve meeting starts tomorrow. If you're Lisa Cook, at the moment, you do turn up because there is an injunction that says the
President firing you, and they are waiting for the appeal court to decide if she should turn up tomorrow. What a business. QUEST MEANS BUSINESS,
next.
(COMMERCIAL BREAK)
QUEST: Hello, I am Richard Quest. You and I have a lot more QUEST MEANS BUSINESS to get through. Two key decisions could shape the Fed's governing
board as the U.S. Central Bank prepares to meet for a crucial policy meeting and "Downton Abbey," the final -- the grand finale has begun, and
deep pocketed fans of the show have been bidding for memorabilia at an auction. I take a look inside, only after the heads, because this is CNN
and on this network, the news comes first.
U.S. Secretary of State Marco Rubio says America's allies, Qatar and Israel, should focus on efforts to defeat Hamas and free Israeli hostages
in Gaza, not on Israel's deadly strike targeting Hamas in Doha. The Secretary of State met Israel's Prime Minister on Monday in Jerusalem and
pledged support for the Gaza War. Next, he is going to Qatar.
The suspect accused of killing Charlie Kirk has reportedly confessed online only hours before being taken into custody. According to "The Washington
Post," Tyler Robinson sent messages to a small group using the platform, Discord, saying "It was me." We reached out to law enforcement for
confirmation.
[16:30:05]
Pope Leo is speaking out against the large salaries of chief executives. He mentioned Elon Musk's trillion dollar incentive package as an example. The
Pope was discussing income inequality and its role in polarization during his first sit-down interview with the media as Pope.
Will she or won't she? That is, will Lisa Cook take part in tomorrow's FOMC meeting as the governor of the Federal Reserve? Now, remember, the original
-- she got sacked by Donald Trump, or fired by Donald Trump. A court -- lower court has given an injunction saying, no, you can't she's got to turn
up, and now the administration is appealing against it, asking for permission to fire Cook, citing allegations of mortgage fraud.
Her lawyers say the administration has not shown sufficient cause to justify removing her, and in any case, Lisa Cook denies wrongdoing.
One of President Trump's top economic advisers is just about on the board. The U.S. Senate is likely to hold a set vote today on Stephen Miran's
nomination. If confirmed, he could be sworn in and seated in time for tomorrow's meeting.
Vanessa's with me. Myron or Miran? I'm still not quite sure. It depends on the day which way I say it. Look, regardless, he can -- according to my
sort of clock back of envelope calculations, he could just about make it.
VANESSA YURKEVICH, CNN BUSINESS AND POLITICS CORRESPONDENT: Certainly, and it's a big question of whether they both will make it at all. Start with
Lisa Cook here, though, as you mentioned at the top there, an appeals court is going to decide, possibly today, whether or not she can show up to work
tomorrow and be a part of that critical meeting, that vote that is going to decide what happens with interest rates, possibility of the first rate cut
since December of last year.
If you remember, President Trump did fire her, but there's been a lot of litigation in between that time and right now, the Trump administration
accusing her of mortgage fraud. Her saying that is simply not true.
But then you talk about Stephen Miran, he has that vote at 8:00 p.m. tonight, the confirmation vote. Most people believe he will be confirmed.
The question is, can they get all that paperwork done in time for him to appear tomorrow morning?
So, really, I don't think we've seen anything like this in my memory, where both you have such a critical decision being made by the Federal Reserve,
which I will say, Richard, they can vote without the two of them. They can go ahead and vote without the two of them. And the understanding from most
economists is that they will go ahead and cut rates no matter what, but these two critical position sort of up in the air right now. Will they be
showing up to work tomorrow to make this critical decision?
QUEST: The interesting part, as you rightly point out at the end, is that it's slightly -- it's a fascinating thing for the future of the Fed and the
governing board the FOMC, but it's a moot I would venture to suggest this issue, because bearing among Jackson Hole speech by the chair, they're
going to vote to cut rates by what, 25 basis points?
YURKEVICH: That's the estimate. Most investors believe 25 basis points cut. Some believe maybe 50 basis points. But the consensus is 25 basis points.
I think the most important thing though here, Richard, is what the judge is going to say about cause. Cause that the president has to fire a Fed
governor. It's never been done before, and how this judge rules will indicate kind of the parameters of what cause really means.
Because if you remember, President Trump alluded to the fact that he may have cause to fire Jerome Powell at one point because he was spending too
much money on the renovations of the Federal Reserve headquarters in Washington, D.C.
So, I think, as you said, it's a moot point whether or not these two show up, because there will be an interest rate cut most likely. But the key
takeaway here is what exactly is cause and what kind of power does that ultimately give to the president of the United States when it comes to the
Federal Reserve and the independence of the Federal Reserve?
QUEST: Vanessa, you'll be watching that when the result comes, you'll come back and talk more about it. I'm grateful.
Ken Rogoff also with me, professor of economics at Harvard, joins me from Cambridge.
Let's just clear one thing up. I assume, you like others believe -- well, I don't assume anything. I'll ask, do you think the Fed is going to cut
tomorrow?
[16:35:02]
KEN ROGOFF, FORMER CHIEF ECONOMIST, INTERNATIONAL MONETARY FUND: Oh, for sure. I mean, it's a close -- it's not a no brainer, but given the
pressures on them, I think it be comes one.
QUEST: Now, that takes us into this fascinating, and I would say academic, except it's in real life, discussion of when the Feds mandate is in
conflict. And this idea that Jerome Powell has of not giving priority to one over the other, which is the normal course of action, but balancing the
two.
I mean, they sound -- that sounds similar, but it's not, is it? It's the balancing out they now have to do because at the end of the day, inflation
is too high and the unemployment numbers are too horrible.
ROGOFF: Yes, and it's also such unusual circumstances. This tariff war is probably the reason both that labor growth has been slow, employment growth
has been slow. That's also the reason prices are high, and I think the tariffs, everyone thinks it's going to be coming through more and more, so
the numbers aren't going to look good, no matter what. And the question of which one do you give priority?
QUEST: Do you believe -- it's hard on this. Do you believe that the Fed is behind the curve on the cuts? Now, accepting the fact that, you know, we
really only do -- we've only had the last four months of tariff stuff, but even so, the weakness was starting to show through earlier on in the year.
Should they have cut sooner?
ROGOFF: I mean, I think it was a close call. There were these big revisions in the employment numbers, way down. We had in the United States, half the
number of hires the last 12 months than we thought we had. I mean, that's just incredible.
On the other hand, it appears that an awful lot of that had to do with immigration being cut back, not just under Trump, but even starting before
then, because, on the other hand, wage growth was pretty good. Hours kept up. I mean, we didn't see other things consistent with it really being
employment demand week so much as not a lot of supply.
QUEST: They're going to have to choose one side of the mandate at the expense of the other. Let's not worry about tomorrow's because that's a --
that's a sort of throwing a bit of red meat to the dogs.
Overall, which do you think they're going to go for and how? Of course, my question is influenced by what happens with Stephen Miran and what happens
with Lisa Cook?
ROGOFF: Well, I think the market is betting that Trump, one way or the other, is going to gain leverage and force them to cut rates.
So, if you're asking me, what's going to happen, I think the market's betting on that, that eventually, if not this -- you know, tomorrow, soon,
he's going to gain control and aggressively move to cut rates.
But now, I don't think it'll show up in inflation right away, but if it's too aggressive, it certainly will eventually.
QUEST: Can I just ask? Because I mean, you and I, we've both been around a year or two. Can you recall? I can't recall. I can recall presidents
jawboning the Fed and being bad tempered about it, but I can't recall anything like this, where you know, that famous rubric of the Fed's
independent. Then I'll leave my comments at that. I can't recall we've ever seen anything like this before.
ROGOFF: Well, not with this kind of theater, but behind the scenes. Nixon, back in the early '70s, was beating up very hard on the Fed chair. He
wanted to get re elected in 1972, he was willing to do anything. I think he actually doubled the Social Security increase back then to make himself
look good.
I mean, there's definitely parallels, but he was doing everything behind the scenes, whereas Trump is, you know, on T.V.
QUEST: I'm grateful. Ken, it's always good to see you. Thank you, sir. You're looking well and better every day. Thank you, sir.
ROGOFF: Thank you.
QUEST: Swear he looks younger all the time. Now coming up, we'll have more reaction after Donald Trump just announced the U.S. carried out a second
strike on a boat allegedly carrying drugs from Venezuela.
(COMMERCIAL BREAK)
[16:42:33]
QUEST: The breaking news today, President Trump says the United States carried out a strike on a boat allegedly carrying drugs and narco
terrorists from Venezuela. It was Truth Social and the post included this video, presumably showing the strike. Three people were killed and. Him,
and he warns that the U.S. is hunting those who transport drugs.
Stefano Pozzebon is with me. We can have no knowledge of the facts other than what we are told from the White House and from the Truth Social how
will this be received?
STEFANO POZZEBON, CNN JOURNALIST: Yes, Richard, and by the way, we have also asked the Venezuelan government for comment if they would confirm
these latest strike in the past. And we should remember that this is the second time that the United States say that they have taken decisive
action. They have taken out, which is normally the language that they use a boat, speed boat carrying alleged drug traffickers from Venezuela into the
Caribbean Sea.
In the past, the Venezuelan government accused the United States of breaking international rights, of essentially assassinating Venezuelan
citizens who are traveling in open water, and defending the fact that even if they were indeed drug traffickers, they were still do a due process.
The same time, Maduro was on television for two hours today. Maduro, of course, the Venezuelan leader. He was on for on for two hours. And once
again, I think, he made his position very clear. He said that they not that Venezuela is not looking for confrontation with the United States. And at
the same time he attacked personally Marco Rubio.
We've seen these in the last few weeks that the Venezuelan government has tried to distance the Secretary of State, Marco Rubio, from Donald Trump,
sort of saying, trying to pledge to Trump deal, making appetite, perhaps asking for Trump for a meeting with Maduro himself to speak just like Trump
has done, or ventilated he could do in the in the past with other authoritarian leaders in the in the likes of Vladimir Putin Xi Jinping or
Kim Jong Un.
But instead taking a very personal stance on the Secretary of State, Mark Rubio, take a listen to Maduros' words for example.
(BEGIN VIDEO CLIP)
NICOLAS MADURO, VENEZUELAN PRESIDENT (through translator): Marco Rubio, they now call him the lord of death and war. Wherever he goes, there is
death, there are bombs, there are murdered children. Marco Rubio the lord of death, war and hatred.
(END VIDEO CLIP)
[16:45:14]
POZZEBON: And it's interesting, so that the white the Caracas and the Venezuelan Government is going after Marco Rubio himself, while at the same
time, as I was saying, trying to appeal to Trump's deal making, perhaps around the oil business a way to keep the communication with the White
House going.
QUEST: Stefano, I'm grateful. Thank you, sir.
That's QUEST MEANS BUSINESS. "Downton Abbey" is marking the release of its final film by auctioning off its iconic pieces, costumes, press, sets, you
name it. I got to take a look first hand at the memorabilia.
(BEGIN VIDEO CLIP)
(BEGIN VIDEO CLIP) Hello. This is "Downton Abbey", Carson the butler speaking.
(END VIDEO CLIP)
QUEST: I love "Downton Abbey". I mean, you all know that, I've talked about it enough on this program. Well, there's proper send off with its third and
final film, the grand finale. I haven't seen it yet. I'm going to see in the cinema.
To honor the occasion, Downton is giving super fans like me a chance to take home a piece of its history for a price. Props, costumes, even the
Grantham's family cars, all being auctioned off for charity. I was in London recently, as you know, and I had to go to Bonhams to see the
exhibition.
(BEGIN VIDEOTAPE)
QUEST (voice over): As the world prepares to say goodbye to the Grantham family and their beloved "Downton Abbey", a select few will get the chance
to take home a piece of the series forever.
HARVEY CAMMELL, HEAD OF AUCTIONEER, Bonhams: Going back to last 20 years.
QUEST (voice over): This auction at Bonhams in London includes 266 pieces.
QUEST: Does it work?
CAMMELL: It does work. We drove it in here.
QUEST (voice over): From the Grantham family's 1925 Sunbeam Saloon.
CAMMELL: You can speak on your mobile connector through Tom the chauffeur. So, enjoy your ride.
QUEST (voice over): To the house telephone that was installed in season one.
QUEST: Hello. This is "Downton Abbey", Carson the butler speaking .
QUEST (voice over): And dresses, lots and lots of period dresses worn by everyone from the Dowager Countess the late day, Maggie Smith, of course,
to Lady Mary, played by Michelle Dockery and Jessica Brown Findlay, of course, Lady Sybil.
CAMMELL: You've got this unforgettable Harring pants that maybe Civil War, and no one would forget that scene when she comes to the drawing room and
everyone's rather shocked.
[16:50:12]
UNIDENTIFIED FEMALE: Good evening, everyone.
QUEST: What is it about Downton that appeals to us so much?
CAMMELL: I think it's the story. It's a beautiful story. It's a story of a family. We live with that family for a generation, and we watch the drama
unfold, the lives, deaths, births, marriages unfold, and it's also the glamor. It's the fashion and the clothes. It's that spark.
QUEST: There's one thing I would love to buy, a toast rack from Downton, just to have that.
CAMMELL: Again, it's within Richard, just a very low estimate.
QUEST: So, why am I interested in a toaster from Downton?
CAMMELL: A toast rack. I'm delighted to hear you are Richard, and that is the fact that you're drawn. You love the series. You're -- perhaps you've
seen it in that particular scene that you loved. Or it could be that you just want something, a token piece, a keepsake from the series, and it'll
be a talking point in your life for the rest of your days.
QUEST: It's patheticness as that. I want to be able to say to, I could, you know, that toast rack came from "Downton Abbey"?
CAMMELL: Well, I don't think it's pathetic at all. I think it's the stuff of life. It's the stories, and it's stories upon stories, and it's the --
it's what makes the world go round.
QUEST (voice over): Bidders have until the 16th of September to make their offers carnival films, the producer of "Downton Abbey" will donate the
proceeds of the auction to the U.K. charity together for Short Lives, which supports children with life threatening conditions and their families.
CAMMELL: Currently at 16,000 on the bidding.
QUEST (voice over): One of the star lots of this auction, the bell wall from the servants hall.
QUEST: So, these are all the bedrooms, all the suites. And these are all the dining room, the water room, the library, the small library, the
saloon, the front door, the back door, the study, the drawing room. Oh, this is wonderful.
CAMMELL: There are four great designers who created this series, the last one being Anna Robbins, who's also working on the films. And it's that mix.
It's the design from the Edwardian period through to the roaring 20s, those wonderful flap addresses. It's the level of detail that went into it, and
that's the craft, but that's the part. Also, people have come and flocked to see here at Bonhams.
QUEST (voice over): Bonhams estimates the entire auction will bring in more than a quarter of a million dollars, but the hope is that might even double
or triple when the final bids are made.
(END VIDEOTAPE)
QUEST (on camera): We've already established I'm a super fan of "Downton Abbey". So, it was surreal when I got to visit Highclere there, we are
walking forward with the dog. That was just magnificent.
And the full treatment key with the Earl encounters of Carnarvon, followed by the grand tour.
(BEGIN VIDEO CLIP)
FIONA CARNARVON, COUNTESS OF CARNARVON: I think you're going to recognize this room.
QUEST: Lord Grantham's desk.
(END VIDEO CLIP)
QUEST: Lady Carnarvon is with me now from Highclere Castle. Her new book A Year at Highclere is all about living at the heart of "Downton Abbey". Your
Ladyship, thank you.
You must be bitter sweet. You've got your house back. But of course, Downton, the series, the film, the movies no more.
CARNARVON: It is no more in its form, but you never know. I think it's where the film leaves it.
But you're right. But we've lived with the film crew for 15 years. We've been so lucky. However, Highclere, and we are not retiring. So, I hope for
everyone who loves Downton, they'll come and visit the real Downton. So, I think we can have some fun with it. So, you know, you'll have to come again
at Christmas time visit the real "Downton Abbey" Road.
QUEST: You've got to be very careful Your Ladyship making offers like that. You know, it's like, I'm the sort of person that'll take you up on it and
turn up.
And look, how is it going? How has the tourism? How has your summer been? Because we're very keen to know and follow up on how tourism has been for
people like yourself this year?
CARNARVON: Well, the sun shine, which was incredibly helpful, and it makes everyone feel a lot happier. And I think at Highclere, I'm conscious of
given all the challenging news around us, ensuring this is a world apart. I think it is nostalgic and a world apart in Downton and in real life, it is.
It allows people to take some time out, have afternoon tea, wander through the most beautiful architectural building and enjoy the gardens. So, that's
really what I'm hoping we do, we make people happy for a little bit of time here.
QUEST: One of the things I've always impressed about is the way in which you've expanded. Because, of course, you can only in the sense, if you've
got your gin, you've got your this, you've got a great gift shop that drink over your left shoulder is, I'm guessing, made with something that is local
as well. And it's the way in which you have extended the brand that is very impressive. How do you intend to keep doing that?
[16:55:08]
CARNARVON: As I said, I think there are hundreds of millions of people who love "Downton Abbey", and we're not going anywhere, so I hope they'll
thoroughly enjoy visiting us here.
We've also created something called Friends of Highclere, and I've got 3D videos and 2D videos, so in your own home, you can come and visit my home,
which I think is quite fun, plus come here in real life. I thought we'd have a summer ball. Everyone can come and dance and dress for the real
"Downton Abbey".
I just thought we could have moments of fun. And I think that's really precious, Richard, I enjoy my writing.
In the book I've written about, you know, when the royal family came to stay for real, I've written about unearthing the Lost Gardens of Highclere
of when Maggie Smith first came here in 1995 to make the Secret Garden of what it takes to try to make this beautiful home be relevant today.
QUEST: It's hard work, isn't it? I mean, we all think of sort of, you must wake up in the morning and just sort of get served breakfast in bed and
then just lol around. But running a house -- running a house the size of downtown of Highclere, running a house, keeping it going, putting it
crudely, your Ladyship, making sure the roof doesn't leak.
CARNARVON: Well, Downton and Highclere are the same size. And I think I do graft, which I'm not sure comes across quite so well on "Downton Abbey",
but in reality, you know, our team here do work quite hard, and I thoroughly enjoyed sharing the tales of the people who work with us.
They've been here for 20 years or 60 years. It's great. It's cool.
QUEST: So next year, we do summer Fridays when we take the show out on the road. Could I invite us to down to Highclere? You see, you've got me,
you've got me again. Could I come to, Highclere -- could I come to Highclere, for a summer Friday?
CARNARVON: I would love that. And also, you know, you are seriously Welcome at Christmas time. It is so beautiful, and it just makes you -- it starts
you on the Christmas journey, but equally well, the spring, the summer (INAUDIBLE).
QUEST: Thank you very much. Lovely. Thank you very much, your Ladyship. Good to talk to you. Thank you.
We'll have a Profitable Moment after the break. QUEST MEANS BUSINESS.
(COMMERCIAL BREAK)
QUEST: Tonight's Profitable Moment, put your money where your mouth is, Quest. Can I bring myself to buy a set prop? The telegrams of announcing
World War II and the Titanic sinking already up to 3,500 pounds, about nearly $5,000. The props up for sale at Downton are in the thousands, and
yet I would like one. The toast track is part of a collection group, pounds, about nearly $5,000. Can I bring myself to do it? I guess you'll
find out when the auction closes.
[17:00:25]
But that's QUEST MEANS BUSINESS. There's something about that that I just love. That's QUEST MEANS BUSINESS for tonight, I'm Richard Quest in New
York.
Whatever you're up to in the hours ahead, I hope it's profitable. Someday we will sell off the QUEST MEANS BUSINESS bell, just not yet.
END
