Bachelet y China, Aranceles de EE.UU. a Chile y Productividad | Buenos Días Mercado 04-06-2026

Added: 2026-06-07

[00:00:00]Development and human rights are fundamental pillars of the organization. compliment. You can be immoral like Bachelet is doing, but I'll say it another day, right? On the same day that the miserable Chinese dictatorship showed its worst side. Okay, let's get started with that and give it a good while, and that's how we move forward.

[00:00:25]Well, because the problem is getting to the last 5 minutes and looking at each other with a face like, "What are we talking about?"

[00:00:32]Well, and of course, sorry. Meanwhile, I'm going to check the Mercury to see if it says anything relevant.

[00:00:40]Don Pepe, let's get to the headlines now. The United States proposes a new 10% tariff increase for Chilean products.

[00:00:57]Economic analysis is present.

[00:01:22]American protectionism, man, is already rampant. Hón is an unbearable fairy.

[00:01:29]Americans are so weird, dude.

[00:01:32]No, they haven't. Why are they looking for you everywhere?

[00:01:36]Forced labor. Now what about us, man, they're not looking for you everywhere. protectionism of the salmon, perhaps it is, I don't know, what copper do we give these?

[00:01:55]But it's very strange.

[00:01:57]Mm.

[00:02:00]Juan José, we're going on air now.

[00:02:05]Hey, we're already starting this Thursday, June 4th's Good Morning Market with, well, that topic you're bringing up, Pepe, which is quite substantial. Ah, I just wanted to steal a second of your attention from the audience regarding another topic that strongly interests me.

[00:02:28]Uh, you know that China has a vice president who has a rather, I don't know if decorative, ah, but more of an international relations position or something like that, uh, he doesn't have what Shillin Ping is, major powers, right? Well, his name is Han Seng, and Michelle Bachelet met with him seeking support for her candidacy as Secretary General of the United Nations.

[00:02:59]Well, what does Mrs. Michel say? What does he say to Hanang? Of course, when you're looking for support, you have to say good things about the person you want to support you. The thing is, of course, the limits could still be... Well, cited by Emol, but there are also notes from the third and from... and I think... uh... Biío Bío, I think they also did a note about it, but oh well. He said, as Michel Chirtualmente quoted, "I value China's commitment to the principles of the UN Charter and to the balanced advancement of peace and the development of human rights."

[00:03:40]Sorry, said China, said China. No, I misheard, I think.

[00:03:49]Fundamental pillars of the organization. He assured that we agree on the need to continue strengthening the multilateral system. Anyway, well, the issue of human rights, eh, China is a miserable dictatorship, that's known, whatever, but one can, one should, I think, safeguard principles, convictions.

[00:04:11]Despite being in difficult situations like these. That shows the stature of people, of leaders, of statesmen. Ah, I'm not going to go around lying in the Honduran world just to get a couple of endorsements, but also, I don't know if this lady is being advised by someone or not, because today is June 4th when she says this.

[00:04:30]On June 4, 1989, 37 years ago, in Tianmen Square, on June 4th, exactly on this day, 37 years ago, China's miserable Marxist dictatorship showed its worst face.

[00:04:47]and murdered. The student protests had started a little earlier, weeks earlier, and had gotten somewhat out of control, but the Chinese state said, "You know what?

[00:04:56]This is over," and killed anyone who got in their way. The official death toll was 300.

[00:05:01]That's just another lie from the Chinese regime.

[00:05:06]Of course, there were more than 1,000, if not thousands. Well, one has to have a little decency, some convictions, or else be taken for a Groucho Marx-type comedian. I don't know if you're familiar with Groucho Marx's famous line, the one that goes, "Look, these are my convictions, but if you don't like them, don't worry, I have others."

[00:05:33]I know one of them who said, "I don't want to belong to any club that's willing to accept me."

[00:05:41]That's great. Well, the point is that one can be miserable and whatever, but not on this date, right? One can tell a Chinese person that one admires their respect for and commitment to human rights, but one cannot say it, I believe, on this date. Uh, no, I don't know how you see it. I wanted to quote it because it caught my attention.

[00:06:03]You know, I have a bit of a thing for history, so some dates suddenly pop into my head, and when I read this statement I said, "Of course, this was June 4th, uh, and I looked it up, sure, exactly, June 4th."

[00:06:16]Well, you know that when Mrs. Bachelet was High Commissioner for the defense of these rights, these rights, she had a whole issue with China. She went to pay a visit and never submitted a report about her visit.

[00:06:33]Until the end. In the end, something made of the minority yogurt.

[00:06:37]Clear. And in the end, when they told him, "I hear he's leaving, he has to present this issue," well, what happened? No, no, no, no. He said, "No, look, there's a minority in the north. It's not exactly genocide, but well, of course, it's a push, they're pushing them to the brink, let's say, but they fell on their own.

[00:06:57]Well, the truth is, this shouldn't surprise us one bit because, well, it's surprising and infuriating that they laugh in our faces when what happened in that square was simply a dictatorship, as you say, truly unprecedented. I had the pleasure of standing in that same square and I took a picture that's the equivalent of—you remember the tank photo?—there's a young man standing with his hands outstretched like this in front of a tank. We don't see the photo that came out later, but it ran him over, let's say. Just like that, let's say. And as you say, 300 people died according to official Chinese figures. Imagine how many more there must have been unofficial ones, right? Of course.

[00:07:44]So, the truth is, it's infuriating that they laugh in The way they look at you, thinking you have no memory—and that's generally what people with these leftist ideologies say—that you're going to forget these things because 30-odd years have passed, so it's all over. Oh, it doesn't matter.

[00:08:03]Of course.

[00:08:03]No, well, it's not like that, ma'am, it's not like that. So, in your eagerness to run for office, you can't have the nerve to laugh in the face of what happened there, because that's laughing in the face of the 300 people who went out to express their opinions. That's all they did because there was no military protest here, no Molotov cocktails, they didn't vandalize bus stops, nothing.

[00:08:29]I mean, a protest in Chile is more violent than that.

[00:08:33]There, they didn't even have a weapon, not one.

[00:08:35]They simply went out to demonstrate and they were killed. Just like that.

[00:08:39]Yes. Well, that's... that's... that's... China.

[00:08:44]In short, the Chilean left, the Chilean revolutionary left, the Communist Party has always been divided. The pro- Soviet, more pro-Cuba stance generally prevailed. There was a whole war going on between the pro-Soviet and the pro-Chinese.

[00:09:03]Ah. Uh, so there were internal fights to prove the merits of one regime or the other.

[00:09:14]Of course.

[00:09:15]Regimes so, so, so closely linked to each other. The Bolshevik Revolution was at the beginning of the 20th century, in 1918, 1919, and 1920, and the victory of the People's Republic of China in 1949.

[00:09:34]Then, the Chinese, Maussod, who was a madman, I don't know, really, one of those people that history should erase, or not erase, but rather be fair and accurate so that someone like him never appears again, neither him nor Hitler. Ah, both totalitarians. Well, uh, they were fighting over which side they were really on: pro-Chinese or pro-Soviet.

[00:09:56]Imagine who had killed more. That was the question. Of course, of course. Whether it was Stalin, Stalin, or Maussod.

[00:10:04]That's our Left.

[00:10:06]That's the Chilean Communist Party.

[00:10:10]And a left that hasn't changed its doctrinal foundation one comma.

[00:10:15]Marxist-Leninist, says Mr. Lautaro Garmona.

[00:10:19]Yes, well, on January 4th of last year, I mean, we're talking about a year ago, not 30, but one.

[00:10:26]How incredible what this woman is doing. It surprises me because I think she's somewhat unfit.

[00:10:33]Well, I don't know. It does n't surprise me because I think these people who are convinced of their messianic roles, let's say, go around the world and are willing to say anything as long as they get support.

[00:10:48]Yes. Oh, of course. Of course. I mean, this clearly demonstrates that it's: I'm going to say whatever is necessary, I'm going to lie as much as necessary, I'm going to promise whatever is necessary. This is like the candidate's ten commandments.

[00:11:02]Stand up front and say anything as long as they applaud you.

[00:11:07]Anything, but she forgets one small detail, she forgets that this is in the press, well, she forgets that this... Read the rest of the world. If we look silly, that's all, but only until noon.

[00:11:18]By noon, things start to look better.

[00:11:20]Yes, of course. Then you wake up, splash some water on your face, so to speak, and the silliness passes, so to speak. So, listen, and you were also on other topics, Don Pepe, that had their own headline there.

[00:11:31]Excuse me.

[00:11:32]Yes, why not, but the point you want me to make is very interesting, and I agree with you 100%. So, very good. Along the same lines, by the way.

[00:11:42]Along the same lines.

[00:11:42]Look, look, yesterday there were multiple statements in the press regarding this issue because the United States proposed a new 10% tariff increase for Chile. Hm.

[00:11:55]As always, this issue of tariffs with the United States isn't very clear if it's about the one we have now, because that's what they're saying, but it's again with a "I don't understand" look, so to speak. You know that, strictly speaking, Chile has A free trade agreement with the United States, which, if applied strictly, should give us zero tariffs.

[00:12:24]That's the agreement we have now. On April 5th of last year, on Liberation Day—that's what it was called in the United States— they imposed a 10% tariff.

[00:12:38]So, it's understood that what they're saying now is a tariff that would be imposed, if that were the case, if that were the case—it's how they say it in the future— on top of that 10%.

[00:12:52]So, our standard should be zero, and we could end up with 20% in the worst- case scenario, which isn't fun at all, let's say.

[00:13:04]The United States Trade Representative's office, called the USTR, included Chile among the 54 economies investigated under something called Section 301 of the Trade Act of 1974, to be precise, right? The Americans are after you, after you, after you. What's with this obsession with being protectionist? All they're doing is protecting their industry, and nothing more.

[00:13:28]Tell the truth, I don't know.

[00:13:29]Which one, right? Exactly, let's say. It's that simple. I mean, I think they asked Chatipt or Clot or someone to find some obscure law that can be applied so we can impose a tariff.

[00:13:42]Why? Because look at this section 301 of the 1974 law, what does it say? It says that there are considered to be, pay attention to this, shortcomings in the imposition and effective application of a prohibition on the importation of goods produced with forced labor. And then one says, "What, what does that have to do with anything?" Let's read it again. He says, "There are shortcomings, meaning that Chile would have problems in effectively enforcing an import ban." In other words, Chile is importing goods and doing nothing about goods made with forced labor.

[00:14:30]Listen, why do I need to explain this to you? Sure, sure. Why should I explain to you which country you're in? It occurs to me that there's something behind it.

[00:14:38]Clear. Let's see, let's think, let's think. It starts with ch and ends with ch. Sure, sure. I mean, now, oh, sure, if that were the case, if that were the case, all the countries in the world would be screwed.

[00:14:52]All. That's why I'm telling you.

[00:14:54]Now, it's not strange because in the end they included a list of 54 countries, so here they all are.

[00:15:01]Of course, Zambia is no longer among the 54 countries, let's say.

[00:15:05]Sure, I don't know if this height exists.

[00:15:07]So, according to this determination issued on June 2, that is, two days ago, the US agency concluded that these practices affect US trade by allowing these products, uh, so to speak, associated with forced labor to compete under conditions that, in Washington's view, distort the market. In other words, if there is a product produced, I'm going to say for example, it's not that I believe it to be so, but just to give an example, this is theoretical. Produced in China under forced labor conditions and the same product produced in the United States under free labor conditions.

[00:15:53]Obviously, the one from the United States is more expensive, the one from China is cheaper, and therefore, since it is cheaper, it competes on unequal terms with products made in the United States.

[00:16:05]That is the logic behind this tariff.

[00:16:11]So, to equalize these conditions, since they say that you as a country have shortcomings in the imposition and effective application of the prohibition, that is, that you are not doing anything about it, I will punish you. Okay, that's the logic behind all of this. For Chile.

[00:16:38]the potential effect of a 10% tariff on the one we already have of 10%.

[00:16:45]I insist, when what we are arguing is that we should have zero, I insist that it is not funny at all.

[00:16:54]We are currently in a stage called Finding of Investigation. It means they are looking for evidence of this. This is not an actual fact. He has not left and will not leave until these findings are found, that is, until the evidence is found.

[00:17:15]Clear.

[00:17:16]That's more or less the picture, let's say.

[00:17:18]Now, this is unreasonable, it's crazy, it's strange, it's I don't know what.

[00:17:26]Yes, but it's like, look what do you want me to say? I mean, indeed, if you have evidence that a country is importing products produced with forced labor, of course, it's neither elegant nor nice, so why beat around the bush, let's say. It's ugly, let's say, I mean, it's ugly, totally ugly from a moral point of view, from an ethical point of view, horrible, yeah. And from a commercial point of view, of course, they are not happy about it because those goods are probably cheaper than the ones they could produce themselves.

[00:18:01]Then they say, "You know what else? Let's investigate." When asked about it, our foreign minister, Francisco Pérez Maquena, commented, in quotes, "We understand that it is a non- binding recommendation." That's right.

[00:18:17]We will continue negotiating and we have a free trade agreement and very good relations with the United States.

[00:18:24]So it's true, it's not binding yet, nothing has happened yet, but it's there, that sword of Damocles is already hanging over our heads, so to speak, and the truth is that, uh, 10 out of 10 or 10 out of 12, which are a bit of a lot of things, uh, it's not fun at all for Chile. Regarding this issue, the Undersecretariat of International Economic Relations, the SREY, indicated that this preliminary recommendation corresponds to an instance that is not yet in the public consultative analysis stage.

[00:19:05]Yes it's true. Well, that's how it is, let's say, we're discussing it, we're going to use our best conversational skills, let's say. What needs to be done is to go and talk to these people and say, "Okay, tell me which product, so I can see if this is true. Tell me what I should do, because what they're essentially saying is that you, as a country, failed to prohibit it.

[00:19:31]One would understand that if one determines which products those are, one could take action on that issue and say, "Look, you know what else is true?" We 're importing, I have no idea, cell phone cases, let's say, any case, I'm looking at the one for mine, let's say. That example comes to mind. Okay, no more cases of this issue will be imported. Okay, we're off the list, I imagine.

[00:19:57]Now, having consulted the sectors that are the hardest hit, those that care the most about this. Uh, for example, salmon farmers say damage to competitiveness and enormous damage, let's say. Ah, Patricio Melero, from the salmon industry in Chile, says, "A measure of this type generates concern for the industry. The proposed tariff of 12, currently under consultation, he says 12, I do n't know if it's 10 or 12 yet, to be frank."

[00:20:26]12, of course. Uh, yes, yes, because 12 was the one that the US Supreme Court rejected, that Trump rejected. Ah, yes, but it's still floating there. That would be an additional 10 on top of that 12.

[00:20:40]Exactly.

[00:20:41]Clear.

[00:20:42]So he says, of course, if this happens, it will indeed create concern for Chilean salt monoculture, an activity that is very important, especially in certain regions of Chile.

[00:20:54]An increase in the tariff burden, increases because we already have them, would deepen the effects it has generated, which is that it obviously puts up a significant trade barrier.

[00:21:07]Now they themselves say, like salmon from Chile, we will exhaust all avenues, we will speak in the United States, we will speak, we will pressure our buyers so that they, in turn, will pressure, let's say. There's not much more a guild can do, let's say. Now, Iván Marambio, president of Frutas de Chile, says verbatim, "We see this new announcement as a prudent scenario, since we understand that for now it is a non- binding recommendation, which is exactly the same as what the Minister of Foreign Affairs says."

[00:21:39]Hm.

[00:21:40]The union says they're going to continue analyzing, let's say, and says something that's very important, but it seems to me like, I do n't know what the word is, kind of condescending.

[00:21:57]He says verbatim, it is important to consider that this measure not only affects Chile, but also involves other countries that compete in the fruit trade, such as Peru and New Zealand and 56 other economies. He says 57, it was said he was 56. Well, he's probably around there somewhere.

[00:22:14]But what is he saying, unintentionally but intentionally? He's saying that if I compete with New Zealand and Peru and everyone is subject to the tariff, everyone else will end up higher. Therefore, in terms of competitiveness between products there would be no problems because they are all equally less competitive.

[00:22:37]Now, the bad thing about that, and allow me, Mr. Marambio, to give you my opinion on this, is that you always have complementary and supplementary goods.

[00:22:48]So, if you raise the price of a product for me and raise the price of that product completely, you do not lose competitiveness with Peru, but you do lose competitiveness against substitutes, well, no.

[00:23:01]And obviously compared to the substitutes in the country in question, which is the United States.

[00:23:06]which will probably end up with two tariffs, either 10 + 10 or 12 + 10. Of course.

[00:23:12]So, of course, it's true, you're not going to lose competitiveness with the rest of the countries, but you lose competitiveness with substitutes, you lose competitiveness if you have price elasticity, because people say, "Don't you know that I'm not willing to buy apples because now they're very expensive, I don't buy apples, I buy a dessert, something else, let's say."

[00:23:31]So, be careful with that, let's say, these maths aren't quite like that, let's say.

[00:23:37]Now, let's say Chile, or let's put the ball on the ground, so to speak, to understand if this is relevant or not, the United States is Chile's second largest trading partner. Correct.

[00:23:49]Second. Chilean exports to the United States reached approximately $19 billion last year, 2025, according to Com Trade or our own statistics. That's 19 billion. It's practically 20% of everything we sell. Hence, the most exported item is mining (41%).

[00:24:16]After that, I basically got copper and a little bit of other things.

[00:24:21]Food 35% very important. Forestry and wood 10 and the rest is little. At that point we were already at 87 88 which is a 12. Among the foods, salmon stands out as the most important, which is why Mr. Melero was talking about it. Then we have cherries, grapes, blueberries, citrus fruits, and other things, let's say. In copper, when Liberation Day came, we got away with it thanks to the copper cathodes, which is what we exported most to Chile, because they were set aside after the United States determined that it was something they considered strategic.

[00:25:03]So, while it's true they imposed the tariff in the first instance, let's say they undid what they said with their hand, let's say, they have more copper, but it's not profitable for them to extract it, let's say, ah, versus continuing to buy it from the commissions that bought it from them in Chile. So, it doesn't make any sense, and it was something that was obviously going to happen, but weeks passed, let's say, but obviously it was going to be like that, that's how it was, let's say.

[00:25:29]Yes. So let's say that part saves us, and that part represents roughly 41% of pure copper in complete mining.

[00:25:39]Pure copper should be around 35 or 37%.

[00:25:42]Clear.

[00:25:43]So, to make it clear to everyone, in summary, according to the Free Trade Agreement, tariffs on Chilean products should be zero. That's not the case because since Liberation Day, April 5th, we have a 10% discount, except for copper cathodes. And what we're talking about here is plugging in another 10% more, let's say. So, it's very important here that the new authorities somehow say, "Okay, what's next?"

[00:26:19]Ah, that's it, I mean, supposedly all the problems we had in Mr. Boric's old administration with the United States, faced with a scenario like this, we had no one to talk to because the phone kept ringing and ringing and they would n't answer us, let's say. And here, then, I believe is a very important opportunity to show that our closeness, our ideological affinity, our common ideas about trade, about the world. Okay, let's see if this works or not, because if it doesn't, we're wasting time, so to speak. Exact.

[00:26:58]So, I think it's a test, I'm sorry to say, but it's a test for our authorities, right?

[00:27:04]Well, we've sent people there who are supposed to be experts in trade, who have experience, who are aligned with the groups that support the US government. Yes, everything, everything is very nice, everything is justified. Okay, buddy, now play. Ah, yes, as the saying goes, if you know how I get, why do you invite me? So, you know what else?

[00:27:29]Do it now, fight this issue and win it. Let's say, you know what else?

[00:27:35]He was right, he had a valid point.

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[00:31:54]Hey Pepe, what time is it? 8:31 minutes.

[00:31:57]31, sir.

[00:31:59]Yes, I have it here. Okay, we'll check the markets again, you say. Of course, to complete the picture of Yes, yes, now. Yes, yes, yes.

[00:32:10]The dollar opened lower than yesterday's close.

[00:32:12]Oh, and you're going to tell us the same old nonsense you always tell us. Already.

[00:32:15]That's how it is. That's it. We're going to a commercial break. We'll be back in a few minutes with more on Good morning, market.

[00:32:20]Very well, we'll be here.

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[00:34:55]Don Demetrio, how do you tend this strawberry plantation? Don't tell me anything. We are currently irrigating using oil-based energy. I don't know what's going to happen next.

[00:35:05]Well, we are now located here with Don Demetrio at the strawberry plantation designing the new electrical project so that we can start operating with medium voltage energy.

[00:35:15]Listen, Mr. Claudio, if we put three-phase power on it now, or I don't know how much we would be saving on watering these 10 hectares we have. Món Demetrio, considering the number of hectares involved, I believe it would be a very good saving, at least 50% easily, just like Don de Demetro, that oil doesn't consume them. We have been doing this for over 40 years and we know perfectly well how to do it from start to finish. Don't hesitate to call us or write to us through our website www.enieríaeléctricaargos.cl. I was told there's a construction company that makes spectacular houses and saves you from all the surprises and bad times. I present to you the Márquez construction company.

[00:36:00]Indeed, Nicolás, well, we are in one of the Marque Spa houses and for 600,000 pesos per square meter or for 15, if you want it, it will have finishes such as exposed beams, wooden walls, volcanic rock finishes and a great spaciousness that also adds the architecture and design in all our projects. I have n't sent it to him. Do you really read a Pepe from the Spanish newspapers that I send you, or do I read everything, sir? Seriously, everything they send me, seriously.

[00:36:56]Let's go on air. Now I 'm going to take up being a bookworm again. I already loved air, we are on the air.

[00:37:05]Hey, we're back. 8:37 a.m. on June 4th.

[00:37:11]Don Pepe, let me return to the MBI Ron figure. Here it is. The dollar opened today at 891.

[00:37:20]Yesterday's close was higher at 895, the low yesterday was 892, and the high yesterday was 896.

[00:37:29]The dollar opened slightly lower today. We'll see how the old Twist looked on the same tile, no more. Ah, the two in the same one. Yes of course. And speaking of Twist, the one who provides the music is oil. Of course.

[00:37:44]Oil, which yesterday reached 94, 93, today started at 9220.

[00:37:50]This week it is at 9284, that is, it is at 92, down 3%.

[00:37:55]92. Of course.

[00:37:57]Going down three pesos, two pesos, but as you say it's just the same tile.

[00:38:02]Now, why? Why does this happen? Because he keeps stretching things out, so to speak. Ah, we 've talked about it again, and I'm sorry our, what's it called, radio listener is getting bored, because of course, Trump says, "Let's see it, we'll see it tomorrow, let's see what happens."

[00:38:21]And the markets get nervous, so one day it goes up, the next day it goes down, others take positions, let's say, but there we are. We're at $92 right now, let's say. Yes, I have the impression, Pepe, that we are in the final stages of this issue. In fact, they were negotiating a precarious agreement, a peace and security arrangement, as unstable as it was, but peace in some respect. Israel with Lebanon, ah, in these hours, and we'll see if that, as a condition to continue negotiations with Iran, works or not. But I don't get the impression that we're going to resume the kind of profits we saw during the war itself, so to speak.

[00:38:59]Yes, I think the same as you. I think the same as you because I believe this war no longer serves anyone. That's the most. Good. Yes, of course, of course. So, it's over now. Thank you so much. And now sign a little piece of paper, buddy, and let's go back to the oil at 80, let's say, and then we'll all be at peace. Now, in this context, the one that continues to gain a good position is because copper has moved with oil in a completely different way. Oil is down, copper is up, look, copper is at 650, up 0.32.

[00:39:39]650, which is still a pretty big number, let's say. And lithium is holding steady there, at 168, it has risen 40% this year. So look, copper and lithium up, oil down, everyone's happy. In fact, stock markets in the United States are showing mixed results.

[00:39:59]The SP500 is pink, I say pink because it's at 095, 025 below, which is practically nothing, let's say. It's enough to make you want to argue, you know. Then the NASDAQ is 1.04 up, a few up, a few down, let's say. So, to be honest, the market was quieter than on other days, let's say. Uh, what else can I tell you from this side?

[00:40:28]Europe is a bit mixed, eh, Great Britain is at zero, just like that. Uh, Germany is in the green 05, France one up, Italy at zero, Australia minus one down. In other words, as long as oil goes down a little, 2% or 3%, the markets look like they're ready to take advantage. It's over, it's over, let's say. Someone from the capital markets, the foreign exchange market, was telling me yesterday that, of course, for them this issue is very bad because nothing happens, and if nothing happens, the spreads are minimal and don't encourage doing business. So, businesses have been particularly affected, especially in terms of volume and quantity of business, particularly in visa matters, for example. In other words, the market is hot, very hot. It's been a while since we've had such a long streak of "nothing's happening, buddy."

[00:41:27]And everyone and the Chilean IPSA, uh, that has been a real mess, but I mean, really impressive, let's say.

[00:41:39]Uh, this thing started from, what's it called?, from the war. It was up, it was at 58,000 points, let's say, 58,400.

[00:41:52]At its worst point it reached 51, that is, it lost 4000 points from 50, it lost almost 8% and it recovered a little around April of this year, in mid-April 15, 16 it had a 57, that is, almost the highest it had been. And it fell again to 52, another 5000 of those 58.

[00:42:17]Then another sawtooth rise, 55 and now it's at 52,000 500, as I'm seeing here on the chart, let's say. So, it's moving within this, as you say, a tight spot, which is the worst of all evils, because it's not that it's going up and one would say, "We're saved now," it's not that it's going down, no, a catastrophe. Up and down, up and down. And that variance that occurs on a daily basis is what analysts ultimately consider to be risk. The risk is that you don't know where it is. The risk isn't that it's bad, the risk is that you don't know where it is. One day it goes up, the next day it goes down. And people get nervous, let's say, because when you see a chart, when the chart is up, you say, who was the jerk who bought down here and sold up here? Well, that's the panacea, but if it goes up and down every day, up and down, there's no way, there's no way to get on that horse. Nobody knows where it starts and where it ends, let's say. Which is basically the same situation that is happening in several of the Latin American stock exchanges. This isn't a situation unique to Chile, let's say. If you look at, for example, the Brazilian stock market, the Brazilian stock market took a pretty significant, more or less substantial, hit.

[00:43:40]The crash, our last one on the PP stock exchange, also had to do with, well, however you look at it, the figures are quite telling. We are in a recessionary Chilean economy, and the stocks that fell the most are those linked precisely to consumption, to activity of that nature, right? Retail and other.

[00:44:03]Exactly.

[00:44:05]So, this is a more local phenomenon from our point of view of the behavior of the stock market. Let's see, if you compare it, it's pretty brutal. I'll tell you why. Because it turns out that if you look at the North American indices, yesterday I was with Manuel looking at many charts, Manuel Bengolea, who is our afternoon partner.

[00:44:31]Yes of course. And when you look at the analysis of what has happened in the stock market abroad, the truth is that you can throw all the punches you want at the American stock market and say, "Look, it turns out it falls 2%, it falls 1%, today it's higher, today it's lower."

[00:44:50]But when you look at a couple of long- term factors, one year, two years, the NASAC in the United States and the SP500 are unbeatable, let's say, unbeatable.

[00:45:04]Because ultimately, that no longer has anything to do with a specific event.

[00:45:09]Sure, it's possible that energy stocks, Chevron or I have no idea, went up because oil went up, but when you see the boost the stock market has had in the United States derived from everything related to artificial intelligence and therefore an eruption of all the tech and fintech companies and all that on the Nasdaq stock exchange in the United States, the rise is impressive, what's behind it. It's not a one-off phenomenon, it's an immense technological development.

[00:45:46]Not to mention that the stock with the highest market capitalization in the world today is Nvidia, which makes artificial intelligence chips. And if you look at which companies are following the downward trend, they are all technology companies, every single one. The, I don't know, the five largest are all companies that have to do with the development of technology and that has meant in the United States first a creation of value far superior to any other market, value creation. Oh, and secondly, that this technology applied to different industries has meant an improvement in productivity.

[00:46:30]Chile is exactly the opposite example. In Chile we have not managed to improve our productivity in any way. We've been talking about productivity for 10, 15 years and we haven't improved anything.

[00:46:46]And we haven't discovered anything new. In other words, when someone says, "Look, you know what else? Why are n't Chilean stocks rising as much as others? Why did they stop being?" Do you remember a few years ago when we were talking about emerging countries? Oh, and back then emerging market stocks were rising faster than those in the United States. What happened? Why is it no longer like that?

[00:47:10]Because in the United States they discovered new things, they developed new things. What new things have come out of Chile in the last 10 years? None.

[00:47:23]None.

[00:47:25]Look, years ago we discovered that we could produce salmon, I mean, I'm going to say something that's obvious. We didn't have salmon before, now we have salmon.

[00:47:35]Clear.

[00:47:37]Then we discovered that we could produce fruit in very good conditions, that is, we had no fruit and we had fruit. Then we said, "Look, you know what else? We have cherries." We didn't have cherries, we didn't have cherries, now we have cherries. Fantastic, fantastic. Salmon, wine, uh cherries, other industries, what do I know. Fantastic.

[00:47:58]Yes, but in the last 10 years, I tell you, and 15 years too, what new product?

[00:48:04]In the new. Sure, sure. I don't know, maybe I'm wrong, but I honestly don't see it.

[00:48:12]So, what new inventions have been made in the United States over the last 10 years? Do you have two hours of airtime to make the list for you? No, of course, of course. I mean, I'll just throw one at him. One. Let's see, artificial intelligence.

[00:48:26]Oh, one.

[00:48:29]So, a company that was worthless, Envy.

[00:48:33]Clear. It was worthless, virtually on the verge of disaster; today it is simply the company with the highest market capitalization in the world. Worth trillions. Trillions. I don't know how many zeros that is. Many zeros.

[00:48:49]So, that's the bottom line on this issue. Do you want to be a successful country? Do you want to be a competitive country? Do you want to be a country that increases its productivity?

[00:49:00]Well, sir, what are we doing?

[00:49:03]What new things are we doing?

[00:49:06]Sorry, but we're not doing anything new. Ah, so this is the same as a person. Look, I'm going to be out of a job tomorrow, I have nothing to do. So what do I do? I have to do something new, something I wasn't doing.

[00:49:19]Well, that's what happens. That's why you put the Chilean index, whatever number you want, let's say, the Chilean index in UF, in dollars, in pesos, you put it on a graph and you put that same graph and the United States goes up like that.

[00:49:35]Clear.

[00:49:36]So, notice that this determines something that is a little worse and I'll tell you about it right away.

[00:49:42]Let's see, if you have a million dollars saved in your pocket, and you do n't want to lose it, where do you put it? Does he invest it in shares in Chile or in shares in the United States?

[00:49:54]In the United States. Absolutely. Already. So why has the capital flowed out? Why is a reconstruction law that says, "Bring your capital to Chile, bring it here, invest here, create jobs here," more necessary than ever?

[00:50:12]Precisely for that reason, because anyone with a brain in the face of this situation and with a million dollars in their pocket, what they have done in the last 10 years is take it out, take it out of the country, because it is not profitable, because we also have a big problem with the dollar which has risen enormously in the last 10, 15 years, as a result of the fact that the gap between what we are as a country Chile today and the gap of what the United States is as a country has been growing and is today enormous and that explains why we have a dollar through the roof.

[00:50:51]So all of this is linked, and that's why the law of reconstruction is so adept at understanding that it is a process, that it is a much broader phenomenon.

[00:51:02]We want to bring money to Chile. We want investors to believe in Chile again so that this will generate jobs.

[00:51:09]That's what's needed today.

[00:51:11]Listen, very good, great presentation, but we've run out of time and I wanted to talk to you about the topic of casinos, betting shops, very interesting.

[00:51:23]Great topic, but we don't have time.

[00:51:25]Very good topic. Yes, but we'll prepare it for tomorrow.

[00:51:28]Well, the government is seeking votes to increase debt. Democratic socialism anticipates possible rejection. One must be, one must have a little bit of modesty, as the minister says. Oh, no. Oh, sure, you went too far, buddy, you went too far.

[00:51:43]Two and a half towns. Yes, or three, at least.

[00:51:46]Yes, listen, we'll start saying our goodbyes then, Don Pepe, we'll meet again tomorrow.

[00:51:51]We have a topic for tomorrow.

[00:51:53]We have it, we have it. That's it, he's taking it. Thank you very much, Mr. Lav, and thank you all for your kind comments. Hey, there's a great listener, our José Luis Araneda, who's celebrating his birthday, so I'm giving him a hug.

[00:52:04]Say hello to Don José Luis and everyone who is present in the chat all day. Thank you so much for following us.

[00:52:11]We're leaving, see you later.

[00:52:13]Thank you so much. Ciao. Ciao.