Quick answer: Chord Track doesn't have any harmonic analysis, consequently you cannot change the harmonic structure of your entire arrangement with a mouse click.
Differences between Chord Track and Liquid NotesChord Track is a new feature in Cubase that was added with the release of Cubase 7 in February 2013. It allows you to create chord successions from scratch. You chose from a list of chords and place them on a single MIDI track. There is no analysis involved and therefore you cannot change the harmonic structure of the entire arrangement with only a mouse click.
Liquid Notes, in contrast, is based on an entirely different concept: it needs at least a minimum of harmonic structure (i.e. chords, scales, harmonic progressions, arrangements) to analyze. With the result of the harmonic analysis, you can easily apply harmonic changes to the entire arrangement of MIDI instruments (chord substitutions, tensions, functions, and progressions). Turn a few knobs or move some sliders, any change to your arrangement is always only a mouse click away.
Future versions of Liquid Notes may add the capability to create chord successions from scratch, or edit chords directly in Liquid Notes.