FOX Business host Larry Kudlow opens up on President-elect Donald Trump's economic and foreign policy program on “Kudlow.”
America's gulf sounds absolutely perfect to me, and it's the reef thing. Let's start with the Gulf of America. Previously, it was the Gulf of Mexico, but it was named in the 16th century – before the United States of America existed.
So “Gulf of Mexico” sounds old to me. The time has come for a change. Mr. Trump basically said today, “The Gulf of America” has a nice big ring to it. He seems to approve of one Big and beautiful budget bill to cut taxes and close the border, but speaking of sealing the border, it doesn't look like Mexican President Claudia Sheinbaum has done much yet to help the US close the southern border – for example with 25,000 troops which helped to assure the president. Trump's success in the first term “Stay in Mexico”.
He threatened to impose a 25% tariff if Mexico did not cooperate. What happened to the Monroe Doctrine? Drafted more than 200 years ago, it specified that the United States would not allow European intervention in Latin America and that once you launch into the Panama Canal Mr. Trump Also mentioned today, you should add that the United States cannot tolerate China's interference in America's core interests.
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Then, as Mr. Trump threw out in Greenland, the same principle of core interest applies to our enemies Russia and China—not just for rare minerals, but to build a stronghold for the Air Force and Navy. President Trump It also threatened Canada with a 25% tariff if it did not cooperate on our northern border. Trump's trolling of Justin Trudeau about Canada becoming the 51st state essentially put the left-wing prime minister out of the race and into retirement.
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Finally, speaking of tariffs, a recent Washington Post article that President Trump was backing away from his global tariff plans was, as Mr. Trump said, fake news. Hats off to the brilliant economist Larry Lindsay for pointing out that US imports are about $5 trillion a year and a broad-based 10% tariff would generate roughly $500 billion, more than covered by Mr. Trump's tax cuts and then some.
Tariffs are not inflationary, only extra money is inflationary. Meanwhile, the EU has a VAT, which is basically a tariff, which is around 20% – and the world has lived with that for a long time. All of this tells me that, just like his beautiful tax cuts and border bill, Mr. Trump knows exactly what he's talking about. This is the riff.
This article is adapted from Larry Kudlow's opening commentary in the January 7, 2025 edition of “Kudlow.”