Fox Business host Larry Kudlow unpacks President-elect Donald Trump's foreign and economic policy agenda on 'Kudlow.'
America's Gulf looks perfect to me and that's what the reef is all about. Let's start with the Gulf of America. Before that, it was the Gulf of Mexico, but it was named in the 16th century – even before the existence of the United States of America.
So “Gulf of Mexico” seems old to me. It's time for a change. Mr. Trump today essentially said “America's gulf” has a big nice ring to it. Sounds like a support to him Big, beautiful budget bill To cut taxes and seal the border, but, speaking of sealing the border, Mexican President Claudia Sheinbaum still helped the United States a lot to seal the southern border — like with the 25,000 troops that the president helped ensure. Trump's “Stay in Mexico” First Term Success.
He threatened Mexico with a 25% tariff if they did not cooperate. What happened to the Monroe Doctrine? Codified more than 200 years ago, it made it clear that the United States would not allow European interference in Latin America, and when you tossed the Panama Canal. Mr. Trump Even today pointed out, you should add that America cannot tolerate Chinese interference in America's core interests.
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Then, as Mr. Trump tossed in Greenland, the same core-interest principle applies to snooping around our adversaries Russia and China — not just for rare earth minerals, but also building a strong base for air force and naval power. President Trump It also threatened Canada with a 25% tariff if it didn't cooperate on our northern border. Trump's trolling of Justin Trudeau about Canada becoming the 51st state essentially knocked the left-wing prime minister out of the ballpark and on his way to retirement.
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Finally, speaking of tariffs, a recent Washington Post article that President Trump is backing away from his universal tariff plan is, as Mr. Trump says, fake news. US imports run about $5 trillion each year, and a 10% broad-based tariff would generate about $500 billion more than Mr. Trump's tax cuts, and then some.
Tariffs are not inflationary. The only extra money is inflation. Meanwhile, the European Union has value-added tax, which is essentially a tariff, which runs around 20% – and the world has lived with it for a long time. All of this suggests to me that, like his big beautiful tax cuts and border bill, Mr. Trump knows exactly what he's talking about. That's the riff.
This article is adapted from Larry Kudlow's opening commentary in the January 7, 2025, “Kudlow” edition.