larry: hello, folks. welcome to kudlow, i'm l arry kudlow.

so, president trump today gave another 70 minute news -- conference, pulling no punches, agree land, panama canal, the gulf of america. tommy tuberville will join us and newt gingrich waiting in the wings, but first guff the gulf of america sounds perfect, that is the subject of the riff. so let's start right there, ggulf of america it was the gulf of mexico that was named in 16 century before united states of america even existed. gulf of mexico sounds outdated. mr. trump said gulf of america has a big beautiful ring to it. sounds like his endorsement of one big beautiful budget bill to cut taxes and seal

tthe border. but speaking of ceiling the border, does not sound like mexican president sheinbaum has done much to help u.s. sseal the border. he threatened a 25% tariff on mexico if they don't cooperate and repeated that the today, what happened to monroe doctrine? that was codified over 200 years ago. but u.s. will not permit european interference in llatin america, you toss in the panama canal, you should add u.s. cannot tolerate chinese interfere reason and mr. trump tossed to greenland. the same core principle

alies with russia and china, for building a strong hold for air force or naval power, president trump threatened canada with 25 percent tariff, if they don't cooperate on our northern border. now, trump's trolling of justin trudeau about canada the 51 state, knee capped left wing prime minister out of the ballpark into retirement. and speaking of tariffs, a "washington post" article this trump was pulling back on his universal tariff plans were, as mr. trump put it fake news, hat tip to economic larry lindsey for pointing out u.s. imports unrun about 5 trillion a year, a 10% broad base ridge

around collar tariff would produce roughly 500 billion a year and that would more than cover mr. trump's tax cuts and then some. now tariffs ar are not inflationary, only excess money is, the european union has valued the taxes which are tariffs, those tariffs run around 20%. the world has lived with it for a very long time. all this suggests to me that just like his big beautiful tax and border bill, mr. trump knows what he is talking about. and he is a negotiator extraordinary. and that is the riff. all right, joining me, senators tommy tuberville of alabama and mr. tim sheehy of montana, happy new year to you, senator sheehy welcome to kudlow and u.s.

senate. mr. tuberville, happy new year to you, sir. okay. >> thank you. larry:ly the i'm not sure i understand this, we have sound trump -- no, let's play it compan trump on the one big beautiful bill. >> well i favor one bill. i want to get everything passed. you know there are some people thatten to necessarily agree with it i'm open to that also, my preference is one big beautiful bill. >> appear to open door yet for two bill approach, still your preference for one big beautiful bill. >> i like one big beautiful bill, i rally ways have and will, if 2 is more certain it does go quicker. larry: so. sinsenator t tuberville what is going on, you know i am in favor of one big beautiful bill. that is what speaker johnson

wants, that is what ways and means chair jason smith wants, but i see resis san resistance in senate, i am not sure i understand. >> i am with you, we need one, but the house makes the decision. they have to get it done before us. if -- go and look at history, ronald reagan did it, they drug their feet, and they had two bills they at any time get both done, same with president trump back in 2016. they are worried about healthcare, paul ryan drug his fight. i am for one, let's get it done. larry: senator tuberville, you are person after my heart. have a clear thinking senator, really remarkable. so happy to hear you take that position. now sinc senator sheehy, if you disagree it

is okay, it is kudlow we believe in free speech, but i prefer you to talk about one big beautiful bill, we don't want to let middle class blue collar boom get away. once you promise, you have to keep them, mr. trump understands that i think it is not a hard thing to do, you are extends tax cuts put money on border, what do you think senator sheehy? >> i agree 100%, we have a mandate. and from a popular vote to ewell, rally vote to senate to house, we swept the table on this election people want results, we should not be bogging down on processes if one bill or two, or 15, let's get it done, right how it sounds like momentum is behind one bill beautiful bill. larry: all right terrific

stuff, i want to turn to more exotic i thinks in the news conference, a president on this is such a nice sound to me. the new gulf of america. hang on. >> we have a massive deficit with mexico. and we help mexico a lot. they are run by the cartels. and condition let that happen -- can't let that happen, mexico is in trouble. we'll be announcing a future date, soon we'll be changing the name of the gulf of m mexico to the gulf of america. which has a beautiful ridge, the gulf of america, what a beautiful name. larry: si senator sheehy, talk about biggs beautiful sounds, gulf of america. but, there is something to this like there always is with president trump, he is

pushing president sheinbaum hard, she has not done anything for us on the border, troops are not there yet, he is threatening a tariff on that, but what gulf of mexico was named in 16th century there was no united states of america, now there is a very important united states of america. so what do you think about gulf of america? >> well, it is a great idea, i was happy to hear you mention the monroe doctrine in opening statement, we have let it st slip away for a long time. as we know in past twin 20 years china and russia and others without the best interest of america have started to takeover not just economic inrests but military interests in the region, we have russian ships in port in venezuela and cuba, we need too

reinvigorate our presence in the world. larry: senator tuberville, with respect to monroe doctrine later on president johns quincy adams who codified it to american policy, it was about european in in-- interference, i would say with respect to panama canal and latin america it is about chinese interference and bidens never did a darn thing, while chinese are nosing around, and building their basis and they run two panama canal locks. it is about time. >> right. it has been a long time, i can remember my dad was up sit, a career military guy, when jimmy carter gave up the panama can am, i have never seen him that mad, i have spent a lot of time

there in last couple of years, they had a president there that was very pro china. now we have a president down there, i went to his inauguration in july, molineo he is for president trump. previous president signed 28 contracts with the chinese, they did not full file but one of those, what will happen trump will go in and help panama, we have to take the panama canal back, do something, because if we went to war with china over taiwan, they were shut the panama canal we have to go 8 to 10,000 miles longer to get to the war zone from east coast to china. >> that is a great point. sir. let me play some tape on the points, from mr. trump today at his presser. >> what took lies at panama

-- what took place at panama canal, jimmy carter gave it to themes there are one done -- them for one dollar, they were such on thed to treat us well. china is taken it over, they are at both ends of the panama canal. we need greenland for national security purposes, we have china ships all over. and russian ships. we're not liting that happen. the people be probably vote for independents to come to u.s. u.s. >> senator sheehy, by the way god bless you as a former navy seal and veteran, you searched in a number of theaters, i think that greenland stuff that and i think a key point for american interest. it is a chokehold, if you will. and hire -- here too, china

and russia nosing around greenland. i know part it china calling its an arctic power, what is bloody nonsense, se senator sheehy what do you make of that? >> well, this is another point of strategic interest for america during world war ii and korean war and through cold war we had locations all over the pacific and atlantic to include greenland and iceland. those locations were critical for our ability to control the atlantic, during world war ii and throughout cold war like panama canal they are critical military points of pressure that kril control the word, the world move throughs oceans v majority of the trade, china has taken unprecedented acts to expanding their smear of

maritime influents in the world, it is they will continue to push it, we should revive our global footprint in places like iceland and gr green land and panama and ac across the pacific. larry: sincer to tuberville, you -- senator tuberville, you may know during world war ii united states occupied greenland to keep access powers out, including the nazis, and greenland wants nc independence from denmark. why can't we set up an alliance that includes national security, trade and investment. that would make sense to me. >> all about national security, we got a leader in white house that has some

negotiations skills diplomacy, he is putting a time team around him that will help, there is no better place to start than greenland. looking at what china has done, i returned last summer from argentina they bought up everything, we have got to get in the game, we have not been in the game for 4 years, prurc president trump will get us back in the game, he will make tough decisions, he is spot on, we're in trouble not just domestically but internationally, it will be a fight, it will be a fight that we'll have to back president trump on all this, give him an opportunity too make headway, and international diplomacy. larry: senator sheehy, as senator tuberville suggests, we are president trump is till president elect president trump, he is

reestablishing, seems reestablishing america's footprint on world affairs, not invading or bombing, but he is reestablishing america's footprint, i like how he is reestablishing our footprint in mexico, and latin america, and through out south america. these are things that are absolutely vital, they are america first interests, they have been neglected the past your years. >> you are right. it goes back further, it goes back decades, carter giving back the panama c canal in '70s was a huge mistake, kicking off. to he that we have seen power in world giving back key eve interest that are ch core to their

policy, not much for american voter to ask their government to do what is right for them. that should come first, and we're seeing here before trump is in office, he is enacting policies that put american people and their grocery prices and gas prices and front door first. that is what it is about time we do. put the interest of our voters ahead of those of the rest of the world. larry: amen to, that thank you so much senators tommy t tuberville and tim sheehy. >> coming up president trump said interest rates continue to rage. >> we talk about it with art laffer and ej antoni next up. you can catch kudlow month monda monday-friday h here on

fox business at 4 p.m., if you can't catch the show, text your favorite 9-year-old and she will show you how to dvr the show and you will never miss a gulf of america, never. high quality investments. (♪) (♪) bounce back fast from heartburn with tums gummy bites, and love food back. (♪) sofi is helping me get my money right to achieve my ambitions. like a saving for a better swing. loosen that grip. with sofi, i earn more money on my money and pay no account fees. plus i'm investing in my game. sofi can help fund all your ambitions.

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>> we are inheriting a

difficult situation from the out going administration. they are trying everything they can to make it more difficult. inflation is continuing to rage. and interests are far too high. on january 20, we'll turn the economy around, very quickly. because right now -- when i think of our economy, i think about inflation, that is what we have, i believe at level that we never had before. larry: interesting he would say, that i think realistic, ej antoni is here to talk about it. and unli great art laffer, former reagan economist, coauthor of the trump economic miracle with steve moore, ej, it is interesting mr. trump is being realistic about continued biden fflation

problem and high term interest rates are higher than anyone wants. he is being realistic. >> i think that is right, he is being realistic in his assessment. we had a treasury auction today that had highest yields in over a decade. that is despite fact that fed has cut 100 basis points. we have some difficulties here in terms of credit markets we should point out both inflation that trump references and high interests are due to over spending that we have seen under the biden administration. they have wracked up over 8 trillion in debt, and remember they run down treasury's cash balance, by about a trillion as well. their net over spending if you will is over 9.95 trillion, that say quarter of entire national debt. larry: i don't know, this spending they are doing, a lot, actually they are still

spending out covid money, and spends out misnamed inflation reduction act money. i don't know how much goes to checking accounts that increases the money supply and causes inflation, i would think, they have to -- trump administration has got to do very serious budget cutting. the doge brothers and russell vought and scott bessent have to do budget and tax cutting. >> yes, they do, they should have done it long ago, that is what omb is set up to do give you tools to find out where the waste abuse and fraufraud is, with elon musk and vivek ramaswamy they will find a lot of areas to cut. that wonderful.

i was first chief economist at the omb, you were 10 years later. we shared that position, this is to -- that is really doable, we don't confuse is bringing down inflation is great, that will bring down inflationary premium on interest rates that would be wonderful. ed by ebiden a has done a really bad job, and expected real return on capital will rise once we get the economy growing, we want higher returns to capitol and higher activity and growth, it will raise real rate of return but a higher real rate of return mines there are more goods and services available. that means lower inflation, that means lower inflation premium, we need to get inflation under control, i would look at powell and

fed, we do not, that is one of 7 positions of the political power we do not have control of yet. larry: all right. hang on, ej, one reason that i am crusading for one big beautiful bill is that i think lower tax rates extending them or adding to them, as in case of corporate tack, 15% tax. like no taxes on cash tips and overtime. lower taxes, and deregulations. supply side policies, which produce more goods and services that will help to bring down inflation, and will help to curve the fed's -- curb the fed's mistakes, that is one of my arguments, let's not wait let's get it in to get a boom going to

curb biden inflation, i don't think that gets enough currency but it is important. >> you are right, when we remember you know basics about inflation it is fundamentally too much money relative to side of the economy, chasing too few goods and services, if powell will continue to allow m2 to grow. if we can grow the economy faster, that is really what we're talking about here, with those tax cuts with incentives to work. dr. laffer talked about how tack on income -- tax on income, if you tac tax it you get less, providing a disincentive to work, if you lower them or get rid of them, you will get more productive economy and labor force, the economy will grow, if you grow it faster than money supply, you will bring down inflation.

and i think that is a key the reason why the president is pushing so hard for know increase in energy production that will also grow the economy but on top of of that, kind of get a double pay out if you will because also will bring down prices throughout the economy, and energy is ubiquitous for all goods and services. you bring down the prices. larry: author, a minutes lift. larry lindsay writing today. you know, we import about 5 trillion a year. if you have a 10% ridge around the collar to use mr. trump's phrase, universal tariff, washington post article yesterday, was fake news. this is 500 billion a year. let's assume tax cuts go

through, i don't see a problem, no inflation issue, europe has 20 percival you added fact -- percent value added tax, that will give you 500 billion a year paying for a lot of tax cuts. i don't know that people have factored in mr. there trump determination to work tariffs as part of his america first economy. >> that is true, if you go back prior to 1913. they can be a large source of revenues here. they can be, they have to be broad-based. if it is used to cut income taxes, pr progressive income taxes and corporate taxes it a great trade off, this is right way to do it no one should eliminate taxes on im imported products as revenue source, people worry about is to

discrimthat more taxes to protect domestic strays that is not what you want, you want to have a b broad base tax on imports, cutting high rates this is critical, if you fund it with tracks cuts -- tax increases on trade i'm on board. larry: y i don't think that tariff piece has been fully factors in, you are terrific. ej antoni and art laffer, coming up kudlow, we have whales and windmills and drip, dprip th drip showers from mr. trump's presser. we'll weigh in on whales, windmills and trip, drip, drip showers, i'm kudlow

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>> you can talk about wind mills, they letter our country -- litter our country, they are driving the whales crazy, they are a disaster, they want to go back and have started that, to you buy a faucet, no water comes out it goes drip, drip, drip. so what happens you are in shower 10 times as long. he wants all gas heaters, out of our homes and apartments. he wants them to be replaced by electric heaters these people are crazy, there something wrong with them. >> sounds like my shower head because i can't get a plumber in connecticut, that is a differentsessment. segment.

joining me jackie deangelis and mark simone and caroline downey. i don't want to get personal but you know as -- >> it will be okay, now. >> just something to talk about, what he is saying, is all these crazy things that bidens have done, have not and are not working. that includes, ban gas heaters, they won't let you turn on the water full people steam, you can't take a shower, then other point, may sound kind of lefty but there is a lot of legitimate conservationists that want to save whales, windmills offshore are devastating to, that you can't get rid of windmills onshore. >> narrative changes to suit them. if they want to go forward with windmill narrative,

they will not talk about whiles they -- whales they are killing, he was talking about electric heat. it makes your skin itchy and policies have been terrible, they have not worked, we know that. they were experiments we could f fine tune them but we're not there yet, we have seen it with the electric vehicles, people at any time buy them, it worst us more, people are ready to step back, it is tone was amazing he is speaking to us like we're real, we have lived it last 4 years, people are fed up with it not the amped up rhetoric we used to hear from him, get in office change it. larry: he will revoke almost all of it everything that he, can caroline, there will be, i wouldn't be surprised

on day one january 20, in afternoon after he is sworn in there are a hundredi executive orders out, it wouldn't surprise me one bit. >> he is going to clean house with the invasive regulations that are hurting so many americans, but what we can't do it undo sabotage of the biden administration at 11 hour with green agend athe restrictions on drilling, the ban on offshore drilling trump vows he will reverse, just like how the current biden administration sold off the auctioned off border wall materials, that were very expensive to make trump restart funding process to get the border wall, same thing with this drilling restriction, he probably has to go to congress to get legislation passed to undo that, he can't say get rid of that order.

larry: he will say, that. they may go to court, and they fight it out in court. but that is life in fast lane. i think you will see it, i'll go to you mark here, is not stopped. by a goofball law from 1953 that allows biden to stop leasing and drilling in either atlantic or pacific basins, he will never let it stand, i had ted cruz on last night, he said, he knows about constitutional law, he said trump will make a executive order and revoke it and we'll fight it out in court, by that time we'll be p3 presidents hence. >> if you want to do climate change, last people on earth did not know how to fix it, they are politicians, they have done they are cheap symbolic gestures.

wiwindmills run on oil. electric cars, electricity comes from coal, that is fossil fuel. they are 5 times heavy as regular car, you would have on replace every bridge in america in you go electric. everyone that is done anything with windmills in the world, now in process of taking them up to, they don't work. larry: they do unbelievable harm wherever they go. by the way, to construct these windmill farms, massive aims of carbon dioxide in the sky. another one this tougher, last v in -- in this is jack smith dropped lawsuit, he was told to, by doj, they are not allowed to issue the report, he was

thrown off the case, in it in disgrace, we have a judge in new york a very crooked judge, i am under the gag order. >> think of it i'm the period president of the united states, i'm not allow the to speak, why? if i did people w would understand the scam. larry: makes a good point. >> i think he makes great points it time to move on this from this nonsent we have learned in last 4 years this is a waste of time that gets us nowhere, he has so much work to do with respect to his policies. reversing all of these ridiculous things that joe biden has done. fixing our you know our per si perception on global stage, we have to move past jack smith and bogus lawsuits, he has to get to work and be allowed to do that.

larry: ju judge cannon in south florida pulled plug on jack smith, and supreme court went with her. she is saying he went issue a report, because it should not have been there in the first place. there is a lot of logic to that. is it holding up, i guess? they want to get their last minute digs in. >> right. >> how can you make a report if you don't exist legally. >> and publish this report. would violate the doj rules say you cannot publish evidence about someone who is not changed. donald trump is not changed any more. jujudge cannon already dismissed to indictment on ground that jack smith was disqualified. only reap to bring this report to humiliate trump as he enters office to sully his good name, and american people rejected lawfare in the use of pard

partisan weapons. larry: the left fighting their last battle it helped president trump in presidential campaign, they don't have and self exam nation. mark, he referred to judge merchan as a corrupt judge, i don't know all that he means, has it been show, merchan's daughter is a democratic operative, and among her projects was pro -- for money, promoting this very trial, alvin bragg trial in new york. >> raising money based on it alan dershowitz said i read this case a hundred times, i can not figure out the crime, no one in history of world has been charged with it, 30 million are signed every year. nobody was charged with it, this is insane. larry: because they don't

have good showers. >> they are itchy. >> itchy people without good showers. that explains a lot, that is what trump was saying. big beautiful shower are coming back. mark simon, caroline downey and jackie deangelis, you can catch j jackie on the big number show with brian brenberg, on fabulous fox business. >> coming up wild ask the great newt gingrich, if he likes the sound of the gulf of america as much as i do. can i have another pancake? from full house... ♪ ...to empty nest... ♪ ...to free birds. ♪ vanguard. we got this. fifty years of helping you invest for every chapter.

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include no chinese interference. i think trump is right to do something about it or prepare america to do manage about it. >> -- something about it. >> well, i have no particular position on gulf of mexico versus the gulf of america, you are right about something that is more important, we have in new secretary of state marco rubio, a person who understands it. we have to go back on offense in all of latin america, we have to take it seriously, for years and years, we had our attention on afghanistan, that is a long way from here, no real attention on our neighborhood, this is a problem that goes back to 1950s and 60s. the wine is bitter is a book about 1962, saying we're

neglecting everyone, it is important that we take seriously problem of haiti -- ventura, cuba and nic. to basically destroy the cartels and the drug industry they represent. i think it will take -- i'm glad that marco rubio agreed to do this, i believe he has knowledge and focus and understanding of the chinese, i think you are right. we should have as a major american gold rolling back the chinese as we rolled back soviets and before that the nazis. larry: other part of point or one of many points that mr. trump m made today, newt, he talked about mexico and possibility of 25% tariff. as far as i know, president

sheinbaum has not done what trump wants her to do on the border, i don't see her bringing 25 thousand troops in, that was essential to success of remain in mexico. i see her making snippety remarks and promises to explore, but i don't think he will hesitate to use the tariff weapon if she doesn't help us. and thus far. it doesn't look like she is. >> well she is not. she taking the position she is most anti-american president in modern times in the state of mexico, partly because she is in alliance with the cartels. we have to recognize level of power amount of money the military force that cartels have in mexico, rivals the government of mexico, i think this is a very serious

long-term problem. and i'm glad to see we're turning our attention to it. and she will have to face some big choices. because, an america that wants to has a an enormous capacity to block mexico develop and a great w can. to -- capacity to make sure we force changes wemen wanted, i think in long run she has to give in. larry: newt, terrorism in domestic u.s. terrorism. evil new orleans story. have we lost our will to fight domestic terrorism? or will new group come in, you know pam bondi and kash patel reenergize us? >> well i think they will reenergize us, domestic terrorism aside.

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