>> my valentine's gift, silver today is up at $32 and 50 at all time high and everything else all time high and have to have silver in order to get this right. my my picks are heclamin and he recollects up 25% and 89% over the last year. they're looking at putting serious numbers on the board. liz: we've got to run and bell and s&p at session highs and by the way, we did gasparino's homework. it's not just bust, it's rouge -- buffet, roger pen ski, steve schwartzman, bob iger all atop ceo older than larry fink. charlie, put barbecue sauce on your hat. larry: hello, folks, welcome to kudlow. i'm larry kudlow.

president trump lays out his plan for reciprocal tariffs and get this, stock markets loved it. senator kevin cross-claimer and david malpass and ej antoni break it all down for us in just a moment or two. finally the battle goes on over one big beautiful bill, newt gingrich waiting in the wings to talk about it. first up up hillary vaughn livet the white house. what's your interpretation of the white house? reporter: it's what president trump said in his mind it signals end of what he considered a fool and i shall stupid u.s. trade -- foolish and stupid u.s. trade policy to this points in the paint. he's also most excited about and thinking back to everything he signed in his first term to

everything so far in the first three weeks of his second term, this is what he's most proud of. and most excited about. he says it's time for american businesses and workers to win and that means leveling the playing field for u.s. businesses and workers by taxing our trading partners the same way they tax us. he says ceos that he's talked to love it. >> many love it and it'll be the thing that makes our country really prosperous again. and this is going to be what pays down to $36 trillion in debt and all the other things. if you build here, there's no tariffs whatsoever, and that's going to happen. i think our country will be flooded with jobs. reporter: trump said he could have charged a flat tariff and that's not fair so it's a tit

for tat tariff so whatever they charge us, we charge them. it's the trading deficit withs the trading partners and report back. >> our studies all completely april 1 and we'll hand the president the opportunity to start on april 2 if he wants. we'll be ready to go. remember, if they drop their tariffs prices for americans are coming down. production going up and tariffs going down. it's a two way street, that's why it's called reciprocal. reporter: larry, other countries have 47 days to decide whether or not they're going to lower their tariffs for the u.s. and businesses have 47 days to decide if they want to move operations from overseas here to the u.s. if they want to avoid the pain of all this.

larry. larry: thank you. trump's reciprocal tariffs are not inflationary and that's the subject of the riff. of course today trump expanded on fair and reciprocal trade policy and aimed at american workers and businesses and will hopefully deal with the many unfair trading practices around the globe aimed at united states. heavyweights using a simple metric: you tax us, we're going to tax you. if you lower your tax on us, we'll gladly lower our tax on you. >> the one -- larry: the one place singled out is the added tax and functions as a tariff. plus, there's across the board tariffs that are much higher than ours.

president trump singled out 10% auto tariffs, which is four times america's 2.5% on top of 20% back. of course that's all unfair. there's country wide examples galore. in the six times tariff rate we do, mexico three times, china nearly fife times, brazil six times. world trading system has been broken for over 25 years, maybe longer. most countries have takenn advantage and aiming trade barriers at us. there's no international court to fix it. world trade organization is a bust and it's corrupt in bed with the chinese. president trump's going to try and fix by apply ago reciprocal tariff benchmark. seems like a straightforward metric to me. we don't know how far or wide

the policy goes. nor how much in tariff revenues might be raised. president trump used a mothed moderate and low key approach and wasn't bashing anybody and focused his remarks on how the industrial heartland and whole economy bigger and more productive as a result of his reciprocity-based level playing field goal. stock market rose 400 points on the news and no action till april 1 after a review led by commerce secretary howard lutnick. of course, reporters kept nagging president trump about inflationary tariffs but they're wrong.

jeet kune doty falls and u.s. dollar rises and that's all counter inflationary. i strongly support trade rizz porosity and the president talking up tax cuts again and tax cuts jobs, mids l class wages and joining me is ej antoni and david malpass, former president of the world bank, and north dakota senator kevin cramer. mr. cramer, you're very kind to join us humble economists and let me begin with you and ask you for your reaction to president trump's reciprocal trade policy.

>> larry, reciprocal is the most sensible getting to the point of balance. treat us well, we'll treat you well and we'll treat you as well as you treat us. one thing i wonder about is there's other industrial policies beside tariffs that give advantages to countries like china and don't have environmental compliance, we have highest cost and workplace or in some cases they have slave labor and there's still many dices advantages and it'd be another example. to get to complete balance, i think we'll have to talk about some of the other things but we can bring some of our own costs down with the same issues like environmental compliance and regulations. larry: senator, on that point, it gives mr. trump a very wide latitude and art of the deal and brilliant negotiator and this has, yes, level playing field in

terms of reciprocity and gives him plenty of negotiating room, you know, on tariffs for example, perhaps on drugs, perhaps on national security. >> sure. sure. no question about that. there's lots of factors that go into it. this is only the first one. by the way, let's face it, the time that he gives these countries to comply, you're going to see a lot comply. things come down for everybody and most aren't going to want to take the tariff. larry: interesting point. ej antoni, coming to you and i'd like your reaction. also what senator cramer said and there's 45 days, i think 47 days to be exact. between now and the time the trade review is completed and the recommendations are made going for april second for that matter. but is that the sun certainty

and surprise the stock market went up and in general, how do you react to it? >> larry, i think you can say it adds a certain amount of uncertainty except that the uncertainty is just a question of are things going to re-min so? do we keep the status quo or do things improve significantly? i mean, let's not forget and we're talking about countries that sometime haves a 100% tariff rate on american products. so if we can get those down by the president's threat of reciprocating a tariff on the equivalent thereof in terms of nontariff barriers, that'll be a tremendous boom to american exporters. that's going to allow us to increase production and moment and real wage growth, which is a very, very important topic considering the pact that real wages are down about 4% after the last four years and all of these things i think are very, very positive developments and explains why the market rallied as much as it did today.

larry: if you do this right, there's going to be supply side effects and more production and more domestic production and better worker wages and real worker wages. david malpass, are you worried about inflationary? i mean every time you see the word tariff in the media, except those few exceptions, this show one of them, breitbart another, but every time you see the word tariff, there's the word inflation. that's an assertion that as thus far unproven. jowski i think you can overwhelm price withs production. >> so senator cramer is right about the breath of this initiative. if you think about industrial production and competitiveness by the u.s., it gets a big boost across the board and as we saw today, talk of other countries lowering their tariffs and that's actually a disinflationary factor for the whole global economy. you know, there's huge

production capability. one other point, larra i i think the stock market two things becoming possible and one is ending the war in ukraine and one is that the democrats are doing so badly that we have to look for forward to them thousand. larry: democrats are barking up the tree in all the wrong places. dan cliff ton from strategic research and superb washington watchers and he's talked to -- been on the show tackle talking about ukraine rush cha war premium on oil prices and that's a really important point, and i think what president trump did yesterday was so dramatic and so positive going right to the point and essentially launching a peace process.

he's -- trump launched a peace process yesterday with putin and zelensky, and he staffed it out with marco rubio and others. i mean, that -- i haven't seen it yet, but that could drop the premium on oil prices $10 or so, $15. that's counterinflation natural rights approach. >> for sure, larry, any time energy prices come down and that's the greatest thing for inflation and all things are tied to energy. one way or another and most cases multiple ways. having said that, we oftentimes forget the >> yo political ramifications of policy and going for policy ramifications of geopolitics and you're exactly right. it's good news and markets are emotional and that's good news. he's come out and made a difference on the world stage in a positive way, i think all of

that creates trajectory in the right direction. larry: all that said, ej antoni, inflation numbers are bad. we've had several straight months of bad, including january's number. even today's producer price index. we got a couple of charts alaska the inflation, three, six, and 12 month chart about inflation and commodity boom. look at change in cpi. year-to-year about 3%. i can't quite see but the six month change is over 4% and one month is 6%. very interesting. wrong direction for the tariff story. >> larry, 100%. annual year over year change in cpi for example and every month since the fed cut interest rates

last fall, the rate has been accelerating so clearly the fed was way too early to cut rates and took their foot off the break with that on the gas, that was a huge policy mistake and talked about it then and call it had out as sump. unfortunately this is the fed that trump has to deal with and we have fiscal and monetary policy going to have longer heads of this point and the fed eased way too early and they did not draw down the balance sheet enough going for them and the unrealized losses in the banking sector or trying to get their preferred candidate across the finish line and presidential election and whatever the case may be. they made the mistake we'll deal with the inflationary impacts this year right now and beyond. we see that even the commodity data and that'll feed into the wholesale inflation numbers which will then feed into consumer inflation numbers and we have more months of price increases ahead and so all of this is -- larry: got to get

through it. i want to repeat this because i didn't see it but i got the chart in front of me. 12 month inflation rate cpi is 3%. however, the three month inflation rate, more recently is 4.5%, okay. one month is almost 6% and i thought i want to show the commodity chart this is commodity index and inflationary index and up over 20% year over year david malpass. the fed played its cards all wrong. no question about that. the question here is what to do about it. now president trump has got to deal with it. what should they do? >> they should say that they want the dollar to be strong and

stable, we have to look at gold and it was going up throughout that period. back to ej's point, not only what the fed was doing but remember what biden was do, he was adding workers like crazy and re-need to refers the harmful biden inflationary policies and doing that right now and as we go forward, build a whole policy around a strong and stable dollar in a reserve currency for the best for investment into the u.s. and it's going to make us even stronger and it'll be self-fulfilling as we do it. if they came out tomorrow and said we have a strong and stable dollar policy, bond yields would be able to go down because they would know we're going to pay for the debt and do more production as we go forward. larry: i like that. i like that calculus. just don't know they're going to do it. i mean, never have.

it's a wonderful idea. other thing is, senator cramer, how about we get the program, the whole trump complete program through. lower tax rates and boost production on the supply side. that's counter inflationary. deregulation across the board and energy production with more deregulation and elon musk, doge, he's trying to cut spending smollett right and had a fair amount of success and no matter what the left wing judges and all the deputies are doing. let's put that whole package together, okay. including the reciprocity on trade. that's pro growth and counter inflationary and good for the middle class worker and everybody living happily ever after and i want the senate to chime in with one big beautiful bill, mr. cramer. >> first of all, it's because the senate chimed in with the smaller bill and house finally decided to step up to the

sidelines and get on to the field. we shouldn't worry about the score and worst scorekeeper in the world and certainly not pay any attention to the score and move forward. i'm for whatever we can get done. larry: i agree. >> to your point, larry, markets are emotional and imagine the emotional response to extending the tax cut jocks act and making them permanent? that's remarkable. larry: we're going to save that for byron donalds and katie pavlich. >> larry, one board: pipelines.

we've got to produce more. larry: yes, we have to produce more overall. i got it. i support mr. trump's reciprocity and that's the boast way in the heart with a free trader and reciprocity is the best way to go about it and lieutenants a lot of details filled in and we can wait a month and a half for the details. but i want to see them talking about tax cuts again, fellas. i don't want to sound like a broken record. only been about 45 years. supply side tax cuts work and minimal regulation and budget restraint works but the whole package, tax cuts, growth, higher wages get back on that message and i'll singling you out for this. >> larry, 100%. you're absolutely right and we've got to get real energy production up and going to get

deficit and growth up and scott bessent 333 plan hits the nail on the head. these have to be the main items we get across the finish line and not just in terms of executive policy but in terms of the reconciliation package. larry: thank you. ej antoni, divot malpass and kevin cramer. coming up on trump, moving too fast for fake news and deep state and democrats and he's going too fast for them. talk about it onset when we return. patients who have sensitive teeth but also want whiter teeth they have to make a choice one versus the other. sensodyne clinical white provides two shades whiter teeth

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in the average household, there are dozens of connected devices. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. larry: president trump is moving too fast for the fake news in deep state to keep up with him. mark simon, joe concha fox news contributor and author of the greatest come back ever. mamark, democrats can't keep up and fake media can't and almost nobody can. >> it's not fair. they're working on a greenland

response and he's on his 47th executive order. larry: that was months ago. [ laughter ] >> they can't think of lies fast enough to counter this. it's like a flurry of punches and they can't keep up. it's not fair to the white house correspondence that could sit there all afternoon and nothing to do. once a day for 20 minutes go in the briefing room and back to your desk and can't keep up and he's wearing them out. larry: it's a wharp speed world. larry: it's a blitzkrieg. >> he came into office 24 days ago and feels like three years ago and trump is controlling the conversation and we're talking about seeing the narrative on a daily vasis and hourly basis and constantly taking questions and in front of people's screams and democrats, it's a moving target to the point where they can't coalesce around one message and their plan is to be they're

mistaking powell volume for policy and annoyingly loud in terms of rallies and if you're republican, you want more jasmine crockett on your screen. more maxine waters and chuck schumer going with them and elizabeth warren screaming because going for them and what is action and what is very loud words. system of articulation larry: this is planned. this is planned. i think this blitzkrieg is to joe's point right from the start. look, i know little bit about this, okay. there were policy discussions and political discussions and tactical discussions going on. moving into the fall and certainly post november 5 and you had very well known think tanks and other people and lots of mar-a-lago and president trump knew what he was doing here. >> it's not just planned but brilliantly planned and he's chosen 80/20 issues and it's

suicidal to oppose it and democrats are the dumb e thing you can do is swing at every pitch. they're doing that. >> great point. larry: are tariffs an 80-20 issue and are you concerned about that and i'm support with reciprocity trade. i support it. it's always bad press and inflationary tariffs and that's my problem. what do you think. as media guy and analyst, what do you think? >> cable news doesn't allow for a lot of nuance and we'll try and it'll cause inflation and being used as negotiating toy and successful for mexico and canada, columbia going to take back violent criminals and decided to all of a sudden and if he's using it in a way to get

results and not applying the tariff, there's one thing for trump, it's a negotiation and clear as mud. >> i'd rather see cutting december sit, spending and inflation and down with the regulators and love the elon musk message and the fact that democrats have gotten this musk derangement syndrome. >> well, if he cuts his trillion dollars, it's possible to lower federal tax by 80% right there. they tell you this guy is trying to enrich himself, if you have $404 billion, how can you enrich yourself? how is that even possible? >> sleeping on a floor in the white house. money doesn't even matter. larry: sleeping in a shack in mar-a-lago. that's exactly right.

>> got me through college but in the end, democrats are the party defending waste and construction and like defending cancer, any time you want to cut the federal government, that's 80/20 issue. larry: gentleman, well done. fabulous, joe concha and mark simon. coming up, why are democrats stupidly against waste, fraud and construction? we just discussed. we've got congressman byron donalds and katie pavlich next up on kudlow. ♪in y managers, but we're different. (other money manager) how so? (fisher investments) we're a fiduciary, obligated to act in our client'' best interest. (fisher investments) so we don't sell any commission-based products. (other money manager) then how do you make money? (fisher investments) we have a simple management fee, structured so we do better when our clients do better. (other money manager) your clients really come first then, huh? fisher investments: yes. we make them a top priority, by getting to know their finances, family, health, lifestyle and more. (other money manager) wow, maybe we are different. (fisher investments) at fisher investments, we're clearly different.

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both of you. byron, i think elon musk is putting in the jet fuel to make this budget cutting, deregulation, stop the permanent bureaucracy that's always moving to the left. musk is the jet fuel. >> i think you're correct, larry. president trump picked all the right people. doing a top to bottom evaluation f. you think that there's an easier way to cut washington dc spending, i'm just here to tell

you, it's not the case. these agencies held accountability for everything they're doing from top to bottom and what make it is difficult on congress is that congress typically depending on administration doesn't even have enough information or per view into these agent -- purview into the agencies to know where to begin or end. what elon musk is doing is absolutely correct. you've got to go in, cease everything, examine it, and then give it to congress to dot necessary legislative items make sure it doesn't continue. larry: he's only been at it a couple weeks, katie, and already finding massive fraud, waste, abuse, call it what you will and there's a lot of corruption going on. not making policy and showing you why the past policies failed and left wing judges and entire

democratic party running against it, which has got to be among the dumbest things possible. >> well, the left is seeing the way they function and entire infrastructure for activism and pet projects and really their political ideology, which is government is best and bigger the government the better. looking at elon musk saying, he's talking about basic things here and family in social security can't be 150 years old and still receiving payments and people taking arguments. that adds up and he's going in and doing something that republicans and democrats are advocating for for years and doing it through efficient.

simply pointing out that payments are going out the door with no explanation about why and now that there's all this evidence you're seeing in the last days of the biden administration of them shoveling stuff out the door to try and get the money essentially to their activism and to their friends. on the campaign trail, we heard a whole lot from democrats saving democracy and we have to defeat donald trump because democracy is on the line. to elon's point, the bureaucracy was on the line, and now we're seeing it be ripped up as americans actually want to see. larry: byron, coming back to some of these. first of all, elon musk and his crew. they've been clear and vetted for sensitive information, okay. you got some judges saying not

even the treasury secretary and it's an audit and then a pause. i want to ask you about this, byron, because we talked to russell vought, new omb director, they're asking for a pause in order to review a whole bunch of funding programs that don't meet president trump's criteria and don't meet the fraud test from elon musk. it's a review. they're saying let us audit, pause, review and then we'll figure out what to do. i ask, what's wong with that? that's what any business would want to do it seems to me. >> there's nothing wrong with it, larry, except if you're the democratic left like katie was saying all over your projects

are the things that are being halted and reviewed. going back four years, when joe biden came in, he halted all of donald trump's border procedures, border protection protocols and they did a review. we know what they did after, they opened up the border and it was the most disastrous thing happening to our country. that being said, we're doing what the democrats did and now applying to all of government. pause it, review it, the stuff that makes no sense, we're going to end much the things that congress is to speak to, congress will speak to, and then we'll have a more efficient and more lean government. the democrats are not upset about government being reviewed they're upset their pet projects are being exposed to the american people and donald trump is serious about getting rid of the nonsense. let me play some tape.

interesting from senator mike crapo. it's not too bad in the weeds. you'll understand it. here it comes. >> current policy action and changing the law doesn't reduce tax revenue. the process of the law is that the budget committee in the house and budget committee in the senate determine what the baseline is. if they do determine what the baseline is, cbo will score it by the baseline. larry: there. now, i'm just saying this, i'll go to katie, even though it's a byron thing. i want the republicans in the house and senate, i mean, the senators are better on this. stand up on their hind legs and say no, to the congressional budget office phony baselines and mike crapo, senator crepe ports of entry, he's a smart fella. it's current policy and extending current policy and shouldn't have to rescore it at all. second of all, they create the baseline.

that baseline should show dynamic scores and success of the tax cuts over the last seven years. they do it. that's what crapo is saying. that's in the law. that's part of reconciliation. it's legal, why aren't they doing that, katie? byron, i'll come to you after katie gets done. [ laughter ] larry: go ahead, katie. >> in this town, you know, cbo for some reason is so relied on as accurate scorer of these types of legislation and tax cuts but on the messaging front of tax hike and get republicans and democrats on board, especially democrats who are in a tough spot saying your constituents going to see paychecks decrease if you don't make the trump tax cuts permanent by the end of the year. larry: all i'm saying is, byron, the budget committee should create it is own baseline.

don't be intimidated and revenues going up $2 trillion by 2017 and cbo is wrong and create your own baseline and go on with it. let's go and not make it harder than it needs to be. >> totally agree, larry. we're only extending current law. it's a ridiculous argue and ridiculous the entire time and any business owner knows the cost of goods sold, the cost of getting revenue in the door doesn't cost you stuff. you need those things in order to generate revenue or it's the other items that cost a business money. so at the federal level, the issue is spending. mandatory spend sergeant out of control, discretionary spending out of control. we should look at tax policy as

neutral because we're keeping current law. coming to mandatory spending, it has to be curtailed. larry: they're not doing that. byron, the budget committee is not creating its own baseline, and it's not keeping tax policy neutral. you just said it, no one can say it better: tax policy is neutral. it's the same thing and been a great success and raised all this money, and i'm completely out of time for this segment, but i'm just saying the house budget committee has to create it is own baseline and do what you said. it's a neutral tax policy then chalk full of budget cuts from elon musk and wherefore. don't make this -- wherever. don't make it harder than it needs to be anyway. you're both terrific. congressman byron daniels, thank you, katie pavlich, you're wonderful. coming up, are republicans willing to risk a deep recession in mr. trump's first year? i hope now. talk about with former speaker of the house newt gingrich when

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larry: joining me now is newt gingrich, former speaker of the house. economist extraordinary reading latest piece of many. newt, if they don't get this tax

cut done fast, you said by may or june, the whole bill, the whole program, tax cuts, spending cuts, musk spending cuts, deregulation and energy, if they don't get it done, you risk a deep recession and a major stock market selloff. plain and simple, newt gingrich. >> and you almost guarantee losing the republican house next year and ruining the last two years of president trump's term with hakeem jeffries playing the nancy pelosi rule: investigations, blocking programs, potential impeachments. there's a lot at stake here and frankly mystifies me as to how house and senate republicans can't understand you've got to plan back from victory. the victory here is winning in november of 2026 and that require as very strong economy, a very strong tax cut deregulation, pro energy,

affordability bill. certainly no later than may or june. i lived through it, reagan los angeles 26 seat ifs the first off year because the stacks cuts didn't go into effect till 1983 and tax bill didn't pass till october for trump. i hear senators saying we'll pass the easy bill early and get around to the other bill by october. they're talking about killing the chances of keeping the house republican. makes no sense to me. larry: i couldn't agree more. i'm going to read real quick from your latest article: if we want to keep the house republicans, we have to pass the tax cut, energy deregulation and affordability by may or june at the latest. you say i am shocked by the number of house and senate republicans who talk cavalierly about having two bills instead of one and say if you want to have two bills, make sure the

tax cut is the first bill. look, the border is terribly porn, trade is important. but the election was about the economy. it was the number one issue and biden's achilles heel and affordability problem and bidenflation is still lingering. the antidote is the trump program but it must go through with the economic program must go through. >> it must, they need to get the bill clear, make sure they know what's in it and for about ten weeks, we need president trump back on the road. there are 13 districts that have democrats that he carried. there's another 21 districts with democrats where he came within five% and if he goes to those 34 districts saying a no vote is a vote for a tax increase on your family. i think you'll see more democrats decide to vote with the republicans. larry: i mean, i think a lot is

going on and he's running at wharp speed and sitting up peace policies and best active statesmanship in decades and decades and decades going back to war or two. the bread and butter of the republican party and the bread and butter of this election and pocketbooks are depleting wallets getting thinner and going for them and prices are too high. we want to break rules and it's a bit off message and a few minutes and few seconds left. i just worry about getting off message here. >> simple principle, you have a revolutionary president and we need a revolutionary budget to go with the revolutionary president. that means including the trump

savings and the trump revenue and the reconciliations. larry: yes, thank you. newt gingrich, the best of the best. what do a neurosurgeon, a country artist, and a television & radio host have in common? they all saw the writing on the wall. big bank sharing your financial information with big government. ... privacy, security, and liberty. invest today at own.oldglorybank baby: liberty! mom: liberty mutual is all she talks about since we saved hundreds by bundling our home and auto insurance. baby: liberty! biberty: hey kid, it's pronounced "biberty." baby: liberty!

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larry: i think this reciprocity trade is a terrific idea. do unto others as they do to you. if you tax us, we'll tax you and lower your taxes we'll lower our taxes, trump is exactly right but please, sir don't forget tax cuts for growth and elizabeth macdonald up next. liz: and for the love of god, don't forget the tax