President-elect Donald Trump said Tuesday he plans to order “very serious tariffs” against Canada and Mexico — and that he will rechristen the Gulf of Mexico as the Gulf of America. Canada is subsidized to the tune of about $200 billion a year,

US President-elect Donald Trump set out some of the major policies he wants to implement over the next four years during a press conference held on January 7. While addressing Washington DC's future foreign policy and how he will tackle immigration, Mr Trump said he is planning to rename the Gulf of Mexico.

“The Texas economy is deeply connected with Mexico in particular, and also with Canada,” he said. “A lot of the business that Texas does with Canada, of course, comes through the oil side of things, where we import crude oil from Canada and refine it on the Gulf Coast.