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,

Mexico is 'really in trouble, a lot of trouble, very dangerous place,' Trump says, vowing to place 'serious' tariffs on Mexico, Canada - Anadolu Ajansı

Business leaders in Mexico say the incoming U.S. administration will enhance the appeal of their factories as an alternative to plants in China.

“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.

"We’ll be changing the name of the Gulf of Mexico to the Gulf of America, which has a beautiful ring," Donald Trump vowed. He wasn't kidding.

"We're going to be changing the name of the Gulf of Mexico to Gulf of America, which has a beautiful ring," he told reporters.

Trump's comments came while complaining that Biden was undermining his transition to power by banning offshore energy drilling in most federal waters.