The Dow Jones jumped more than 500 points today, and the S&P 500 hit another record high, as markets signal their approval for President Trump’s recent trade deals — especially the latest with Japan.

And that’s on top of the Philippines, Indonesia, Vietnam, and the U.K.

He’s really gaining on it.

Master dealmaker Trump is securing a whole bunch of trade deals — with moderate tariff rates, plenty of new market openings for American businesses to sell abroad, an enormous barrelful of tariff revenues to finance tax cuts and reduce budget deficits, and — in general — putting the world’s trading system on a more level playing field.

Despite all of the panic, horror, cries of catastrophe, and jumping off a cliff by most of the economics profession and the press, the sky has not fallen.

I’ll go back to the market.

From the uber-pessimistic lows, the Dow has recovered by 7,300 points — which is nearly 20 percent.

It really looks like one big beautiful bull market — which is cheering on Mr. Trump’s dealmaking, his moderate approach to developing a new world trading system, and mindful that this president is acting on behalf of the United States.

And he is succeeding.

And he is not finished yet.

Deals are being worked on with China and the European Union, among others.

But it looks like 20 percent-type tariffs will be the key template for his trade reorder. Okay.

There has been no tariff recession.

There has been no tariff inflation.

Very importantly, there has been no tariff retaliation against America.

This is enormously positive.

And it is a key element of Mr. Trump’s new reciprocal fair trade design.

The Trump doubters will never admit this — but the president is moving foreign tariff rates way lower than used to be the case.

And he is moving non-tariff barriers in the same direction.

So we can be selling cars, various manufacturers, agriculture, even rice (haha) to places that refused to buy them.

Gosh — that sounds a lot like the direction of free trade.

Add on to that, the One Big Beautiful Bill — with its tax cut incentives for business and blue collar workers, and which screams out “build in America and you won’t have to worry about tariffs”.

When you add all that up, you’re probably looking into the makings of a major league American economic boom.

Promises made, promises kept.

From Mr. Kudlow’s broadcast on Fox Business Network.