President Donald Trump took the stage at the Republican Party's midterm convention in Dallas on Wednesday, using the spotlight to tout his administration's economic record. But the speech also veered into some unusual territory, including a proposal to rename a strategically vital waterway after himself.

Trump Pushes to Rename Strait of Hormuz

During his remarks, Trump floated renaming the Strait of Hormuz the "Trump Strait," saying he "should get something out of" controlling the strategically important waterway.

"It's going to be called, ladies and gentlemen — I'll have an announcement. We'll call it the Trump Strait, and I'm sure the Iranian leadership will be thrilled with that," he stated.

Tensions escalated Tuesday as the U.S. military destroyed five Iranian crude oil tankers in retaliation for attempted attacks on an American warship. The conflict has entered its seventh month.

The President also said Lake Ontario would be called "Lake America," following an executive order he signed last week renaming the lake.

He also floated changing New Mexico's name to "New America," while again suggesting that the Atlantic or Pacific Ocean could be renamed after the U.S.

Earlier this week, Trump shared a map on Truth Social, depicting the U.S. flag stretched across much of North America, including Canada and Mexico, as well as Greenland, Iceland and Caribbean nations such as Cuba and Jamaica.

Trump Touts Lower Prices

Trump said Republicans had "won the presidency three times," although he won the 2016 and 2024 elections and lost in 2020.

He also stated that food prices and "almost every other item" were rapidly falling. While egg prices have dropped significantly from their peak, broader consumer prices have continued to rise.

The latest available inflation data, for July, showed prices rising 3.4% year over year, above the 2.9% rate recorded in December 2024, former President Joe Biden's last full month in office, and the 3.0% rate reported in January 2025, CNN noted.

Trump Promises $5,000 'Dividend'

Trump also promised that every adult American could receive $5,000 if Republicans retain control of Congress, calling it a "Trump dividend."

He did not provide details on how he would fund or implement such payments.

Trump has compared the latest proposal to dividends companies pay shareholders and likened it to the $1,776 payments given to U.S. service members last year.

"If the Republicans win, you win with us and you get $5,000," Trump said. "It will be called the Trump dividend."

The President had previously proposed $2,000 tariff rebate checks for most Americans, but his Treasury secretary said such payments would require congressional legislation, CNN stated.

Trump Touts $20 Trillion in US Investments

Trump said more than $20 trillion had been invested in the U.S. during his second term and suggested the figure could eventually reach $25 trillion.

The White House has cited $11.2 trillion in major investment announcements.

The White House's investment tally included vague trade and economic commitments rather than direct U.S. investments, while federal data showed about $232 billion in new foreign direct investment in 2025, an October CNN review reported.