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President-elect threatens to 'terminate' US deal with Cuba

This is a rush transcript from "Your World," November 28, 2016. This copy may not be in its final form and may be updated.

STUART VARNEY, GUEST HOST: Now let's get reaction from former Ambassador to the United Nations John Bolton.

Mr. Ambassador, I'm referring to the Donald Trump tweet: "If Cuba is unwilling to make a better deal for the Cuban people, the Cuban American people and the U.S. as a whole, I will terminate the deal."

He can do that quite easily, can't he?

JOHN BOLTON, FORMER UNITED STATES AMBASSADOR TO THE UNITED NATIONS: Sure.

I think the Castro regime already broke the deal, by every reliable reporting I have seen. There are more Cuban dissidents in jail in Cuba today than there were before the deal was signed. It was supposed to be the exact opposite.

But I think this goes beyond just a deal. This is a potential hinge point in history. All those people who have sort of fawned over Castro as an iconic figure actually have one grain of truth in what they're saying. His death is an enormous political event all over Latin America, particularly in Cuba, obviously.

I think Raul Castro could be the Egon Krenz of Cuba. You of course remember Egon Krenz. He was the last ruler of East Germany, because once Castro dies, once the Berlin Wall opened, it's like the opportunity, like a pin puncturing a balloon. This regime has zero legitimacy, has no democratic legitimacy.

It is not increasing the standard of living of its people. The last shred that it had was the icon of the Cuban Revolution. That's gone. So I think that the policy of the United States government, which I don't expect for two months to happen, at least, is to do absolutely nothing that strengthens that regime and power, no economic benefits whatever.

And all American businesses contemplating engaging in trade or investment in Cuba, I would advise you to wait for two months and look at this very carefully.

VARNEY: Who should President Obama send to Fidel Castro's funeral? Could you not make the case that the president himself should go, a former head of state, state funeral? He did a deal with the man just a couple of months ago. Who will he send, do you think?

BOLTON: Well, I don't know. I understand that perhaps they ruled out the president and the vice president. I find that surprising, given Barack Obama's ideology.

If I were making the decision, I would send a very low-level staffer from the embassy, somebody so obscure that the entire world press says, who's that? We want the American chair filled, so they don't put somebody else in it, but we do not want to recognize that this government ever had any legitimacy.

And I think we have got to recognize as well this is a hemisphere-wide opportunity. Castro's death really exposes the Maduro regime in Venezuela, the Correa in Ecuador, the Morales regime in Bolivia, the Ortega regime in Nicaragua. Their icon is gone. And I think their days are numbered as well, if, if we take advantage of this hinge point.

VARNEY: Mr. Ambassador, you know what's coming. What do you make of Mitt Romney's visit to Trump Tower tomorrow?

BOLTON: Well, you know, I'm just as old school today as I was the last time you asked me a question on this subject. I just don't think it's the right thing to do to comment on it.

So, happy to talk about the impending demise of the Castro regime in Cuba, but not beyond that.

VARNEY: Well, I'm sorry. I'm going to ask you another question. Are you still in the running for the secretary of state job?

BOLTON: I'm just not going to comment on it. You're very persistent, Stuart. Good for you.

VARNEY: No, I actually have another question up my sleeve, but I know you won't answer it, so I won't ask.

(LAUGHTER)

VARNEY: John Bolton, thank you very much for joining us, sir. We appreciate it.

BOLTON: Thank you, Stuart.

VARNEY: Thank you, sir. All right.

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