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Billionaire Mario Gabelli shares his favorite stock ideas for the Trump economy

Value investor Mario Gabelli, founder and CEO of Gamco Investors, shared his top stock picks and market views in an exclusive interview with CNBC's "Squawk Box" on Tuesday.

On the Donald Trump economy: "Fiscal stimulation is going to offset any drag from monetary slowdown," he said. "Inflation is coming back. ... Earnings are going to go up sharply in the next 12 months."

On his top stock ideas: "We like companies with pricing power," Gabelli said. "Anything in the consumer products area. ... The supermarkets, for example, because food and fuel are going to rise."

He also discussed:

To watch the broadcast interview in its entirety, you must be a CNBC PRO subscriber.

Also, click here to see a video of Gabelli's best words of investment advice over the years.