This was absolutely Reaganesque.
After hearing this speech delivered, no one can say Donald Trump is not articulate nor erudite, but rather clear, strong and forceful.
I can personally vouch that everything he said about the rest of the world disrespecting the United States is absolutely true, including our allies. Donald knows that the surest and fastest way to gain respect is to require all parties to put money into the pot. If that is not done, then the lone donor is looked at as if they are clueless and stupid.
One caveat I would offer, though, is that we should be careful to maintain our nuclear umbrella that protects allied nations like Japan, South Korea, etc. Were we to totally withdraw from protecting those countries they would likely develop their own nuclear arsenals, increasing the likelihood of their use and complicating non-proliferation efforts.