[This transcript and interview were provided by Fox News Channel's "The Next Revolution." It was proofread and confirmed accurate, other than minor typos. Please note that any breaks in the interview or video are the breaks as broadcast. In one instance at least, it appears the interview cuts off part of Donald Trump's response. This is noted in the transcript.] Mr. President, great to see you. We just had the Democrat convention. You're up next week. A lot of the commentary among the Democrat convention was that it was very negative, it was very much attacking Trump. [Crosstalk] It was dark. Trump, Trump, Trump The whole time. It was dark, right I agree. What are we going to see from your party next week? I think we're going to see something that is going to be very uplifting and positive, that's what I'd like it to be. I think you have to defend yourself by talking about some of the lies like when he says Social Security. I don't think he knows too much about Social Security. When he – I mean, basically he said he's not going to give the, the big tax reduction that we – that we're giving to people – which is a lot of money and you have to do that. You need some stimulus during this period of time. The economy is roaring back – it's coming back. We're going to be talking about the academy. We're going to be talking about the military and what we've done and where we're going because we need strong military. They don't want to have a strong military. But those are the -- I just wanted to get a sense from you, what's the overall message? What's the big -- why should people vote for you next time? I believe it's positive -- I think the overall is going to be a very positive as opposed to a dark, a very, very positive message. And positive on the economy -- we're going to have a great year next year. You know, people find it hard to believe. You've seen the numbers that they all said we're not gonna have a V. Well, the way we're going, we're gonna have a super V. And we haven't even gotten the additional stimulus that the Democrats should have approved and they probably will because I think they have a lot of political pressure. But, no, I think it's going to be a very, very positive message. So you've talked a lot about getting back to where we were -- Right. The great economy, the facts are there on that. People can see that. And they experienced it. But what do you want to get done if you're re-elected in the next four years -- OK -- -- that you weren't able to do in the first four? I'd love to see school choice education-wise, it takes care of itself. It's the ultimate thing. I believe you're a fan of school choice -- Very much so, yeah. The Democrats are totally not. Well, most importantly, parents are. Because they know it's better for their children. well, the parents are. The parents -- and so school choice is one thing. Education -- it's very simple, school choice. And let the parents go and decide. And, also, for instance, if they're gonna close these schools -- I just left Pennsylvania, the whole state is closed up. North Carolina, they have it all closed up. By the way, their numbers aren't any better than other states, some are. In many cases they're worse. But, yes they'll probably up open up everything on November 4th. Anything they can to make the economy as bad as possible. But they're having a hard time with it because the numbers are so good. So what can you do at the Federal level? Because a lot of that school -- you know, the money and the way it's done at state and local level -- what could you do as president? Well, one of the things I did which nobody ever talks about, is I saved the historically black colleges and universities. They were in big trouble and I said to them nobody wants to talk about that. President Obama did not do it and Biden didn't do it. And people didn't do it. So I think that's an important thing -- at least I can say it. Because we get no credit and we should have gotten a little credit doing certain things. We are working with every educational group in the country. We are working on our schools. We want very, very strong -- and you know I've been very, very strong on choice and we've got a lot of choice going. But this is where we can get students to -- instead of failing horrible schools where -- you see some of the statistics in New York where -- I mean, people can barely read after they get out of high school. They can't pass the simplest of tests. So education's a big factor. It's going to be a big factor for me. So let's talk about the economy and China. I want to put those subjects together because so much of what went wrong with the economy, which you ran on in 2016, the fact that the jobs went to China and so on. As you look ahead to the next four years, if you're elected, what's going to be your overall attitude towards China? OK, well, look back through the last three-and-a-half years, I'm the only one who ever took on China. And you saw the intelligence reports where they say China is working hard to get Joe Biden elected. If he gets elected, China will own our country. I've taken billions and billions, tens of billions of dollars on taxes out of China. I gave them to our farmers because they targeted, wrongly, our farmers. They thought that would put pressure on me. They could get whatever they wanted. So they target us and it's no good. So if you look at what we've done with China, nobody's ever done to China what I have. But are you going to be tougher? In the next four years, with China? Look, a lot of people, I've been them that's said Why don't we -- Why are we there at all? Why don't we disengage? Why don't we bring -- ? Decouple. Exactly. What do you think of that? So, look. I don't wanna set the world on fire right now and your wonderful show, which I watch all the time, OK? But I made a deal with China, you see that they're buying billions and billions of dollars of manufacturing goods but also our farmers, more than they've ever done. But with all of that being said, it's no longer the same to me, it's no longer the same. There's been no country that's ripped us off more than China -- and by the way, the European Union is no beauty either, OK, they treat us terribly too. But there's been no country that has ripped us off like China for many, many years, for decades where we'd lose anywhere from a few hundred billion to $500 billion -- with a b -- billion dollars a year. We rebuilt China. I give them all the credit, because they were smarter than out presidents and smarter than our representatives. But I've stopped it. They've had the worst year they've had in 67 years. This was the worst year. Prior to the plague coming in they had the worst year, and we had the best. [Crosstalk] But it sounds like, you team's shared with me, the key policy points of your second term agenda, there's a lot to talk about there. One of them is about bringing back jobs even more than before. And incentives for American companies to do that. But you're asking an even more interesting question. Would you decouple? OK, that's what you're really asking. Would you decouple? That's a very interesting question. Because so far, we've got nothing out of China. I was going to ask you that. What are we getting out of it? We've got nothing. All we do is lose money. Right. I said the easiest money, I said, if you want to make money decouple from China, $500 billion. We lost billions – We lose hundreds of billions of dollars. We get nothing from China. Yes, we get some goods that we could produce ourselves. Well that's the point isn't it? Because, I mean, I've talked about it, no other country in the world is better placed to move towards self-sufficiency than America. It's true. It's true. But do you like the sound of moving in that direction? Well I have been doing that. That's why I put tariffs on China. When I put 25 percent tariffs on China, we got a lot of business back. When I put the 25 -- that's a lot, 25 percent tariff is a lot. When I put the tariffs on China, that why we got so much of our business back. We took a lot of – We were doing phenomenal. We were doing better than we've ever done with China, and I was all set to rock and roll and then we got hit with this damn situation. But you know, you're asking a question -- because you were asking two questions, where would you be tougher this or that. But then you were asking a second question, would you ever just decouple? Not do business with China? Because you know, we don't have to... And what's the answer? Well it's something that if they don't treat us right I would certainly, I would certainly do that. Interesting, I don't think you would hear that from Joe Biden. That is a big contrast. Well, China owns Joe Biden. His son got $1.5 billion -- his son with no experience, no brain power, no anything, never did it, not only Ukraine, He's got hundreds of thousands of dollars a month from Ukraine and a $3 million upfront payment. And then with China, he walks up with $1.5 billion to manage -- that means millions of dollars a year in fees. It's ridiculous. By the way, they own Joe Biden. They owned him. And they want me to lose so badly. Probably only Iran would be the case where they'd rather have me lose even more than China. And by the way, with Iran, I will have a deal done with Iran within the first three -- All they do --We're just waiting, they're desperate to make a deal. But they want to wait. And I even said wait, they want to see what happens. But if Biden won -- wins -- they'll do another deal like they did with John Kerry who's incompetent, and Barack Obama, who frankly as a deal maker is incompetent. Look at the Middle East, look at the deal I just made with UAE and Israel. And now all the other countries want to be a part of it. You can end up with peace in the Middle East, nobody thought we'd be in a position like this. I just want to go back to China. There is a specific thing I wanted to get your reaction, which is, it's really an issue that's heating up in the relationship, Taiwan. In the past, there's been all sorts of different attitudes about towards Taiwan by the U.S. government. It seems to be getting more important because of the technology and the economic aspect. There's company a Taiwan is the world leader in semiconductors is a huge issue for industry around the world. They're coming to this country. It -- well, that's what I wanted -- if China, and it looks like they're getting more, more of an insurance, trying to either invade Taiwan or effectively take control of it and its import industries. Would you let them get away with it? I think it's an inappropriate place to talk about it, but China knows what I'm going to do, China knows. I think this is an inappropriate way to talk about -- I don't want to say yeah I'm going to do this or I'm not going to do this. It's just an inappropriate place to talk about it; it's a very big subject. It's a very powerful subject, but I think China understands what I'm going to be doing. [Commercial Break] I'm speaking to you on a Friday morning. Last night, we heard Joe Biden. I presume you were watching. What are your reactions? I was. It's what he didn't say, and he got through the speech and I thought he got through with it in a very decent manner. It was the shortest speech they say ever made of its kind, so it was short. Didn't talk about law enforcement, didn't talk about what's happening in all these Democrat run cities like Chicago, New York, Portland, and many others. I thought that would have been a big -- big factor. Didn't talk about increasing everyone's taxes, didn't talk about -- they're be more fracking, there'll be no oil, there'll be no fossil fuels because he signed onto a deal, which I call The Manifesto, with Bernie and the radical left-- Yes, exactly right -- And under that deal you're – we're not going to have fossil fuels. You're not going to have things that – who we are – we need for jobs and we need to fuel our plants and these massive plants are not going to work on wind. And he didn't talk about any of that, so I think if he's going to go with it he's got to make a case for it, and I don't think you can make a case so he didn't discuss it. But a very good thing was he didn't talk about police. Yes. The way they're treated, how badly they've been treated, and he didn't talk about law enforcement and those cities that have been so badly ruined. The one thing he did say – most people have been talking about it – He's gonna lead America out of the darkness and into the light. What do you make of that? Well I'll tell you, the truth is we were doing so good. We had never – we had the greatest economy ever in the world, not just here. This was our greatest economy prior to the China virus coming in. We had the greatest economy, Steve, as you know better than anybody, because I watch your show all the time and you talk about it. And then it took a turn, whether it was me or anybody else – the whole world – 188 countries got infected and we did great and we get zero credit, you know, what we're trying to do is make it all – we did -- We did great. But actually on that, there's a couple of falsehoods I spotted, probably more, but the two that stood out to me in his remarks... Yes. Well, one of them was on the virus. He said it was worse here in America that anywhere else in the world. What's your reaction to that? No. We were far better than Europe. I mean far better. We were far better than most other places, and if you take out New York, which was a disaster and one or two other locations, I don't want to insult anybody by saying them because it is their governor run... And we ended up making ventilators – in fact, not one person that needed a ventilator didn't get it when you think of it, but you're right. He said the worst – and you take out New York and a couple of other places practically, we just take out New York, we had the best numbers of anybody who is exactly the opposite. That really was a stone-cold lie. When you say the best numbers of anyone, what are you basing that on? Well I'm basing it on mortality. I'm basing it on just a lot of different statistics that I'm saying. And you – New York was a disaster. It was very poorly done. The nursing home – they lost -- the nursing homes lost – now it comes out at least 11,000 people – that's Governor Cuomo. I don't know what he was doing, what he was thinking. Now he's writing a book about it -- Yes, he's writing a book He's writing a book. But no, it's – it was really an outright lie. The other one – can I just ask for your reaction to..? Yes, please. -- It's very interesting. Now, he was talking about your plan to cut payroll taxes. Was saying that that will destroy people's social security. A lot of seniors watching were going to be really frightened by that. Well, terrible. It was a terrible statement. First of all, we're taking it out of the general fund and replacing it through the general fund. Nothing to do with Social Security, and the payroll tax cut... So, just to be clear, It's not true? It's not true. It was a lie. So, your payroll tax cut plan won't hurt anyone's Social Security? It will have no impact on Social Security. We're taking out of the general fund. It comes out of the general fund. If anything happens, we would replace it immediately. Look, I've been the one for -- since the campaign, they were saying, oh, Social Security. You know they like to talk about Medicare, Social Security, things that are good, and war. They said I'd be in a war within the first week. Well guess what? We're out of our wars. We're coming – we're almost out of Afghanistan. We're almost out Iraq. We're bringing people back home. We have very, very few people left in those -- and we call them, and you do, too, the endless wars. But they like to say that. They also like to say Social Security, and I'm the one that's protecting Social Security because that made our economy strong. But when you talk about darkness, we had the greatest economy ever. We were doing incredibly well. There was very little strife, and actually Democrats and Republicans were actually coming together and then we got hit with the China virus and we had to go into a different mode. [It appears part of Donald Trump's comments were cut from the end of this edit.] [Commercial Break] So let's talk about something that matters a lot to people watching: healthcare. Ok, So what's your second term agenda for the American people on healthcare? Well, first of all, what we did with Obamacare is incredible. We got rid of the individual mandate, which was a horror show for people. It was horrible, it was killing them. Pre-existing conditions, we keep 100 percent, and we have done a great job. They keep saying you won't. That's another thing. I think they said it last night again. They know that we will. In fact, we signed a commitment to keep it, and I've already signed the commitment. I would never approve anything unless it's got pre-existing conditions. They know that, think people are protected with pre-existing conditions. They know that, they continuously say. The Democrats, for some reason, they're willing to lie about everything. They lie so much. In that speech and the things you didn't talk about, that's a lie too because you have to talk about police and law and order. Somebody said don't use the words law and order because it's too tough. I said no, no, it's about law and order. Yes. The police can solve it. If you look at New York, they have the greatest police -- they have totally been decapitated as to what they can do. They're not allowed to practice their profession properly. It's horrible, crime up 368 percent in New York. Nobody ever thought they'd see numbers like this. So with healthcare, we've done a great job. One of the other things I did, I hate -- But for the future? What are the -- the future is good, transparency. I improved transparency. Let's think about healthcare. The people I have working on the -- one of them is I think is the all-time expert on transparency, a highly respected doctor. He said sir, if you get this approved, this is bigger than healthcare, transparency. Where you can go negotiate and pick the best options Perhaps, explain why that helps people? Because people will be able to negotiate their prices, which right now they can't. People will be able to get better doctors. You know what's good for good hospitals. By the way, hospitals are against it because it makes it good. Good hospitals and good doctors. It's good for good hospitals. It's the biggest thing, maybe, in healthcare of anything I'm doing, other than drug prices because I did a favored nations clause the other day. So if Germany's buying a pill for 10 cents and ours cost $2.50, which is by far the highest in the world because we are foolish. And because we pay middle-men billions and billions of dollars, I did a favorite nations clause and a rebate clause. What do I get out of it, I get millions of dollars' worth of advertising from the drug companies against me. 'You must stop Trump,' you know what that means, prices could go down 60, 70, 80 percent for prescription drugs. Nobody has ever seen anything like that, and you know what it's called -- So you think that could happen? It's already done. I 've done it. I just did it two weeks ago. But the consequence -- but the actual outcome would be -- [Crosstalk] Well, the consequences for me were tremendous because every time I turn on a television the drug companies are advertising -- [Laughter] -- about how bad I am. But the fact is somebody should've done it a long time ago. Why is Canada getting 50 percent? Why – of what we do. Why is Germany and why are so many other countries paying a fraction? So now if they paid low, we get the lowest price it's called favored nations. Very important -- also rebates, we're getting massive rebates. Now the rebates go to the drug price and it goes to the people. Nobody ever thought this would be possible. It's all done. And the other thing that's done, very importantly done -- well, to me very importantly, you take a look at transparency. Transparency, I don't know, when I say it nobody you know I say it. Nobody picks it up. Transparency may be the biggest thing ever done having to do with costs and healthcare. Well that's great – and nobody ever talks about it. [Crosstalk] And that's great. It's one of those technical things that sounds a bit complicated but I -- I think you've made the case -- It's not very complicated. Last on policy, seems to be a huge issue. Bit like transparency. It's not talked about enough, but it's incredibly important to people is what is Ivanka's working on, something that I talked to a lot about on the show which is giving people skills so they can get our jobs that are out there. Right now it feels like that's more important than ever, training, skills -- it's -- Right, I agree. -- not a particularly widely discussed issue. How do you see that moving forward if you're reelected? I see it's very important, and you mentioned Ivanka . Her whole -- it's what she likes the best. I said, darling, you're -- it's like she happens to be a very talented person. OK, she's amazingly smart and talented. I said would you like to do something else or have this or have that? No, dad. I want to get people to work and I want to teach them and I want to get companies to try that because when you go -- she's gotten the biggest companies. She's created 15 million jobs. 15 million. Now, that was before the -- [Crosstalk] Well, the companies created it but her -- [Crosstalk] That's right. No, but she went to companies that never even thought of it, and she got that biggest -- Walmart. She went to these big companies. She had a goal of 500,000 and within about a week she surpassed that goal, but she went to the biggest companies and got them to do training programs. And they would commit to taking in a half a million people, a million. I think Walmart, somebody did a million people. She's done a fantastic job, yes, but it's called training. Now, they can train much better than we can. I think you would agree, and these companies are training, and it's been a great program. Again, it got somewhat stymied by what happened with the -- [Crosstalk] But is it going to be reenergized if you're reelected? Oh it's going to be. They're working on it. In fact I've had a meeting on it yesterday. It was a tremendous success. We created tremendous numbers of jobs. One other thing, though, last quarter. The numbers just came out. Over nine million people got jobs. That's the most in the history of our country in one quarter. So we're coming back very -- [Crosstalk] It's interesting I was skeptical about the whole V-shapes recovery thing, but it really does look encouraging. [Crosstalk] And one of the reasons is working is because we have a very strong foundation. [Crosstalk] Yes. - If we were weak and we didn't have that strong foundation -- Yes. We built a very strong -- if we were weak, if we had that happen and we didn't have that foundation, we would be -- [Crosstalk] Yes. -- we'd be 15, 20 years like the Great Depression which lasted for 18 years if you think about it, by the time they got it back you would have had that. Our foundation was so strong. That's why they hired more than nine million people in the last three months. [Commercial Break] I think it's very clear you've got a big majority of the country with you if you look at all the polls 80 odd percent agreeing with you when you talk about the need to restore order on the streets support the police -- we get it, This is something that I talk about as well. There's a lot of similar majorities also agree that we need to do more for racial justice and racial equality in this country. Seems to me that that all came up after the George Floyd protests, you didn't capture that balance. What do you have to say to people who want both law and order and racial justice? First of all, I think I've done more for the black community than any other president other president other than perhaps Abraham Lincoln. I think it's true with criminal justice reform and opportunity zones and all of the things I've done, prison reform. I mean, what I've done is more than anybody else. I don't know if it's being recognized at all but I've done more than anybody -- Right. And I say maybe Abraham Lincoln because to be honest with you, I don't even know about that. If you go back into the whole as to why did we get into the war et cetera. But looking ahead, police reform and that whole -- [Crosstalk] -- I got it. We were there. We were getting tremendous kudos because the economy was good. We had the lowest African-American unemployment ever, Hispanics too and Asian and women and everything, I mean it was everybody. But we were there. We were get -- actually becoming a unified country. Even Democrats that couldn't stand me were just getting along. It was happening and then we got hit with the virus and we're building it again. We had to close it down. We saved millions of lives by doing it. We're not doing any shutdowns, by the way. But we had to close it down, saved millions of lives. We would've had two and a half million instead of the number we have right now and one is too many. But we would've had two and a half million or in that vicinity if we didn't do what we did and by the way -- and if I didn't put the ban on China coming and if I didn't put the ban on Europe coming in. So we did things, but we were ready to rock and roll. And we were seeing unity -- I was seeing unity that we have never seen. People were calling me that would not call me and I'm talking about Democrats. Right. And then we got hit and we had to go back to work. But the other thing that hit was this sense in the country after George Floyd. And you spoke very powerfully about how horrible that was Yes. We need to do more. We need to get that agenda towards more racial justice going. I just want to know what you have to say to people who want to see that. Well, let me say that we had a great reform bill and working with law enforcement -- Right. -- doing it with because these are great people. Yes. And if they have a bad apple, I mean, everybody does. Even in your) wonderful industry. We have bad apples, but we had a wonderful -- and Tim Scott, who's a fantastic senator from South Carolina, had a bill in that was backed by everybody except the Democrats who wouldn't let him pass it, and they didn't let him pass it for political reasons because they like the issue. That bill went a long way to answering your questions, and the Democrats just wouldn't let it get through. So will you give that a push? In the future. Yeah I'd do that. Tim is a fantastic guy. The bill is there. We bring it up all the time. Approve the bill. They know it's the right thing to do but politically -- Right. -- it looks like they're not going to do that. I say this, though. Had the China virus not come in, I think the whole thing would have been much different. Interesting -- [Crosstalk] The George Floyd would have been a bad -- this would have been a bad guy doing a bad thing to a person, to a man . A horrible thing and I don't think you would have seen the same results. [Commercial Break] So I just want to ask you in the second term, you'll have done the job already for four years. What have you learned about doing this job that would make you do it differently, if anything, in the future? So I started as a non-politician. I was in Washington 17 times in my entire life, and now I've been in Washington and I know the right people and the wrong people. You have to know the people. I have unbelievable people that I would be appointing to certain very important positions that you would consider very important. And I think that -- and I have great people now. I have some really great people nobody talks about the great ones but what we've done, the military. As an example, we rebuilt our military. We've done things that nobody could -- $2.5 trillion into our -- own military was so depleted. But I will strengthen what we've done and I will do new things. Space Force is an example. All right. I've done more --I think I have an interesting distinction, that actually sort of a bad person in terms of doesn't like Republicans or me, said Trump is, whether you like him or not, he's done more than – going to do like I never mentioned Space Force in my campaign. We did Space Force. I never mentioned a lot of these – the wall is almost complete by the end of the year it'll be just about complete. Having tremendous, our numbers on the border are phenomenal. What about way the you do the job, I tell you what's behind part of that question. I was just talking to a friend. A big supporter of you policies, the agenda totally sees that that's what's needed for the country, and I think this represents quite a few people out there. They say you know what, this is the word that was used: "Hullabaloo." There's too much "hullabaloo." It's a great word that captures the things that people say. if you're reelected, you've got nothing to prove. You've done it again. We expect to see a different style from you? First of all, I understand that 100 percent, but I haven't been treated fairly. Right. I was investigated by a phony deal on Russia. It was a phony deal. I had nothing to do with Russia. No phone calls, no nothing. I had nothing to do with and we had to fight that. Then they had a phone call of congratulations to Ukraine. I got impeached. I had to fight that. I have to fight back. If I don't fight back strong, I wouldn't be sitting here right now talking to you. So it's not like gee I'd like it to be calm too, but one thing, I wouldn't have gotten all of these things. I can give you a list that's four pages long. Right to try. All of the medical things that we've done -- Even the vaccines. We're almost going to have a vaccine. Somebody else would have taken years to get it. If I had a different attitude, that list would be one tenth as long as it is. Interesting. Nobody has done what we've done in the first three and a half years. So you say it goes with the territory of getting things done, having that attitude? I think I's like to be nice and say gee, if he could do it. I mean if I change my attitude I wouldn't get nearly as many things done . it's one of those things some people like it some people don't. what can I say? All right then. I'm dying to ask you. They're gonna kick me out of here in a second but I'm dying to ask you this question. Have you seen the videos that this comedian's been making, Sarah Cooper. Where she takes your speeches and performs them.I'm wondering if you've seen that. I have not. Are they good or bad? I think you would find them very entertaining. And I think a lot of people would enjoy watching this person interview you and their heads would explode. Because she does your -- she takes your voice and performs it. I'm just curious whether you've seen that? Well if they're positive then I'd like to She doesn't mean them positive but I think you might enjoy it then I'll have to check it out we've got the convention coming up next week, just final message. What do you want people to think when they're watching the contrast with the Democrats. What's the message you want to leave them with? Our country has unbelievable potential. We're going to have the strongest economy we've ever had next year. We're going to do additional tax cuts as opposed to massive tax increase which is going to lead us into a depression is what they want to do. What they want to do is lead us into a depression. 401k, stocks, everything is going to go right down the tubes. We are doing additional tax cuts. We are going to have one of the best economies next year, within 2 years well have the greatest economy we've ever had better than even prior to the china virus coming in. We have tremendous potential in this country. And the beauty is we've now rebuilt our military. We've done so much so many things that I don't have to do that, I just have to maintain. But we are going to have the strongest economy that we've ever had and that includes what we just left. Which was the best to this point in in our history. There we are. Something to look forward to. Mr. President thank you so much.