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President Donald Trump alternate to the Apple Economic Forum in Davos, Switzerland, touting abiding advance in the American abridgement as able-bodied as his his contempo barter agreements with Mexico and Canada, and China.

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On Wednesday, the president, who is ability an allegation balloon in the Senate, sat bottomward with CNBC’s Joe Kernen to altercate trade, the U.S. abridgement and abundant more, including the president’s assiduous complaints about the Federal Reserve’s amount policy.

Read the transcript:

JOE KERNEN: Acceptable morning, Mr. President.

PRESIDENT TRUMP: Morning.

JOE KERNEN: It’s abundant to see you. Accede you for abutting us, again, in Davos. We’ve done this before.

PRESIDENT TRUMP: That’s right.

JOE KERNEN: It was a brace of years ago. Afore we get started– with- we’re activity allocution about the abridgement and a lot of added things–the CDC– has articular a case of coronavirus– in Washington state. The Wuhan ache of this. If you bethink SARS, that afflicted GDP. Travel-related effects. Do you– accept you been abreast by the CDC? And–

PRESIDENT TRUMP: I have, and–

JOE KERNEN: –are there worries about a communicable at this point?

PRESIDENT TRUMP: No. Not at all. And– we’re– we accept it absolutely beneath control. It’s one being advancing in from China, and we accept it beneath control. It’s—going to be aloof fine.

JOE KERNEN: Okay. And Admiral Xi– there’s aloof some– allocution in China that maybe the accuracy isn’t aggregate that it’s activity to be. Do you assurance that we’re activity to apperceive aggregate we charge to apperceive from China?

PRESIDENT TRUMP: I do. I do. I accept a abundant accord with Admiral Xi. We aloof active apparently the bigger accord anytime made. It absolutely has the abeyant to be the bigger accord anytime made. And– it was a actual absorbing aeon of time time.

JOE KERNEN: Yeah. Let’s get into that–

PRESIDENT TRUMP: But we got it done, and– no, I do. I think– the accord is very, actual good.

JOE KERNEN: Let’s allocution about Davos, cause– you were actuality two years ago. Alike The New York Times at this point, your favorite, acknowledges that the Davos aristocratic are accepting that your behavior are alive and the U.S. abridgement is the backbiting of the world. In fact, the columnist advantage actuality is actual favorable. You apperceive what’s activity on aback in– aback at home. It’s all allegation all the time. Did you watch any of it? Were you–

PRESIDENT TRUMP: I did. I did. I watched some of it aftermost night

JOE KERNEN: What did you accomplish of it

PRESIDENT TRUMP: I got– I had a active day yesterday, as you know. You were there. And we had the accent and we had lots of affairs with altered leaders, including Pakistan and others. Added countries. In accession to businessmen all over the place. But I did get to see some of it. It’s a hoax. It’s a absolute hoax. It’s a absolute conversation

JOE KERNEN: How do you think—-your aggregation performed?

PRESIDENT TRUMP: I anticipate the aggregation was absolutely good. And– the facts are all on our side. The Republican affair has never been this unified. You saw that. 195 to nothing. I assumption twice. In actuality we got three Democrats voting for us. That was with the House. I think–

JOE KERNEN: You anticipate there’ll be witnesses, Mr. President, or do–you have–?

PRESIDENT TRUMP: –I absolutely don’t know. I anticipate that– if everybody tells the truth, it’s perfect. All you accept to do is apprehend the transcript. Read– if you booty a attending at the transcript– and it’s absolutely two transcripts. It’s– you know, I had a aboriginal alarm which was perfect, and I had a additional alarm which was perfect. You apprehension they don’t acknowledgment the calls, though. They never acknowledgment the calls. They allocution about aggregate but the calls. All they accept to do is apprehend the transcripts. I put it out all the time. The added affair is allege to the admiral of Ukraine. He’s been great, I accept to acquaint you. And his adopted minister’s been great.

JOE KERNEN: Right.

PRESIDENT TRUMP: They constantly–say there was no pressure. They don’t alike apperceive what we’re doing. They anticipate it’s crazy. So they got the money. In actuality they got it actual early. Admiral Obama gave them nothing. He gave them pillows and bedding and things like that, and I gave them catchbasin busters. You know, it’s a blameworthy hoax.

JOE KERNEN: Well, what–

PRESIDENT TRUMP: But we do it.

JOE KERNEN: We had a four hour show–four hour appearance yesterday. Didn’t– I don’t alike anticipate the I-word came up at all. What the CEOs are talking about

PRESIDENT TRUMP: But no, you asked me- the question.

JOE KERNEN: No, I apperceive I did. I know—I did

PRESIDENT TRUMP: And I accept to acknowledgment it—you are my friend–for too long.

JOE KERNEN: –and I bare to ask it. And I bare to–ask it. That’s why I did. But I absolutely appetite to allocution about– what we’re seeing over here. We came–to Davos assured to apprehend about this ESG, Environmental, Social and Governmental issues. We accepted to apprehend about stakeholders adjoin shareholders.

PRESIDENT TRUMP: Right.

JOE KERNEN: We accepted to apprehend about altitude change. In four hours yesterday, with the CEO of Bank of America, and Schwartzman with Blackstone, all we talked about, and all they basic to allocution about, was the backbone of the U.S. economy. It’s the backbiting of the world. And I anticipate if you accept a able economy, all these accessory issues become easier to accord with. And I anticipate alike the Europeans, alike the plutocrats of Davos, are now acknowledging that.

PRESIDENT TRUMP: Well, I accede that actual much. We do. We accept an absurd economy. The customer has never been so rich. They– you know, they’re– amid the tax cuts and the adjustment cuts– bodies balloon about regulation. I anticipate it ability accept been added important than the tax cuts. But we have– a customer in the United States that has never done so well. And I anticipate we’re absolutely assertive to accept I anticipate we accept amazing potential. You know, we’re at a point area we’ve done so well, I anticipate we’re activity do abundant better. We accept amazing potential.

JOE KERNEN: So the market’s up 50%, and we’ve talked about this before. November 9th is the date–

PRESIDENT TRUMP: Right, appropriate accede you–

JOE KERNEN: –that you charge to do it. Not–

PRESIDENT TRUMP: Accede you.

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JOE KERNEN: –not the inauguration. I aloof appetite to ask you, because we’re starting to see this– the– bandied about that–the re-expansion of the Fed’s antithesis sheet. Somehow correlates with the movement in the banal market. Do you anticipate there’s annihilation to that? That– that the– they’ve abreast the pump and some of the assets are– not acceptable by the basal economy–?

PRESIDENT TRUMP: Well, I anticipate it’s the opposite, actually. The Fed aloft too fast interest. They brought up the amount too fast, and they didn’t bead it fast enough. And that was very– you know, that was a lot of increases, and it was a lot of increase. And I anticipate it’s absolutely the adverse of what you’re saying. Now they’ve abandoned it, but it was actual late. And you attending at added countries area they absolutely accept abrogating absorption rates, abrogating in a absolute way. I beggarly they’re absolutely accepting paid– they accomplish a accommodation and they end up–

JOE KERNEN: Well, let’s– talk–

PRESIDENT TRUMP: –getting paid.

JOE KERNEN: –about that. You don’t– are you acquisitive that it comes to that in the United States? That we get abrogating rates? ‘Cause it– a lotta bodies don’t anticipate it’s a abundant thing, and it hasn’t formed able-bodied in added places. You–

PRESIDENT TRUMP: Well, they don’t apperceive yet. It’s so new. I appetite to apperceive who are the bodies that buy. Okay? Who are the bodies that buy and they advance in Germany and end up getting, you know, beneath money at the aeon of time -so I– accept to acquisition these people. But– no, if Germany– and– we’re the best prime in the world. We’re the baton in the world. We accept the dollar, and the dollar’s actual strong. A lotta– a lotta things are happening. But, you know, we’re advantageous college absorption than added countries because of the Fed. If we were advantageous less, I would do it, and I’d pay off a lot of debt.

JOE KERNEN: Right.

PRESIDENT TRUMP: I’d do a lot of things.

JOE KERNEN: Is Chairman Powell out of the doghouse? Is he– are ante area they should be? Are you annoyed with the situation–?

PRESIDENT TRUMP: Well, I don’t appetite allocution doghouse. I ambition he didn’t accession the rates. That was not what I anticipation would happen

JOE KERNEN: Are we at a good–level now, do you feel?

PRESIDENT TRUMP: I anticipate the amount should go down.

JOE KERNEN: Should go bottomward further.

PRESIDENT TRUMP: No, because I anticipate the dollar’s very, actual strong. And I anticipate the amount should go down. We accept a actual able dollar, and that sounds good, and it is acceptable in abounding ways, but it’s actual bad in acceding of manufacturing. I’ve created about 700,000 accomplishment jobs. The accomplished administering said accomplishment is dead, which I said, “Tell me about that. How do you– you can’t do that.” And we accept had a amazing success, but it’s harder with a able dollar. And– I appetite this dollar to be strong. I appetite it to be so powerful. I appetite it to be great. But if you lower the absorption rates, so abounding acceptable things would happen.

JOE KERNEN: Right.

PRESIDENT TRUMP: And one of the things I do appetite to do is pay off debt, and we’re assertive for amazing growth. It’ll absolutely bang in adjoin the end of this year. But–

JOE KERNEN: Okay.

PRESIDENT TRUMP: we’re assertive for amazing growth.

JOE KERNEN: Let me ask you about that. We– came abutting to 3% aftermost year. This year lower, but we’ve had acutely the– China barter war, which has been–

PRESIDENT TRUMP: We had abounding things.

JOE KERNEN: We did. Do you– do you aspect the–GDP at 2% to– the Fed being– bound for too long? Do accede that maybe some of the tariffs or some of the— ambiguity engendered by the China barter war afflicted GDP?

PRESIDENT TRUMP: Well, it’ll be college than 2%. A lotta bodies are actual captivated with that. Me, I’m not, but we had a lot of bad things happen. Cardinal one, the Fed was not good.

JOE KERNEN: Okay.

PRESIDENT TRUMP: As far as I’m concerned. And that was a big bleep that should not accept taken place. It should not accept happened. But it’s one of those things. But we had Boeing. We had the big bang with General Motors. We had things appear that are actual abnormal to happen.

JOE KERNEN: Could–

PRESIDENT TRUMP: Including some awfully able storms. You know, we were hit with storms. Now, with all of that, had we not done the big accession on interest, I anticipate we would accept been abutting to 4%, and I– could see 5,000 to 10,000 credibility added on the Dow. But that was a analgesic aback they aloft the rate. It was aloof a big mistake. And they accept to it. They accept to it. I was right. I don’t wanna be right, but I was right.

JOE KERNEN: There– are some that say that the ambiguity for CEOs in ambidextrous with China and authoritative affairs for the approaching may accept aching basic spending. Do you apprehend it to appear aback now the we’ve had a appearance one– agreement? And– let’s allocution about appearance two, if we get a chance, and–

PRESIDENT TRUMP: Okay, I anticipate the bigger affair about accepting the accord with China– cardinal one, it’s a abundant accord for us. It’s an important accord for China, because they were– you know, their accumulation chains were breaking. It was– you know, it’s been boxy for them. The best affair that happened is we accept two countries that like anniversary added again, because it was accepting appealing nasty. And, you know, they accept taken advantage of our country for 30 years and we– I was not activity let it happen. And– we’ve taken in billions and billions of dollars. The tariffs are still on, so I still accept that negotiating chip. I accept 25% tariffs on, and that’s a abundant negotiating chip. And yes, we’re starting appearance two actual soon. But the accord that we accept now with China is apparently bigger than it’s anytime been. The accord I accept with Admiral Xi, admiral for life. Okay? It’s not bad. But the accord I accept with Admiral Xi is, you know, I anticipate extraordinary, because he’s for China, I’m for us.

JOE KERNEN: Right.

PRESIDENT TRUMP: But– the accord is a astounding deal. We will booty in $250 billion– they’re activity to be affairs $250 billion, and it could go a lot college than that.

JOE KERNEN: And– absolute IP– advance fabricated with the IP theft

PRESIDENT TRUMP: Oh yeah. Oh yeah.

JOE KERNEN: –and administration and–watching–

PRESIDENT TRUMP: Absolutely.

JOE KERNEN: –and–the tariffs break on.

PRESIDENT TRUMP: You– I apperceive I was watching you and you were absolutely afraid that so abounding of these added things, the bookish property, so abounding of these added things were–

JOE KERNEN: I apprehend the aforementioned newspapers—

PRESIDENT TRUMP: –were allotment of the deal.

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JOE KERNEN: –as– I– heard this was aloof activity to be–

PRESIDENT TRUMP: Farms

JOE KERNEN: –ag guys

PRESIDENT TRUMP: Yeah.

JOE KERNEN: Yeah, and– it was a lot more.

PRESIDENT TRUMP: And this is—-manufacturing. This is– technology. This– appearance one is a massive deal. And in the end, it’s apparently $250 billion, but it could go abundant college than that. And aloof that alone, not alike talking about the USMCA, which now we aloof got passed. In fact, aback I go aback I’ll be signing it. It’s all passed. And we had I accept 89 votes in the Senate, which is tremendous.

JOE KERNEN: The UK abutting with Boris Johnson?

PRESIDENT TRUMP: Yeah. Boris and I are accompany and he wants to accomplish a deal, and that’s accept with me.

JOE KERNEN: So that could start–

PRESIDENT TRUMP: I anticipate they appetite it, they charge it.

JOE KERNEN: That could alpha soon?

PRESIDENT TRUMP: Oh yeah. We’re starting. We’ve already started negotiating. And frankly, we’re starting with Europe too. Europe is– to be honest with you, Europe has been very, actual boxy to accord with. They’ve taken advantage of our country, the European Union, for many, abounding years. And I told them, we can’t do it anymore. I met with them yesterday. I basic to delay till I accomplished China, to be honest with you. I’m– consistently like to be actual transparent. I basic to delay till I accomplished China. I didn’t appetite to go with China and Europe at the aforementioned time. Now China’s done, and I met with the new arch of the European Commission, who’s terrific. And had a abundant talk. But I said, look, if we don’t get something, I’m activity to accept to booty action, and the activity will be a actual aerial tariffs on their cars and added things that appear into our country. Now, adage that, I don’t appetite your admirers to get nervous. They’re activity to accomplish a deal, because they accept to. They accept to. They accept no choice. But we’ve had a amazing arrears for many, abounding years. Over $150 billion with Europe. And they are– frankly, Jean-Claude was a acquaintance of mine, but he was absurd to accord with. And I anticipate it’s activity to be a lot bigger for Boris now too. You couldn’t accomplish a deal. It was actual adamantine to accomplish a deal. Now, I never played my cards, because I didn’t appetite to do that afresh while I was accomplishing China. I basic to do China first. I basic to do Mexico and Canada first. But now that we’re all done– and now what we do is we are activity to do Europe. And I had a actual acceptable conversation. And I would be actual afraid if I had to apparatus the tariffs.

JOE KERNEN: We had– one of your guys, the NEC– director– Lawrence Kudlow, on yesterday. We asked him about deficits, and we asked him– I beggarly I– we accustomed that you basic to clean the aegis industry, and you had to agreed to—certain things with– the Demos– in the additional term, will you attending at–

PRESIDENT TRUMP: Big focus.

JOE KERNEN: –will you attending at–will– do you charge to accession taxes or do you charge to cut spending?

PRESIDENT TRUMP: We’re activity to absolutely apparently lower taxes, if you appetite to apperceive the truth. You know, if you booty a attending at what we’ve done, we’ve cut taxes in half. And we’ve taken in added acquirement essentially than we did aback the taxes were high. Nobody can alike accept it. But we booty in added acquirement with the big tax cuts– I beggarly you were advantageous absolutely 41% and we brought it bottomward to 21%, and it’s array of lower than that–

JOE KERNEN: So the– that will—-be a priority?

PRESIDENT TRUMP: Oh, absolutely. And–

JOE KERNEN: For– acid taxes.

PRESIDENT TRUMP: And one of the affidavit I’d like to see the absorption ante lowered, frankly, is because I’d like to refinance the debt and pay off the debt.

PRESIDENT TRUMP: We’re activity accept amazing growth. Joe, aback you accept all of these barter deals the I’ve made– don’t forget, I fabricated a $40 billion accord with Japan. I fabricated a massive accord with South Korea. Nobody alike knows what the cardinal is, but, you know, it was a abhorrent deal, now it’s a abundant deal. And afresh you add Mexico, you add China, you add Canada. You add all of these added countries. And we accept about ten countries that we’re ambidextrous with. These deals were horrible. In abounding cases we didn’t alike accept a deal. They aloof came in actuality and took advantage of our country. So– we accept massive potential, massive growth, and you’ll see that adjoin the average to the end of abutting year–

JOE KERNEN: Right. I’m activity to go through, like, 10 things, cause–

PRESIDENT TRUMP: Go ahead, Joe. They–

JOE KERNEN: All right, let’s allocution about what– if there is a additional term– do you have– a alternative for an opponent– I came up with the three Bs. Biden, Bernie and Bloomberg.

PRESIDENT TRUMP: All actual different. You accept Mini Mike is spending a lot of money. He’s got no chance. But he’s got a tremendous– you know, he acclimated to be a acquaintance of abundance until I ran for politics, and then– he went a little off. You should see some of the nice things he said about me afore I ran. They’re like the nicest. But he had a accord with Hillary Clinton that he was activity to become secretary of State. It was actual simple. Bodies apperceive that. And he– wasn’t activity to happen. It was activity to go to Terry McAuliffe. I beggarly so they were arena with Michael. And– it’s too bad, but he’s spending a fortune. He’s authoritative a lot of broadcasters wealthy. And he’s accepting nowhere. His ratings are terrible. His– you attending at his numbers. I don’t apperceive if Joe’s activity to bending beyond the line, but you– I watch him. I s– watch him speaking. He can’t put calm a sentence, but it could be him. And it could be Crazy Bernie. I don’t apperceive who it’s activity to be. Whoever it is, I’m ready.

JOE KERNEN: I aloof appetite to ask you some accelerated questions. Just– to get your bright comments.

PRESIDENT TRUMP: Go ahead.

JOE KERNEN: So– Boeing. Bygone in the news– and it hit the Dow–

PRESIDENT TRUMP: Yeah, I know

JOE KERNEN: –yesterday. And the account is-this summer, perhaps, before–

PRESIDENT TRUMP: Yeah.

JOE KERNEN: –we see—the 737

PRESIDENT TRUMP: Actual black company. This is one of the abundant companies of the world, let’s say as of a year ago, and afresh all of a abrupt things happen. I am so aghast in Boeing– had a amazing impact. You know, aback you allocution about growth, it’s so big that some bodies say it’s added than a bisected a point of GDP. So Boeing– big, big disappointment to me. Big disappointment.

JOE KERNEN: Right. Apple. What do you think? You’re– friends—with Tim

PRESIDENT TRUMP: I am–

JOE KERNEN: –I– anticipate you

PRESIDENT TRUMP: I like them a lot. I anticipate we should do some encryption. I anticipate we should– we should alpha award some of the bad bodies out there that we can do with Apple. I anticipate it’s actual important. Frankly, I’ve helped them a lot. I’ve accustomed them waivers, because I appetite them– it’s a abundant company, but it fabricated a big difference. Now, you know, they attempt adjoin Samsung. Mostly Samsung. I assumption that would be their cardinal one competitor. That’s from South Korea. It’s not fair, because we accept a barter accord with South Korea, so Samsung would get the no waiver. And they would– they would accept to pay– tariffs. So I did waivers, but I appetite them to advice us a little bit. They– you know, Apple has to advice us. And I’m actual able on it. They accept the keys to so abounding abyss and bent minds, and we can do things. Aback they had the botheration with the– afresh in Florida. I won’t go into it, because it’s so horrible.

JOE KERNEN: Right.

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PRESIDENT TRUMP: But they could accept accustomed us that information. It would accept been actual helpful.

JOE KERNEN: Well, we don’t charge a aback door– way in accepting into the amiss easily either. You– do you–

PRESIDENT TRUMP: No, no. I understand–

JOE KERNEN: –you–

PRESIDENT TRUMP: –you apperceive what, I accept both abandon of the argument.

JOE KERNEN: And this won’t–

PRESIDENT TRUMP: But if you’re ambidextrous with biologic lords–

JOE KERNEN: –this won’t aching your relationship– with Tim?

PRESIDENT TRUMP: You’re ambidextrous with biologic lords and you’re ambidextrous with terrorists, and if you’re ambidextrous with murderers, I don’t care. We accept to get–

JOE KERNEN: Okay.

PRESIDENT TRUMP: –we accept to acquisition out what’s activity on.

JOE KERNEN: Can– Facebook. Zuckerberg–

PRESIDENT TRUMP: Well, I met him– and he told me that I’m cardinal one in the apple in Facebook. He sat down. He said, “Congratulations. You’re cardinal one.” Now, I wouldn’t be able to say that unless it was–

JOE KERNEN: Should he stick to his accoutrements with the political ads? He’s accepting a lot of flack

PRESIDENT TRUMP: I’d rather him aloof do whatever he’s activity to do. You know, he’s done– he’s done a hell of a job, aback you anticipate of it. And– he’s activity to do what he has to do. I heard he was activity to run for president. That wouldn’t be too frightening, I don’t think. But he does accept that monster abaft him. He said, “You’re cardinal one,” and I said, “That’s absolutely nice.” It’s consistently nice to be cardinal one. You apperceive who cardinal two is?

JOE KERNEN: No?

PRESIDENT TRUMP: Modi of India. But he has 1.5 billion people. I accept 350. So– Modi. And we’re activity there actual soon, too–

JOE KERNEN: All right. Aftermost but not least, you–

PRESIDENT TRUMP: And by the way, our accord with India, and afresh with China and with Japan and with so abounding countries, is bigger than it’s anytime been. Literally bigger than it’s anytime been.

JOE KERNEN: Tesla’s now account added than GM and Ford. Do you accept comments on Elon Musk?

PRESIDENT TRUMP: Well– you accept to accord him credit. I batten to him actual recently, and he’s additionally accomplishing the rockets. He brand rockets. And– he does acceptable at rockets too, by the way. I never saw area the engines appear bottomward with no wings, no anything, and they’re landing. I said I’ve never apparent that before. And I was afraid about him, because he’s one of our abundant geniuses, and we accept to assure our genius. You know, we accept to assure Thomas Edison and we accept to assure all of these bodies that– came up with originally the ablaze ball and– the caster and all of these things. And he’s one of our actual acute bodies and we appetite to– we appetite to admire those people. That’s actual important. But he’s done a actual acceptable job. Shocking how well– you know, how it’s appear so fast. I beggarly you go aback a year and they were talking about the end of the company. And now all of a abrupt they’re talking about these abundant things. He’s activity to be architecture a actual big bulb in the United States. He has to, because we advice him, so he has to advice us.

JOE KERNEN: Do I dare– one aftermost question.

PRESIDENT TRUMP: Go ahead.

JOE KERNEN: Entitlements anytime be on your plate?

PRESIDENT TRUMP: At some point they will be. We accept amazing growth. We’re activity to accept amazing growth. This abutting year I– it’ll be adjoin the end of the year. The advance is activity to be incredible. And at the appropriate time, we will booty a attending at that. You know, that’s absolutely the easiest of all things, if you look, account it’s such a–

JOE KERNEN: If you’re willing–

PRESIDENT TRUMP: –big percentage.

JOE KERNEN: –to do some of the things that you said you wouldn’t do in the past, though, in acceding of Medicare–

PRESIDENT TRUMP: Well, we’re going– we’re activity look. We additionally have– assets that we’ve never had. I beggarly we’ve never had advance like this. We never had a customer that was demography in, through– altered means, over $10,000 a family. We never had the affectionate of– the affectionate of things that we have. Look, our country is the hottest in the world. We accept the hottest abridgement in the world. We accept the best unemployment numbers we’ve anytime had. African American, Asian American. Hispanics are accomplishing so incredibly. Best they’ve anytime done. Black. Best they’ve anytime done. African American. The numbers are incredible. The abjection numbers. The unemployment and the employment. There’s– there is a difference, actually. But the unemployment and application numbers for African Americans are the best we’ve anytime had. You know, we just– came up with a chart, and it was a actual important to cardinal to me. African American adolescence has the highest, by far, unemployment. The best unemployment numbers that they’ve anytime had. And the best application numbers. Appropriate now we accept about 160 actor bodies alive in the United States, and we’ve never alike been abutting to that, Joe.

JOE KERNEN: All right. Safe travels–

PRESIDENT TRUMP: Accede you.

JOE KERNEN: –on your way back. Accede you already afresh for– –meeting with us–

PRESIDENT TRUMP: Accede you actual much.

JOE KERNEN: –Mr. President. Accede you.

PRESIDENT TRUMP: Accede it.

JOE KERNEN: Accede it.

PRESIDENT TRUMP: Abundant Joe.

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