Updated

NEIL CAVUTO, HOST OF, “YOUR WORLD”: All right, from a curse of regulations to a curse of riches. China has apparently got so much money, trillions in foreign reserves, that it literally doesn’t know what to do with it. So now it is just spreading the loot and the influence that goes with it.

I want you to take a look at this headline: "China Woos Caribbean With Offer of a Billion Dollars in Loans." Caribbean. And then there’s this one. "Italy Turns to China for Help in the Debt Crisis."

To say that China is increasingly becoming the world’s sugar daddy is an understatement.

To say that Donald Trump is worried about it is an even bigger understatement. And to hear Dick Cheney all but dismiss Trump with me, well, quite a statement. Listen to this.

(BEGIN VIDEO CLIP)DICK CHENEY, FORMER VICE PRESIDENT OF THE UNITED STATES: He is pretty blunt.

(END VIDEO CLIP)CAVUTO: What do you think of Donald Trump, by the way?

(BEGIN VIDEO CLIP)

CHENEY: I don’t know him. I see him on television occasionally.

CAVUTO: You have never met him?

(CROSSTALK)

CHENEY: Don’t know that I ever met the man.

CAVUTO: You ever watch "The Apprentice"?

CHENEY: No. No.

CAVUTO: Because he is pretty blunt.

CHENEY: He is pretty blunt.

CAVUTO: And he has said that we have built a history, through Republican and Democrat administrations, kowtowing to the Chinese, kowtowing to OPEC, kowtowing to Saudi sheikhs and princes. And he says that has got to stop or our days are done as a country.

CHENEY: Mm-hmm.

Well, I don’t know that I look to Donald Trump for leadership. But I don’t have any reason to believe he has got more capability in that area than some others do. He has talked about running for president. He has never quite gotten up to the starting gate. Maybe he will at some point.

(END VIDEO CLIP)

CAVUTO: All right, much more of my interview with Dick Cheney later this hour.

Reaction from Donald Trump right now.

Donald, I think he dissed you.

DONALD TRUMP, CHAIRMAN & CEO, TRUMP HOTELS & CASINO RESORTS: Well, I’m not surprised, because if you probably heard the other day, I was very strong on I didn’t like what he said in his book. I didn’t like the way he spoke about people.

I’m never -- I have never been a huge fan of Bush. But I didn’t like the fact that essentially he was calling a -- our president -- he was calling President Bush a liar. And I don’t like people that work for somebody else and then write books about them and lots of other people and say lots of bad things.

(CROSSTALK)

TRUMP: So he must have heard me say that, obviously.

(CROSSTALK)

CAVUTO: Well, the vice president wasn’t calling President Bush a liar.

TRUMP: Well, he was, because his recollection was -- on different things was much different than Bush’s.

CAVUTO: Right. But he didn’t -- I understand his recollection of certain events was not the same.

TRUMP: Well, no, but that’s -- wouldn’t you say that is the same thing?

(CROSSTALK)

CAVUTO: That is not calling someone a liar. I know what you mean.

But...

(CROSSTALK) TRUMP: Neil, I think that he probably heard what I said and that, certainly, I’m not a fan of Dick Cheney, I’m not a fan of his vice presidency.

CAVUTO: Right.

TRUMP: I think he did a poor job, to put it mildly. And I’m sure he heard me say that.

So, obviously, when you hit him with a question about Donald Trump, number one, he was a little stunned. And number two, I would be shocked if he said wonderful things.

CAVUTO: Well, this is the first interview to my knowledge where your name came up with him.

(CROSSTALK)

TRUMP: Well, and maybe it will be the last, I mean, I hope.

CAVUTO: Probably.

Well, let me ask you, though, about that. He is saying, effectively, you can’t conduct foreign policy effectively, you know, demeaning the people with whom you have to do business, in this case, China or, in this case, OPEC.

You say, as a pretty seasoned business guy in your own regard, that’s exactly what you have to do.

TRUMP: Well, China is laughing at us. They think we are a bunch of very stupid people or at least our leaders are very stupid people.

And you are talking about all of the trillions that they have. And in fact they have given us trillions in which we are paying interest. And part of that is because we make so many of our products over there. They get away with manipulating their currency and they are taking our jobs. So they think we are not a very smart group of people, and it is very sad to watch.

And whether it was Cheney or it was a number of different groups of people and groups of leaders that allowed this to happen, but China has become a very rich nation on our back in a very short period of time. And by 2016, they will totally supersede us, which was impossible to think of five or six years ago.

CAVUTO: Really quickly, if you bumped into Dick Cheney today, what would you say to him?

TRUMP: Well, I wouldn’t say much. I mean, to be honest, I would love not to bump in. But if I bumped in, I would shake his hand, say hello and then hit the road.

But I -- I’m not a fan. I think what he did with the country was not good. And I think his book was disgraceful. I think the things he said in the book about many people didn’t need to be said.

CAVUTO: All right, Donald Trump with his take on what the vice president was saying about him.

Content and Programming Copyright 2011 Fox News Network, Inc. Copyright CQ-2011 Roll Call, Inc. All materials herein are protected by United States copyright law and may not be reproduced, distributed, transmitted, displayed, published or broadcast without the prior written permission of CQ-Roll Call. You may not alter or remove any trademark, copyright or other notice from copies of the content.