Trump: China rips off US, Obama's trip a 'travesty'

Trump: China ripping off US, Obama's visit is a 'travesty'

'The Donald': Our country needs to stop giving money to countries that laugh at us and rip us off - like China and Mexico

This is a rush transcript from "On the Record," November 10, 2014. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: China putting on a big show as world leaders gather for an economic summit. But not everyone is celebrating President Obama's trip to China.

Donald Trump joins us. Good evening, Donald.

DONALD TRUMP, PRESIDENT & CEO, THE TRUMP GROUP (Via Phone): Good evening.

VAN SUSTEREN: Donald, you have been going after China forever. What do you make of the president's trip to China?

TRUMP: Well, I'm more and more right, Greta. Look what's going on. They are putting on a big show because they want to keep the money coming in. We are the ones that paid for that show. They are taking our jobs. You understand that. When it comes to Iraq, where are they to help us? When it comes to ISIS, where are they to help us? They are the biggest beneficiary of Iraqi oil and oil reserves, and they're not there. When it comes to Ebola, where are they to help us with West Africa? It's ridiculous.

They manipulate their currency. They make it impossible for our businesses to compete through manipulation. I mean, we do better product than they do, but through manipulation, it's a -- it's disgraceful I think that he is going there. He should go there, not do the celebrations, have a really strong talk with these folks because what they are doing to us is very, very bad. They are truly hurting our economy and our jobs.

VAN SUSTEREN: What do you expect the president to do? This is sort of a routine economic summit. This is his second trip China as president. What would you expect him to do?

TRUMP: Well, I wouldn't have gone. I frankly wouldn't have gone because the negotiating abilities that our country has versus China are a joke. It's like some school football team playing New England Patriots. It is an absolute travesty. And I frankly think he would have been better off staying home, let them come to him. You know, just so you understand, we have literally rebuilt China. The money they have taken out from us. And they are doing a pretty good job, and European countries, also by the way.

But the money they have taken out and drained out of this country -- we have literally rebuilt China. And we do have -- it's hard to believe and a lot of people don't believe this, but we have the upper hand. We have the negotiating power. Because if we ever did anything to that and to that ability that we have given them, to drain us, China would have a problem like they have never had before. So, we have all the power. He shouldn't be over there celebrating the fact that they're ripping us off. That's the only thing can he celebrate, the fact that they have ripped off the United States and many other countries.

VAN SUSTEREN: Let me turn to midterms, what is your reflection on midterm results?

TRUMP: Well, it was a fantastic win for the Republicans because they are tired of Obama. They are tired of incompetence. They are tired of -- people are tired of billion-dollar websites that, by the way, it was announced today that it's not working again. And it never will work with the, you know, clowns that they have running it right.

And the whole ObamaCare is not working. I mean, they're in a much bigger position, the whole Obamacare is not working. It's a disaster. It's very, very expensive. People indeed have lost their doctors. They have lost their plans, they have deductibles that are so high -- I mean, unless something is totally catastrophic, they will never be able to get anything out of it. The deductibles have doubled, tripled and quadrupled. So you're never going to see anything out of it. And yet, the cost of it is much higher than they were paying two years ago. So it is really -- although I must say very good for the insurance companies because I notice their stock keeps going up, up, up. So the insurance companies, I guess, in some very complex form must love ObamaCare.

VAN SUSTEREN: Well, you got involved in some midterm races. Your candidates that you have campaigned for, how did they fair?

TRUMP: Well, I was asked to do robo-calls, which is a pretty powerful thing. I was asked to do them for a lot of different people, David Perdue and Steve King and Lee Zeldin and you know, a number of people asked me to do robos. And I did them and they all won their races. Some of them were substantially behind and they ended up winning easily. So maybe it had an effect. They seemed to think it had a huge effect. I did it about two or three days before the election. So I think it does.

I have a lot of people that follow me because they don't like to see our country getting ripped by virtually everybody. You look at as an example, Mexico, they -- they are draining us. You know, people don't have no idea how well Mexico does against the United States in terms of economics. And yet, we have Sergeant Tahmooressi and it takes 210 days to get him out of a prison and he has got obviously some difficulty. So it's a very sad situation.

VAN SUSTEREN: Well, I should probably tell the viewers I got a phone call last week and you very generously offered to give Sergeant Tahmooressi $25,000 to help defray costs for his treatment, for his legal fees. He depleted all his savings to try to defend himself and, you know, you are very generous, Donald.

TRUMP: Well, I hope the lawyers don't take it all because I know lawyers better than most, they hear about the 25,000, they are going to grab onto it. So I hope you or his mother, I hope can protect. I really want this money to go to him, not his lawyers because I don't know what kind of a job the lawyers did. It took them a hell of a lot of time to get them out. But I felt very badly, I watched your interview. I thought it was an incredible interview. I felt very badly in watching him. He suffered greatly. I think that this $25,000 will be the beginning of getting somebody who is a good person back with his life and on to hopefully a much better life that he has had.

VAN SUSTEREN: I said also a lot of other people volunteered therapy dogs and all sorts of different ways to help him. So you know, the American people, many of them are helping. Donald, as always, thank you, sir.

TRUMP: Thanks a lot, Greta.