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Trump defines "Trumponomics" for The Economist

Evan Vucci / AP

President Trump sat down with The Economist last week to talk trade, immigration, taxes, and health care. The complete transcript is absolutely fascinating (hint: Vice President Pence makes a surprise appearance).

His definition of "Trumponomics": "It has to do with trade deals that have to be fair, and somewhat reciprocal, if not fully reciprocal. And I think that's a word that you're going to see a lot of, because we need reciprocality in terms of our trade deals … I'm absolutely a free-trader. I'm for open trade, free trade, but I also want smart trade and fair trade."

On the phrase "priming the pump": "Have you heard that expression used before? Because I haven't heard it. I mean, I just… I came up with it a couple of days ago and I thought it was good."

How he envisions NAFTA renegotiations: "'Big' isn't a good enough word. Massive."

Health insurance options under his plan: "[The head of a big health insurance company] said, 'Mr President, we're going to have so many plans. We're going to have the low version, the high version,' he used the word 'Cadillac.' I won't tell you what car he used for the low version because I don't want you to write it because they happen to be friends of mine, you know, the head people."

His ideal immigration system: "We're going to a much more merit-based system. But I absolutely want talented people coming in, I want people that are going to love our country coming in, I want people that are going to contribute to our country coming in."