In a recent Time interview, Trump called Colbert a "no-talent" who says "nothing funny" and uses "filthy" language. The president went on to brag that, when he visited the Late Show in September 2015, he gave the "dying" show its "high highest rating."
Naturally, Colbert was eager to respond to Trump's insults.
"The President of the United States has personally come after me and my show, and there's only one thing to say: Hee hee hee. Yay," Colbert said.
"Mr. Trump, there's a lot you don't understand, but I never thought one of those things would be show business. Don't you know I've been trying for a year to get you to say my name? And you were very restrained, admirably restrained, but now you did it. I won."
Colbert fired back, "You're not wrong, I do occasionally use adult language, and I do it in public, instead of the privacy of an Access Hollywood bus."
As for Trump's claims that he was responsible for Colbert's "highest high ratings," Colbert pointed out that the mogul's episode was only the second-most watched episode during Colbert's Late Show tenure; Jeb Bush's appearance during the 2016 campaign trail garnered more viewers.
"You got beat by Low Energy Jeb," Colbert told Trump. "But it's okay, you won the ratings college," referencing the Electoral College that allowed Trump to become president despite losing the popular vote.
"Making jokes about you has been good for ratings. It's almost as if the majority of Americans didn't want you to be president," Colbert added. "But you know who's got really bad ratings these days? You do. Terrible approval numbers. I hear they're thinking of switching your time slot with Mike Pence."
Colbert closed out by telling Trump that if the president really wants to take down the Late Show host, all Trump has to do is resign.