President Trump sat down with Ross Douthat to discuss Republican losses in the midterm elections, the wars in Iran and Ukraine, the economy and more. Below is a transcript of their conversation.

ROSS DOUTHAT: Mr. President, thank you so much for doing this--

PRESIDENT DONALD TRUMP: Thank you.

ROSS DOUTHAT: We're gonna start with the midterms. Two years ago, you won a big, some might say historic, victory. Just now, the Republican party in the midterms shu-- suffered a big, some might say, historic defeat. Give me your political analysis of what just happened.

PRESIDENT DONALD TRUMP: Well, number one, I was not on the ballot. But I campaigned hard for some people. And-- I think if I was on the ballot, it would've been a much different situation because you saw the level of popularity and love. There was love. I mean, we had massive rallies.

Nobody's ever seen rallies like that for midterms. And-- there wasn't one room that didn't have thousands of people outside, couldn't get in.…