“Ladies and gentleman, I’m pleased to announce that I have an announcement to make: Donald Trump has announced he is running for President of the United States.” That’s how Stephen Colbert began his evisceration of Trump’s campaign (and general persona) on Tuesday in a video released to the YouTube page of Colbert’s The Late Show. The erstwhile Colbert Report host doesn’t start his stint on the CBS show until Sept. 8, but the lure of Trump’s much-derided entry into the 2016 presidential race was apparently too great for him to ignore.
“The real unemployment is … who knows? Pick a hat. Pick a hat out of a hat. Find a hat. There’s another hat inside of it. That’s how badly our hat business is doing in the United States,” Colbert jokes in the clip, before later adding that “Mexico has the hats.”
This article originally appeared on EW.com.
Read Next: The Secret to Donald Trump’s Hair
See 13 Stephen Colbert Cameos You Might Have Missed
![HBT2-fs-2208769.DNG Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-01.jpg?quality=75&w=2400)
![EXIT 57, (from left): Stephen Colbert, Paul Dinello, Jodi Lennon, Amy Sedaris, Mitch Rouse, Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-02.jpg?quality=75&w=2400)
![Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-03.jpg?quality=75&w=2400)
![STRANGERS WITH CANDY, Stephen Colbert, 2005, (c) Warner Independent Pictures/courtesy Everett Collec Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-04.jpg?quality=75&w=2400)
![Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-05.jpg?quality=75&w=2400)
![SATURDAY NIGHT LIVE, Ambiguously Gay Duo, 1975- Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-06.jpg?quality=75&w=2400)
![Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-07.jpg?quality=75&w=2400)
![Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-08.jpg?quality=75&w=2400)
![Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-09.jpg?quality=75&w=2400)
![Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-10.jpg?quality=75&w=2400)
![MCDBEWI EC032 Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-11.jpg?quality=75&w=2400)
![MCDMIPE EC060 Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-12.jpg?quality=75&w=2400)
![MCDMOVS EC004 Stephen Colbert](https://api.time.com/wp-content/uploads/2014/11/stephen-colbert-13.jpg?quality=75&w=2400)
More Must-Reads from TIME
- Why Biden Dropped Out
- Ukraine’s Plan to Survive Trump
- The Rise of a New Kind of Parenting Guru
- The Chaos and Commotion of the RNC in Photos
- Why We All Have a Stake in Twisters’ Success
- 8 Eating Habits That Actually Improve Your Sleep
- Welcome to the Noah Lyles Olympics
- Get Our Paris Olympics Newsletter in Your Inbox
Contact us at letters@time.com