WHEN: Today, Thursday, May 5th

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC interview with Donald Trump, Republican Presidential Candidate & Trump Organization Chairman, on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Thursday, May 5th. Following are links to video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000515269, http://video.cnbc.com/gallery/?video=3000515268, http://video.cnbc.com/gallery/?video=3000515267, http://video.cnbc.com/gallery/?video=3000515266 and http://video.cnbc.com/gallery/?video=3000515265.

All references must be sourced to CNBC.

TRUMP ON HIS RUNNING MATE

I DO BECAUSE,YOU KNOW, I'M A BUSINESS PERSON AND I'VE GOT THAT COVERED AND I HAVE SO MANY PEOPLE WHO HAVE ENDORSED ME INCLUDING YOUR VERY DEAR FRIEND CARL ICAHN AND MANY OTHERS, AS YOU KNOW. AND I THINK WE HAVE THAT WORLD COVERED. BUT THE POLITICAL WORLD, ALTHOUGH I'VE BEEN IN POLITICS ALL MY LIFE IN A DIFFERENT SENSE ON THE OTHER SIDE, I THINK HAVING SOMEBODY THAT CAN GET LEGISLATION THROUGH AND HELP ME WITH THAT WOULD BE GOOD.

TRUMP ON TRADE

WE HAVE TO RENEGOTIATE OUR TRADE AGREEMENTS. OUR TRADE AGREEMENTS ARE DISASTROUS. WE DIDN'T USE OUR BEST AND OUR FINEST. WE DIDN'T USE THE PEOPLE THAT ARE ON YOUR SHOW. WE USED PEOPLE THAT ARE POLITICAL HACKS TO MAKE DEALS WITH CHINA, TO MAKE DEALS WITH JAPAN, TO MAKE DEALS WITH MEXICO, TO MAKE DEALS WITH THESE MASSIVE COUNTRIES THAT, YOU KNOW, WE'RE FRANKLY, WHEN YOU DISCUSS BUSINESS TRANSACTIONS, THEY'RE VERY SMALL BY COMPARISON TO WHAT YOU'RE TALKING ABOUT WITH TRADE AGREEMENTS. WE DON'T USE OUR FINEST, WE DON'T USE OUR BRIGHTEST BUSINESS PEOPLE TO HELP US MAKE THESE DEALS. AND I WANT TO RENEGOTIATE TRADE AGREEMENTS AND I THINK THE TRADE AGREEMENTS ARE A DISASTER FOR THIS COUNTRY.

TRUMP ON REGULATIONS

IT'S TERRIBLE. I MEAN, I KNOW FROM MY BUSINESSES IT'S TERRIBLE BUT THESE PEOPLE ARE AFFECTED EVEN MORE THAN I AM. AND IT'S INCREDIBLE WHEN I LISTEN TO THE STORIES WHERE PEOPLE CAN'T EVEN OPEN UP SMALL BUSINESSES. THEY HAVE TO GO THROUGH ALL SORTS OF RULES, REGULATIONS -- 90% OF WHICH HAVE NO BEARING ON WHAT THEY DO. SO I THINK -- I THINK FROM THE STANDPOINT OF YOUR SHOW AND THE PEOPLE THAT WATCH YOUR SHOW, WE'RE LOWERING TAXES VERY SUBSTANTIALLY, AND WE'RE GOING TO BE GETTING RID OF A TREMENDOUS AMOUNT OF REGULATIONS.

TRUMP ON HIS TAX PLAN

WHEN YOU PUT OUT A TAX PLAN, YOU ARE GOING TO START NEGOTIATING. YOU'RE NOT GOING TO SAY, OKAY, THIS IS OUR TAX PLAN, LOTS OF LUCK, FOLKS. THERE'S GOING TO BE NEGOTIATION BACK AND FORTH. AND I CAN SEE THAT GOING UP, TO BE HONEST WITH YOU. AND I KNOW I AM TALKING TO YOUR FOLKS BUT, YOU KNOW, IN ALL FAIRNESS WE ARE CUTTING. AND DURING A NEGOTIATION I COULD SEE THAT GOING UP. I DON'T WANT MIDDLE TO GO UP AT ALL. BUT I COULD SEE THAT GOING UP. AND I THINK THAT PROBABLY WILL HAPPEN, BECAUSE IT'S A CUT FOR EVERYBODY.

TRUMP ON THE MIDDLE CLASS

THESE WORKERS, THESE INCREDIBLE WORKERS, THESE MIDDLE CLASS -- MANY OF THEM HAVEN'T HAD AN EFFECTIVE WAGE INCREASE IN 20 YEARS. AND SOME OF THEM ARE MAKING LESS MONEY, MANY OF THEM ARE MAKING LESS MONEY NOW THAN THEY MADE 20 YEARS AGO AND THEY'RE BEING TAXED AT A MUCH HIGHER RATE AND THEY'RE WORKING MUCH HARDER. IT'S SUPPOSED TO BE THE OPPOSITE. YOU'RE GETTING OLDER, YOU'RE SUPPOSED TO BE WORKING A LITTLE BIT LESS MAYBE. BUT THESE ARE PEOPLE THAT WORK HARDER, THEY HAVE TWO JOBS IN SOME CASES AND THEY'RE MAKING LESS MONEY THAN THEY MADE 20 YEARS AGO. AND THAT'S WHY YOU'RE WONDERING WHAT'S GOING ON AND WHY THEY'RE NOT LIKING REPUBLICANS OR DEMOCRATS.

TRUMP ON YELLEN AND INTEREST RATES

WHEN HER TIME IS UP, I WOULD MOST LIKELY REPLACE HER BECAUSE OF THE FACT THAT I THINK IT WOULD BE APPROPRIATE. SHE IS A LOW-INTEREST-RATE PERSON. SHE HAS ALWAYS BEEN A LOW INTEREST RATE PERSON. AND I MUST BE HONEST. I AM A LOW INTEREST RATE PERSON. IF WE RAISE INTEREST RATES AND IF THE DOLLAR STARTS GETTING TOO STRONG, WE'RE GOING TO HAVE SOME VERY MAJOR PROBLEMS.

TRUMP ON DEBT

WHAT DO WE DO WITH ALL OF THE MONEY THAT WE OWE EVERYBODY WHEN RATES GO UP AND NOW ALL OF A SUDDEN WE HAVE TO BORROW AT TWO POINTS MORE. ONE POINT MORE EVEN IS DEVASTATING. BUT TWO, THREE, FOUR, FIVE POINTS MORE. IT'S A REAL DILEMMA AND WE HAVE TO BE VERY, VERY CAREFUL, AND I AM THE KING OF DEBT. I DO LOVE DEBT. I LOVE DEBT. I LOVE PLAYING WITH IT. BUT OF COURSE, NOW YOU'RE TALKING ABOUT, YOU KNOW, YOU'RE TALKING ABOUT SOMETHING THAT'S VERY, VERY FRAGILE. AND IT HAS TO BE HANDLED VERY, VERY CAREFULLY.

TRUMP ON INTEREST RATES

IF WE START RAISING RATES, I HAVE ALWAYS BEEN A LOW INTEREST RATE PERSON. NOW, IF INFLATION STARTS COMING IN AND WE DON'T SEE ANY SIGNS OF THAT, BUT INFLATION STARTS COMING IN, THAT'S A DIFFERENT STORY. THEN YOU HAVE TO GO UP AND YOU HAVE TO SLOW THINGS DOWN. BUT RIGHT NOW I AM FOR LOW INTEREST RATES, AND I THINK WE KEEP THEM LOW, AND WE HAVE TO COMPETE.

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