Trump originally said reports characterizing the conversation as testy were "fake news" made up by the media, and insisted the call had been civil. In reality, he's trying to save capital (quite normal) on the issue, while suggesting Mexico get their heads around having to eventually pay for the wall.
Trump returns: "This is going to kill me".
"For someone who talks constantly about representing the forgotten men and women-the little people working the little jobs-[Trump] can't even remember the job 'dairy farmer, '" Colbert said, before putting on his best "Trump" voice: "'I tell ya, I care so much about the forgotten Americans.
"Putin was a pleasant call", Trump said later in the conversation. We didn't really have a rough phone call. Trump wants to build a wall to keep out Mexicans. The transcript published on Thursday shows Mr Trump struggled to understand Australia's asylum seeker policy, asking why the government didn't just free the detainees.
Trump incorrectly compares the deal to the "Mariel boat lift", which resulted in hundreds of thousands of Cuban refugees, including known criminals, entering the US via Florida. The two leaders repeatedly clashed over a deal signed by Trump's predecessor Barack Obama, under which the USA would agree to settle refugees on Nauru and Manus Island - Australian policy dictates that they do not accept refugees who arrive by boat, in an attempt to check human smuggling and drowning at sea.
"The only people that we do not take are people who come by boat". I think it is ridiculous and Obama should have never signed it.
"As I said, it was a courteous, frank conversation", Turnbull added".
He also called the deal "stupid" which would "make me look terrible".
"I do not want any more San Bernardino's (terror attack) or World Trade Centres ..." I look so foolish doing this.
"I hate taking these people", Mr Trump said, referring to refugees.
He adds: "I will be seen as a weak and ineffective leader in my first week by these people".
Glenn Thrush, White House correspondent for the New York Times, tweeted: "I dream of a world in which the Local Milk People unite with the Local Cookie People". "I stand up for Australia's interests, he stands up for America's interests".
Which sounds pretty tough, until you realize Trump still went through with it. Such leaks have no precedent, and the White House is right to find them alarming.
Mr Turnbull appears to pull out all stops to convince the President to honour the deal.
"That is enough, Malcolm". Trump angrily said: "I guarantee you, they are bad".
Turnbull tries a more diplomatic tack, telling the president: "Thank you for your commitment".