Cohen's face slowly moves across the president's as he rants at the camera.
"It was disgraceful," the president adds. "He ought to be fired immediately."
Text then reads: "He's back. As you've never seen him before."
Trump continues ranting, adding: "Sacha Baron Cohen, go to school. Learn about being funny. You don't know s***."
The titles, which are shown over a US flag, then read: "Sacha graduates. Soon."
The video closes with the Trump University logo.
In 2003, the comedian - who also created Borat - interviewed the mogul in the guise of Ali G.
He asked Trump if he would be interested in investing in a business idea - gloves designed to catch dripping ice cream.
But Trump walked out of the interview after apparently realizing it was a joke.
He tweeted in 2012: "I never fall for scams. I am the only person who immediately walked out of my "Ali G" interview."
But in 2016, Cohen told James Corden that Trump actually stayed "for about seven minutes".