But the president said Cohen told the truth when he said he had no evidence the Trump campaigned colluded with Russia.
Mr Trump blasted his former personal lawyer after storming out of a nuclear summit with Kim Jong-un in Hanoi this morning.
He called the testimony a "fake hearing" and condemned the Congressional oversight committee for holding it during his nuke talks with North Korea.
Mr Trump said: “It was pretty shameful, I think.
“Having it during this very important summit is sort of incredible.”
And Mr Trump said of Cohen: "He lied a lot but he didn’t lie about one thing: He said no collusion with the Russian hoax.
“I was actually impressed he didn’t say I think there was collusion for this reason or that… I was a little impressed by that frankly.”
The Hanoi summit was overshadowed by Cohen's bombshell evidence in which he branded the President a "conman, racist and cheat".
The disgraced attorney, who worked for Mr Trump for a decade, claimed he made racist remarks about black voters and lied about his business dealings with Russia.
He sensationally claimed Mr Trump had advance knowledge when Hillary Clinton's emails were leaked.
And he revealed a personal cheque for $35,000 he claims Mr Trump wrote to repay him for hush money to Stormy Daniels.
Cohen also handed over letters he claims Mr Trump ordered him to send threatening to sue his old school and university if they published his grades.
And he accused the President of acting "like a mobster" by threatening him and his family when he decided to reveal the truth.
Michael Cohen's Congress testimony so far:
- He claims Donald Trump made racist remarks including that black people were 'too stupid' to vote for him
- Cohen says Mr Trump lied about doing property deal in Moscow during the campaign and implicitly ordered him to lie to Congress
- He claims Mr Trump knew about hacked Democrat party emails before they were published by Wikileaks
- Cohen claims the president wrote him a personal cheque after taking office to reimburse him for hush money to Stormy Daniels
- Cohen says one of his 'biggest regrets' is lying to First Lady Melania about covering up her husband's affairs
- He said he tried to track down a tape of Trump hitting his wife – but he doesn't think it ever happened
- The White House said Cohen was a 'disgraced felon' and a 'convicted liar' who should not be believed
- Trump threatened his sue his old university if his grades were ever revealed without his permission.
Cohen told the committee: “I am ashamed that I chose to take part in concealing Mr Trump’s illicit acts rather than listening to my own conscience.
"I am ashamed of my weakness and misplaced loyalty – of the things I did for Mr Trump in an effort to protect and promote him.
"I am ashamed because I know what Mr Trump is. He is a racist. He is a conman. He is a cheat."
Cohen also revealed documents he claims show Mr Trump exaggerated his assets when applying for a loan, and understated them to avoid tax.
It could see his finances investigated after he leaves the White House.
Cohen said the president had given public backing for neo-nazis – and was "even worse in private".
He claimed he and Mr Trump were once "driving through a struggling neighbourhood in Chicago" when Mr Trump remarked: "Only black people could live that way".
He added: “[Trump] once asked me if I could name a country run by a black person that wasn’t a s***thole.
"This was when Barack Obama was President of the United States.”
He said the Apprentice host told him black people would not vote for him because they were "too stupid".
Cohen claimed Mr Trump implicitly ordered him to lie to Congress about a property deal in Moscow.
He says negotiations continued into the summer of 2016 when he was running for President – months longer than previously claimed.
It is a crucial detail because Trump's presidency has been dogged by claims his team colluded with Russia to help get him elected.
Cohen said: “Mr Trump did not directly tell me to lie to Congress. That’s not how he operates.
“I was actively negotiating in Russia for him.
"He would look me in the eye and tell me there’s no business in Russia and then go out and lie to the American people by saying the same thing.
“In his way, he was telling me to lie.”
He added: “Mr Trump knew of and directed the Trump Moscow negotiations throughout the campaign and lied about it.
“He lied about it because he never expected to win the election. He also lied about it because he stood to make hundreds of millions of dollars on the Moscow real estate project.”
HACKED EMAILS AND DIRTY TRICKS
Cohen claimed Mr Trump knew in advance about hacked Democrat party emails that hurt his rival Hillary Clinton's campaign.
His "dirty trickster" adviser Roger Stone was allegedly a middle man speaking to Wikileaks chief Julian Assange.
Cohen says he was in Mr Trump's office when Stone called to say he had "just got off the phone" with Assange, who said that "within a couple of days, there would be a massive dump of emails that would damage Hillary Clinton’s campaign."
Cohen claimed: "Mr Trump responded by stating to the effect of ‘wouldn’t that be great.’”
Cohen also referenced a conversation he claims to have observed between the Mr Trump and his eldest son Donald Jr around the time of a planned meeting with a Russian lawyer promising “dirt” on Mrs Clinton.
He said: “I recalled Don Jr leaning over to his father and speaking in a low voice, which I could clearly hear, and saying, ‘The meeting is all set.’
"I remember Mr Trump saying, 'OK good… let me know’.”
Cohen said Mr Trump told him Donald Jr has "the worst judgement of anyone in the world" and nothing in his campaign happened without his approval.
Cohen has previously admitted paying $130,000 to porn star Stormy Daniels days before the November 2016 election, and arranging another large payment to former Playboy model Karen McDougal.
The president has denied having sex with the women and denied that he instructed Cohen to arrange what he called "private transactions".
But his long-time personal lawyer handed over a copy of a $35,000 personal cheque he says Mr Trump wrote in August 2017 – while he was president.
He said it was one of 11 instalments disguised as a retainer but was really to reimburse him for the hush money.
Another cheque was signed by Donald Jr and a the chief finance officer at the Trump Organisation.
The former lawyer revealed he hunted for a rumoured tape of President Trump hitting wife Melania – but he said he doesn't think the video exists.
Cohen said: "The story goes that he struck Melania while in that elevator, because there's a camera inside.
"I'm not so sure – actually, I'm certain it's not true.
"I don't believe Mr Trump ever struck Mrs Trump, ever."
Cohen also said he lied to Melania Trump about his role in covering up her husband's alleged affairs.
He said: “Lying to the first lady is one of my biggest regrets.
"She is a kind, good person. I respect her greatly — and she did not deserve that.”
Cohen also made public some of Trump’s private financial statements and claimed the president either exaggerated his assets when pitching for loan but understated them to avoiding taxes.
The documents appeared to list Mr Trumps wealth at £3.38 billion in 2011, £3.76 billion in 2012 and £6.46 billion in 2013.
Cohen said they were sent to Deutsche Bank while he was trying to buy the Buffalo Bills American football team.
He also claimed Trump lobbied Forbes magazine to increase his wealth in their Rich List of billionaires.
He said: "It was my experience that Mr Trump inflated his total assets when it served his purposes, such as trying to be listed among the wealthiest people in Forbes, and deflated his assets to reduce his real estate taxes."
Cohen also claimed Mr Trump paid a "fake bidder" to ensure a portrait of him went for the highest price at an auction.
Cohen was challenged by Republican committee members who said his credibility was destroyed because he lied to Congress before.
He addressed that himself, saying: “I have lied, but I am not a liar. I have done bad things, but I am not a bad man.
"I have fixed things, but I am no longer your ‘fixer’, Mr Trump.”
Last year Cohen pleaded guilty to a string of felonies including lying to Congress and campaign finance violations.
He is expected to begin his three-year jail sentence in May.
He has turned against his former boss and is cooperating with the Mueller probe into Russian election meddling.
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