What does “covfefe” exactly mean?

The Washington Post (May 31, 2017) reports that “[President] Trump targets ‘negative press covfefe’ ” in his tweet:

MORNING MIX: Trump targets ‘negative press covfefe’ in garbled midnight tweet that becomes worldwide joke / Trump tweets ‘covfefe,’ inspiring a semi-comedic act of Congress

As I couldn’t find out the meaning of “covfefe” in several English dictionaries at hand, I googled the word. There was no heading and definition of this word there.

I heard a TV hostess seriously asking a male guest what “covfefe” means in a TV show tagged in the Washington Post, wherein he confidently explained it’s Yiddish meaning “go to bed.” But to me, this explanation doesn’t seem to fit the line, “President Trump targets ‘negative press covfefe’ ” at all.

What does “covfefe” exactly mean in the context of “President Trump targets ‘negative press covfefe’ ”?

There is already a UD entry, and a pending one for Collins Dictionary:

Covfefe:

• (n.) When you want to say "coverage" but your hands are too small to hit all the letters on your keyboard.

• Originated from Donald Trump's tweet: "Despite the constant negative press covfefe"

Also from knowyourmeme.com:

• “Covfefe” is a misspelling of the word “coverage” mistakenly tweeted by President Donald Trump in late May 2017. The tweet was left up for more than six hours before being deleted, leading to a slew of puns, jokes, and confusion, resulting in #covfefe becoming the #1 trending hashtag in the world and prompting coverage from multiple news outlets.

From time.com:

• President Donald Trump has responded after confounding the web with a cryptic, late night tweet, though he still hasn't cleared up the meaning of the word "covfefe".

• Right around midnight on Tuesday, the President sent a strange message to his 31 million Twitter followers, which simply read: "Despite the constant negative press covfefe." The tweet was not immediately deleted and accumulated more than 100,000 retweets and hundreds of humorous reactions before it was finally removed from the site.

• Now Trump has responded to the mystery surrounding his newly-minted word, which continues to trend on Twitter. "Who can figure out the true meaning of "covfefe" ??? Enjoy!" he wrote in a tweet sent early Wednesday morning, clearly enjoying the attention the presumed-typo garnered overnight.

It's too soon to tell for sure...

This is an unprecedented situation where a head of state's typo became a widely mocked online meme. Essentially, Trump coined a new word and then openly challenged the public to guess what it meant in a follow-up tweet.

A word like this, that becomes famous in a single day, could disappear and remain meaningless, or it could take on a new meaning through viral uses and memes.

As has been established in the other answers, it was almost certainly intended to be the word "coverage," but its ultimate meaning could be completely different depending on whether it sticks around or fades away, and on how slang trend-makers move the meaning. (This is a process that we're participating in right now, along with a lot of the Internet.)

One possibility is that people could use the word as a tongue-in-cheek synonym for bullshit or nonsense, somewhat like the word "balderdash" functions now.

Did you hear what Steve said? That was absolute covfefe.

It's also possible that this was what Trump intended (maybe with the help of some wittier aides) to imply in his follow-up tweet.

Tweet 1: Despite the constant negative press covfefe

Tweet 2: Who can figure out the true meaning of "covfefe" ??? Enjoy!