Saturday Night Live skewered President and over the newly-announced tariffs which have sent the stock market into a tailspin.

In what was a blistering cold open on Saturday, SNL spoofed Trump (played by ) taking a victory lap for the new tariffs.

“Thank you all for coming out to hear about tariffs,” Trump said. “My favorite word, ‘tariff’ — which, of course, is short for “terrific idea.”

The stock market plunge was called out by the show early on in the rollicking sketch.

“We’re going to make America wealthy again — MAWA!” Trump said. You know, you’re going to check your stock portfolio in a couple of days and think, ‘I’m almost too wealthy.’ We’re doing MAWA! But before that, we’re going to do MAGDA! MAGDA — make America great rdepression again. It’ll be better than great. It’ll be a fantastic, unbelievable depression!”

After some mockery of the tariff chart presented at Thursday’s Rose Garden news conference (SNL had Trump show off a giant Cheesecake Factory menu), — played once again by SNL alum Mike Myers — made his way to the podium donning a cheesehead hat. The sketch poked fun at Musk’s eight-figure contribution to the conservative candidate in a Wisconsin Supreme Court judge race — in which the conservative came up short.

“Say Cheese!” Musk said. “Kidding, kidding, kidding! Legalized comedy. That was from when I tried to buy the election in Wisconsin. I’m an idiot. I should have just bought Wisconsin.”

Watch above, via NBC.