Saturday Night Live didnt hold back on roasting President Donald Trumps sweeping new tariff plan that sent global stocks plunging this week.

The NBC sketch comedy shows latest cold open kicks off with a voice narrating, On Wednesday, President Trump gave a speech in the Rose Garden announcing his economic vision for America, including tariffs against almost every country we do business with, and like everything else so far in his presidency, it was a total home run. We go now to a presentation of Trumps historically awesome speech. The camera then cuts to James Austin Johnsons Trump giving a speech on the presidents tariff plan. My favorite word, tariff, which of course is short for terrific idea, he says. Theyre the backbone of my incredible plan for our economy.

Its actually even better than a plan because its a series of random numbers, he continues. Like the numbers on the computer screen in Severance. No idea what the hell they mean, but I know what the numbers mean, OK? They mean were gonna Make America Wealthy Again.

Johnsons Trump adds, You know, youre gonna check your stock portfolio in a couple of days and think, Im almost too wealthy with doing MAWA. But before that, were gonna do MAGDA, Make America Great Depression Again. But itll be better than great. Itll be a fantastic, unbelievable depression, the likes of which youve never seen before.

He later notes that no country is safe from my tariffs. I even put tariffs on an island that is uninhabited by humans. Its called Heard and McDonald Islands. The island near Antarctica is a remote territory inhabited by penguins.

Oh, McDonald Island. Id love to visit there, right? Johnsons Trump says. Can you imagine that, a Big Mac and a hula skirt. He then brings out some fake artwork he had made of his dream McDonalds Island before adding, There we go. Get me to Gods country, right? referencing Morgan Wallens (last weeks SNL musical guest) viral Instagram post after quickly leaving the show once it wrapped.

Mike Myers also returns to SNL to portray Elon Musk during the cold open. Elon is great, but sadly, its time to never see you again, OK? Johnsons Trump says. You gotta get back to Tesla, right, because theyre doing pretty bad.

Yes, recently our dealerships have been the target of many attacks, and suddenly no one likes Tesla cars, so I asked myself why? And then I answered myself, because of me, Myers Musk says.

He continues, Which is why were introducing the new Tesla Model V, the first electric car in history to be fully self-vandalizing, with features like self-smashing headlights, slashing tires and AI-powered graffiti. You can choose from penises or swastikas, or my favorite, swastikas made out of penises.

Jack Black, star of A Minecraft Movie, also returns to SNL to host for the fourth time, with musical guests Elton John and Brandi Carlile.

During his opening monologue, Black brought the School of Rock to the Studio 8H stage. After noting that its been 20 years since Ive been on this stage, which was an absolute life highlight, he quips that he has something difficult to share.

I quit, Black says. I know its the first time a host has ever quit in the middle of the monologue, but thats kind of cool. Its the first time its ever happened, but I cant do it. Its too stressful, and frankly, I do not have the nerve.

Thats when a guitar riff starts to play. How dare you play that riff, Black says. Thats not fair. You know what this song does to me. It gives me the power to host again. The actor-comedian then breaks out in song while jumping around the stage and making his way into the audience, as a live marching band plays in the background.

At the end of the show, SNL also displayed a tribute card for Val Kilmer, who died of pneumonia on Tuesday at age 65.