Jimmy Fallon mocked Donald Trump's threats to impose tariffs on Canada and Mexico which prompted fears of an international trade war.
China has announced tariffs on some American products in retaliation against a 10 per cent tariff on Chinese imports.
Trump appeared to acknowledge that life could get more expensive for Americans, writing "Will there be some pain? Yes, maybe (and maybe not)," on Truth Social.
"It's comforting to know he's being advised by a magic eight-ball," Fallon joked on Monday night.
