After President Donald Trump, aka “Tariff Man,” sent the Dow plunging by a record 799.36 points on Tuesday, Stephen Colbert opened Late Show explaining how POTUS pulled it off.

Over the weekend, Dow soared when Trump tweeted he’d reached a deal with China agreeing to end the 40%  tariff on American cars coming into that country.

“Here is the thing; it might have been Trump’s fault, because it was,” Colbert said.

On Sunday, when Trump tweeted he’d struck a great new trade deal with China, agreeing to remove various tariffs on American goods, the Dow surged 400 points. “Except the tariff deal wasn’t true, and here is how you can tell: the President said it.”

“It was such a blatant lie,” even the Fox & Friends weren’t buying it, Colbert told viewers.

When Trump’s economic adviser and former FNC contributor Larry Kudlow appeared on the FNC morning show, Steve Doocy asked him to explain what happened during Trump’s meeting with China President Xi Jinping. Trump tweeted China is getting rid of the 40% tariff on American cars but “We haven’t heard anything official about that,” Doocy said, asking Kudlow, “can you explain what happened.”

“I think it’s coming,” Kudlow responded.

“He told us!” Doocy shot back. “Give us some details.”

Colbert translated, “We’re sitting on our couch putting our asses on the line every day for you guys!”

Kudlow explained the tariff reduction was aspirational.

“You can’t say something is going to happen because you think it’s going to,” Colbert countered.

“Wall Street S & P’d its pants” when Trump admitted Monday morning, via Twitter, the deal is not done, the CBS late night host explained. Trump tweeted that he wants the deal to happen and so does Xi, adding “it probably will” but added, “remember, I am a Tariff Man.”

“I like an import with a big duty,” Colbert snarked, suggestively, in character as Trump.