The Tonight Show Starring Jimmy Fallon: Trump’s Tariffs Send Stocks Crashing Amidst World Panic | Elton John, Brandi Carlile, Hailee Steinfeld | April 4, 2025
Release Date: April 4, 2025
Host: Jimmy Fallon
Guests: Elton John, Brandi Carlile, Hailee Steinfeld
Featuring: The Roots, Steve Higgins
1. Introduction and Opening Monologue (00:04 - 07:04)
The episode kicks off with Jimmy Fallon warmly welcoming viewers from Studio 6B in Rockabeller, nestled in the heart of New York City. The host is joined by special guests Elton John, Brandi Carlile, and Hailee Steinfeld, alongside the legendary hip-hop band, The Roots, and producer Steve Higgins.
Elton John sets the tone early with humor, celebrating National Burrito Day:
"Today is National Burrito Day. Chipotle gave away free burritos. The bad news? Thanks to Trump's new tariffs, guac was $58 extra."
[01:06]
Fallon and John delve into the economic turmoil caused by former President Trump's recent tariffs, highlighting the significant drop in stock markets and global reactions. The discourse is laced with humor and satire, exemplified by a viral remix:
"The biggest companies in the world, they've committed to build, build, build… We're gonna build, build, build, sir."
[02:34]
The discussion touches on the unpredictable nature of Trump's policies:
"Everyone's wondering how Trump decided on a tariff rate for each country. He went Planko style."
[01:54]
Fallon humorously navigates through the economic fallout, mentioning fictitious impacts on places like EPCOT and companies such as Temu, which sells knockoff brands, thereby painting a vivid picture of the global economic panic. The segment also includes playful jabs at political figures and speculative consumer reactions, maintaining a light-hearted yet insightful commentary on serious economic issues.
2. Stock Market Satire and Comedy Bits (07:04 - 15:02)
Continuing the monologue, Fallon introduces a satirical "stock watch," humorously assigning market movements to unexpected companies:
"Brooks Brothers stock is… People can't look at brothers the same way. Since the White Lotus. Cheese Nips stock is down because everyone suddenly realized they're called Cheese Nips."
[02:56 - 03:42]
The comedic portrayal of stock fluctuations serves as a satirical commentary on market volatility and consumer behavior, adding levity to the otherwise heavy topic of economic instability due to tariffs.
3. Interactive Game: Password Challenge (07:04 - 22:21)
The show transitions into an engaging segment featuring the classic game "Password," spotlighting the musical talents of Elton John, Brandi Carlile, and Hailee Steinfeld. Elton teams up with Jimmy Fallon, while Brandi pairs with Hailee.
Gameplay Highlights:
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First Round (09:38 - 13:35): The teams attempt to guess passwords based on one-word clues. Challenges arise as the participants navigate through ambiguous clues like "Wheat" and "Rock," leading to humorous exchanges and collaborative problem-solving.
Elton John muses on the difficulty:
"We were in the lead by two. Final round, right?"
[13:32] -
Second Round (13:35 - 14:25): The final round intensifies with the word "Crocodile," culminating in a successful guess and a lighthearted celebration of teamwork and quick thinking.
Throughout the game, the interactions between the guests showcase their personalities and camaraderie, providing both entertainment and insight into their dynamics.
4. Interview Segment: Elton John and Brandi Carlile Discuss Collaboration (15:02 - 21:54)
Following the game, Fallon engages in a heartfelt conversation with Elton John and Brandi Carlile about their collaborative album, "Who Believes in Angels?"
Key Discussion Points:
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Origins of Collaboration:
"Brandi wrote me a letter. I was in Las Vegas in residency at Caesars, and I already knew of her first album."
[15:27] -
Creative Process: The duo elaborates on the spontaneous and organic nature of their collaboration. Brandi describes the initial days filled with self-doubt and tension, which eventually gave way to a productive and inspiring partnership.
"The first track of the album is called 'The Rose of Laura Nero.' It just took shape. It was like a runaway train."
[18:35] -
Album Insights: They discuss the thematic elements of the album, highlighting personal and emotional narratives, such as a song dedicated to Brandi's daughter.
"This is called 'You Without Me.' It's about that confusing feeling of pride and devastation when your child starts to express themselves in unexpected ways."
[21:00] -
Production and Release: The interview covers the collaborative efforts in the studio, the influence of producer Andrew Watt, and the excitement surrounding the album's release scheduled for the next day.
"We went in with nothing and came out with an album and four extra songs. Not bad."
[17:12]
The segment offers a deep dive into the artistic synergy between Elton John and Brandi Carlile, providing fans with an intimate glimpse into their creative journey.
5. Spotlight on Hailee Steinfeld: Engagement and New Film (22:21 - 26:22)
The episode continues with an introduction of Hailee Steinfeld, an Oscar and Golden Globe-nominated actress promoting her new movie, "Sinners," slated for release on April 18th in IMAX theaters.
Key Highlights:
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Engagement Announcement: Hailee shares the joyful news of her engagement to Josh Allen, a celebrated quarterback for the Buffalo Bills.
"I'm engaged to Josh Allen. The people in Buffalo have been incredibly welcoming."
[23:26] -
Film Insights: She discusses her role in "Sinners," describing it as a complex vampire movie directed by Ryan Coogler and co-starring Michael B. Jordan.
"Working with Ryan and Michael was incredible. Their work ethic elevates everyone around them."
[24:40] -
Acting Experience: Hailee reflects on the challenges and nuances of filming, especially with the advanced technology used for portraying twin characters played by Michael B. Jordan.
"Sitting and waiting for changeovers was challenging, but Michael's energy shifts made every scene feel real."
[25:15]
The discussion highlights Hailee's excitement for her current projects and her appreciation for the supportive community in Buffalo, further endearing her to the audience.
6. Closing Remarks and Final Promotions (26:22 - 27:52)
As the episode draws to a close, Fallon and Higgins wrap up with final promotions and acknowledgments. Elton John and Brandi Carlile's collaborative album, "Who Believes in Angels?" is reiterated, along with their upcoming performances on Saturday Night Live hosted by Jack Black.
Final Highlights:
"Who Believes in Angels is out tomorrow. Catch them on Saturday Night Live this weekend with host Jack Black."
[21:43]
Hailee Steinfeld's movie "Sinners" is once again promoted:
"Sinners is in theaters at IMAX April 18th."
[25:58]
The show concludes with an energetic send-off, encouraging listeners to subscribe to the podcast and tune into The Tonight Show on NBC and Peacock for more episodes.
Notable Quotes:
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Elton John on Trump's Tariffs:
"Tariffs went all the way from 54% to 10%. And today, so did his approval rating."
[01:06] -
Brandi Carlile on Creative Doubt:
"If you're not a creative artist and you don't have doubt before you do a new project, then you're not a creative artist."
[18:35] -
Hailee Steinfeld on "Sinners":
"Their work ethic is so insane that when you show up, you just want to do your best work."
[25:08] -
Jimmy Fallon on Engagement:
"The Queen City has a new queen. Congratulations, Josh and Hayley."
[24:14]
Conclusion
This episode of The Tonight Show Starring Jimmy Fallon masterfully blends humor, insightful economic commentary, and engaging interviews with high-profile guests. From satirical takes on Trump's tariffs and the stock market to heartfelt discussions about musical collaborations and film projects, the show offers a rich tapestry of content that entertains and informs. The interactive segments and personal anecdotes from Elton John, Brandi Carlile, and Hailee Steinfeld add depth and relatability, making the episode both comprehensive and captivating for listeners.