Chuck Todd explains how Donald Trump won the presidency

NBC News Political Director Chuck Todd told CNBC on Wednesday that millennials and African-Americans didn't turnout enough in the Rust Belt states to help counter the surge in rural voters.

"Florida and North Carolina were on the cusp because there is a rising Latino electorate down there. That didn't exist" in areas of the Midwest and Northeast, Todd said on "Squawk Box."

He continued, "So, with no millennials and no African-Americans — sort of a stagnant turnout — the surge in rural voters wasn't countered."

He also said that Democrats and the Hillary Clinton campaign overestimated the role the Latino electorate and President Barack Obama's coalition would play.

"I think it was an overestimation that the Obama coalition was transferable to Clinton," he said. "And, obviously, it was an underappreciation for the rural vote turnout."

Todd also said he's not sure who the leader of the Democratic Party is in the wake of the Clinton loss.