With the exception of steel, which already has fair dumping penalties against the Chinese, Cramer said Trump could kill the earnings of all other international companies.
While Cramer himself is skeptical of the benefits from free trade, it's Trump's outright protectionist approach that could be bad for business.
Trump previously stated his disapproval of United Technologies unit Carrier's decision to close its plant in the U.S. to move to Mexico in order to take advantage of cheaper labor and NAFTA. Yet, Cramer noted that this is one of the reasons why United Technologies has been doing so well recently.
Democratic nominee Clinton also presents problems, but in a different way. Among Clinton's economic plans, she proposed a financial transaction tax to reduce high-frequency trading.
"I am not a fan of high-frequency trading, but I sure don't want any sort of transfer tax. We have enough people exiting the market as it is. Throw in this tax on trading, and it will be one more nail in the stock market's coffin," Cramer said.
Cramer is worried that others do not seem to be as worried as they should be, as there are many events occurring that aren't good for stocks.
Currently the S&P 500 is selling at approximately 20 times earnings, according to Cramer, which is a historically expensive level. However, when valued against the bond market's paltry returns, the current value could be justified as stocks are now providing a higher level of return.
And with this week being the busiest week for earnings in the S&P 500 all year, he is also concerned that there will be just as many misses as hits for companies reporting.
Thus, the current set-up of the market, mixed with the perspectives of Trump and Clinton are worrisome to Cramer. Both parties could reduce the worth of stocks, and their earnings-per-share possibility.
The only bright spot, Cramer said, is that the election could result in gridlock in Washington. Gridlock seemed to be the most likely outcome, with Democrats favored to take the Senate and the Republicans having a hold on the house of representatives.
"But the prospect of a landslide for either party is real enough that it is certainly worth worrying about going into the election," Cramer said.