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Cramer: Fairy tales don't come true—American CEOs may find that out the hard way

A lot of CEOs want to believe that everything will work out after an unexpected U.S. election — but "fairy tales don't come true," CNBC's Jim Cramer told "Worldwide Exchange" on Wednesday.

"You have a lot of skeptics, you have a lot of other countries that are just waiting to retaliate ... and that is going to hurt a lot of the earnings," Cramer said. "I would not buy this first dip."

President-elect Donald Trump ran on a platform of renegotiating trade deals, a move that could leave foreign nations on edge, Cramer said.

"Do you really think the Chinese Communist Party is going to sit here and say, 'You know what? We had a good run of the place but Trump's in, and now we're shaking and we're scared'?" Cramer said.

Japan's Nikkei 225 index tumbled more than 5 percent Wednesday, while Australia's stock exchange saw a record number of trades. The Japanese yen surged while the Mexican peso sank.

"You don't want to own the currency of a man who was portrayed by the media as being, you know, a little off the wall. Because you would like to have some stability," Cramer said.

Drugs and infrastructure stocks are among Cramer's post-election picks, but he said he wouldn't pay up for those stocks Wednesday.

"You have to believe right now that people really believe he's going to slash taxes, he's going to let the deficit grow, he's got the Republican Party, a majority," Cramer said. "We're really seeing the facets of, 'Full speed ahead. Forget about fiscal responsibility.' Can he pull that off? After winning last night, who are we to tell he can't pull it off."

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