1. China. The majority of Apple phones are made in China, and Trump has railed on the Chinese for being unfair trading partners. This could affect iPhones dramatically, especially if Apple decides to make iPhones in the U.S. and the costs double. However, Cramer thinks it is unlikely a trade war will occur.
2. Trump's crackdown on the issuance of skilled worker visas could affect the foreign engineers and programmers in Silicon Valley, Cramer said.
"Given that the staunchly anti-immigration Senator Jeff Sessions will be our next Attorney General, I wouldn't be surprised if the administration makes this a priority, but I am less sure about Congress," Cramer said.
3. The personal vendetta. In February, Trump called for a boycott on all Apple products. Cramer wonders what would happen in a similar situation with Trump as president, though he doubts the White House will call for a boycott, especially with bigger issues to worry about.
The positives, which Cramer says outweighs the negatives:
1. Trump and the Republican Congress want a lower corporate tax rate. Since Apple's U.S. tax rate is 30.5 percent, this could bring billions in savings.
2. Repatriation of the dollar. Apple has a mountain of cash oversees which it hasn't been able to bring back to the U.S. because it would be hit with a 40 percent tax rate. As of the end of September, Apple had $237 billion in cash and marketable securities, and 91 percent of that was outside the U.S., which amounts to roughly $216 billion, or $40 per share of a $110 stock.
If Trump and Congress create a tax holiday to allow American companies to bring cash in tax free, this would be huge positive for Apple and great for the U.S. if Apple reinvests that money or returns it to shareholders via a buyback or special dividend.
"I think this tax holiday on the repatriation of foreign earnings is close to being a done deal," Cramer said.
Ultimately, Cramer determined that Apple was still a stock to own. He's even salivating over the thought of the foreign cash that could soon be coming back to America.