The recent rally in the stock market is directly related to improved fundamentals thanks to a stronger global economy and better employment. However, Cramer was willing to admit the election played a role in the run. The surprising Republican win of a pro-business president and the end of gridlock in Washington did help, Cramer said.
But the proposed U.S-Mexico border wall worries Cramer. The real issue with Mexico isn't the wall, he said, the issue is jobs. The Mexican peso is so cheap that it is drawing in corporations that would have otherwise build factories in the U.S.
When NAFTA was passed, the exchange rate was four pesos to every dollar. Now a dollar buys 21 pesos. That gives U.S. corporations a major advantage. That is what Cramer wants addressed if Trump plans to stop companies from shipping jobs south of the border.
"In just one week, the president has upended Washington," Cramer said.
The tiff with Mexico could be a problem for the market. It's not about who pays for the wall. It is about whether Republicans in Congress can say, "Count me out … Mexico is my friend, has been for years."
If that happens, Cramer warned that Trump's whole economic agenda could be derailed and the market will go down.
Ultimately, the issue of building a wall has raised political risk, Cramer said. It has introduced real uncertainty in to stocks, and Trump's agenda has become shaky. It must go away, but Cramer isn't sure how it will, given that Trump campaigned on it and he isn't likely to give up his campaign promises.
"It makes more concerned and it should concern you, too, if it isn't resolved in a civil and lasting fashion," Cramer said.