Shares of Apple jumped more than 3 percent in after-hours trading on Monday following what Jim Cramer described as an "incredibly strong" quarter.
Apple reported much better than expected iPhone sales and strong sales for the 7 plus, which caused average selling prices to spike higher. That was amazing for Cramer, given that the product is 10 years old.
Service revenue streams also grew with 150 million direct and indirect subscribers, matching Facebook's quarterly revenues. Even better, the company's monster cash position grew to a record $246.09 billion, which could be repatriated at very low levels if President Trump gets his way.
If Trump presses countries that trade with the U.S. for real concessions, then a new form of risk could arise that many Apple investors assume doesn't exist, Cramer warned.
"The president recognizes that both China and the U.S. have to be allowed to win, and if that happens and Apple gets repatriation relief, then I see it trading back to its old highs when the iPhone 8 comes out," the "Mad Money" host said.
However, Cramer had some bad news for investors who think Trump could get the U.S. into a trade war. Trump already thinks we are in one, and he wants to stop losing.
Thus far, Trump has been a friend and foe to business leaders.
Then he harangued United Technologies CEO Greg Hayes for offshoring jobs at its Carrier plant in Indiana, and then suggested people buy Carrier products just days after Hayes kept 1,000 jobs from going to Mexico.
Trump's attitude so far hasn't hurt the stocks of the companies in question. But there is something much bigger that lurks beneath and is freaking out executives and shareholders, Cramer said.
"They are worried that President Trump may be willing to sacrifice whole international markets that our companies have fought hard to penetrate in order to further the jobs agenda that he campaigned on," Cramer said.
While the loss of sales to partners could be made up with Trump's platform of tax cuts, deregulation and repatriation of foreign assets, Cramer warned that he could fail to get his agenda through Congress.
"In other words, maybe it's zero sum," Cramer said.