Instead, Cramer worried that there is something much bigger that lurks beneath that is freaking out executives and shareholders.
"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," the "Mad Money" host 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.
Just after Arconic reporting a quarter that was slightly lighter than expected on Tuesday, activist Elliott Management launched a proxy fight against the company.
Arconic is the maker of engineered products that was created after the old Alcoa broke itself up in November. Arconic was supposed to be the high-value added part of the company, while Alcoa would represent the aluminum portion of the business.
However, since the break-up, the opposite has occurred. Alcoa's stock has rallied 70 percent, while Arconic is up only 6 percent. Elliott, which already has three seats on Arconic's board, announced it would be nominating five independent directors to the company's board.
In particular, Elliott took issue with the leadership with CEO Klaus Kleinfeld, and requested to replace him with former CEO of Spirit Aerosystems Larry Lawson. Cramer spoke with Kleinfeld about a potential challenge to his leadership prior to the Elliott news being announced, and asked him what he will do if there is a challenge.
"We have to look at it and as always, the board and management will engage with shareholders. We've done that continuously, we've listened to what they have to say and we will come to a conclusion of what is best, and I hope this will be a joined agreement and how we go about it," Kleinfeld said.
Cramer was prepared for President Donald Trump to go into his meeting with top pharmaceutical executives on Monday with a baseball bat in hand.
Instead, he merely jawboned them about charging less for drugs.
The U.S. government is the biggest buyer of drugs in the world. It has tremendous bargaining power, Cramer said, but chooses not to use it. Instead, it lets the drug companies decide pricing; this in contrary to almost every other country in the world.
It was clear to Cramer that Trump doesn't want to do that, which for the first time seemed at odds with the message he campaigned on.
"This is an important departure for a president who has been sticking to his guns on his campaign promises," Cramer said.
Coca-Cola is the classic steady stock that tends to work, even when the economic environment is uncertain. Cramer spoke with Larry Williams to take a closer look at the stock and determine what the charts predict for the future.
Williams is a technician who has traded futures, commodities and stocks for more than 50 years. He has written 11 books, and created various technical indicators used on Wall Street and teaches people to become better traders at IReallyTrade.com.
"If you believe that the Trump rally has truly gotten off track, than Coca-Cola is exactly the kind of stock you should be buying," Cramer said.
For those that think the sell-off is simply a pause, Cramer advised to only own Coke for the purpose of diversification and additional income from its 3.36 percent yield.
Ever since the election, the market has been in anticipation that President Trump's policies will be a major boost to the economy. However, Cramer noted that many cyclical industrial companies were already in great shape, and the American heavy industry could be doing better than many think.
"That may not be true across the board, but I have got to tell you, after some of the numbers we have seen this earnings season, it is certainly true in some individual cases," Cramer said.
Illinois Tool Works is the maker of specialized industrial equipment, and when Cramer called the company the "greatest industrial company you have never heard of" last April, it turned out that every single pullback was a buying opportunity for the stock.
And the good news is that he thinks the stock has more room to run, and he said it's not too late to buy it. Cramer believes its hungry management team will consistently improve and take share for years to come.
"It is the ideal stock to buy when the market loses faith in the Trump agenda, but you still want to own an industrial that can put some big points on the board," Cramer said.
In the Lightning Round, Cramer gave his take on various stocks from callers:
Teck Resources: "If you think that worldwide growth is going to continue, then this remarkable stock is going to keep going higher. I happen to prefer Freeport at this time, FCX, but Teck, if you think the world goes higher — Teck goes higher with it."
Molina Healthcare: "Let's understand each other that I am only recommending one in that group, and that stock is UnitedHealth, UNH, which I think will go up 10 points while Molina meanders."