Virtually everyone on Wall Street assumes that President Trump's agenda for taxes and foreign assets must be passed in order for the stock market to roar higher this year, but Jim Cramer disagrees.
"The idea that we MUST have corporate tax reform and repatriation is something I no longer feel is as imperative as it once was," the "Mad Money" host said.
There was certainly no denying that Trump's championing of these issues and his endless parade of meetings with executives has helped the investing climate in the U.S. But that doesn't mean the stock market should throw away the necessity of growth and earnings as a dominant force.
"As long as we get worldwide growth like we are beginning to have, than in my view, we don't really need these two initiatives to propel this market," Cramer said.
In fact, the longer it takes Trump to pass these initiatives, the more investors can buy stocks with the notion that they will be there eventually.
Apparel maker PVH Corp, which has brands such as Tommy Hilfiger and Calvin Klein, has managed to make the numbers in retail while the competition has failed. Cramer attributed this to the strength of PVH's brands in Europe and Asia.
Approximately 24 percent of PVH's $8 billion revenue stems from Europe, which is now subsidizing the 54 percent that is in the U.S.