True, the S&P 500 index is up 21 percent since Trump's election. But the Japanese Nikkei has rallied 33 percent, the German DAX is up nearly 28 percent, the South Korean Kospi has gained 27 percent and the Hong Kong Hang Seng ran 26 percent over the same period.
"None of those moves are about Trump," the "Mad Money" host said. "The truth is, when you've got a synchronized global economic expansion, stocks tend to roar higher the world over, often regardless of the politics or style or even substance of the leader[s]."
But rather than pressuring major steel producers like China and South Korea to stop dumping (keeping costs artificially low to suppress competition), Trump has adopted a different strategy.
"The president has been a terrific salesman for our international companies, best in my lifetime for certain. [He's a] very commercial president, often making it clear that if foreign countries want to appease him, they need to buy and build American," Cramer said. "I think he's had some success getting foreign companies to do business here, to open more plants here, although he's been less effective at his stated objective of narrowing our trade deficits."
Narrowing trade imbalances will be key to mitigating the United States' growing deficit, which the Congressional Budget Office predicted would take on an additional $1.7 trillion if the latest version of the House Republican tax plan was passed.
But Cramer said that a lack of details on the plan paired with a fragmented Congress could lead to prolonged debate and few results.
"My prediction? I think tax reform will go the way of 'repeal and replace.' Why? Because a major tax overhaul is really complicated, it takes a lot of time and it takes a lot more friendship than they have down there in Washington," Cramer said. "Reagan got it done in 1986, but it didn't happen overnight, it took two years, it had to happen in a bipartisan way and both sides had to like each other so that there could be some give."
That said, Cramer found that much of the stock market has embraced a White House with more bark than bite and few negative surprises. So the "Mad Money" host reviewed the 10 top-performing stocks since Nov. 8, 2016 to see if the gains could be traced back to Trump.