"I've got to apologize to you: I forgot to panic last night," the "Mad Money" host said. "I told you President Trump's move to slap a 25 percent tariff on imported steel and a 10 percent tariff on aluminum ... was not a reason to dump positions wholesale. If anything it might even be a reason to do some buying on weakness."
Cramer reiterated his message to investors that there's always a better time to sell than in a moment of panic. But he also acknowledged that these tariffs would exacerbate a central argument in the United States over free trade.
"There are way too many well-intentioned economists and politicians and businesspeople out there who believe that protectionism is always a mistake," Cramer said. "They don't understand that we've been on the receiving end of a trade war for ages."