There was no mention of sanctions in the document, but Trump said after the summit that those penalties on Pyongyang would remain in place until "the menace of nuclear weapons" is removed.
"This is a man who was trying to build an ICBM that would hit Los Angeles," Cramer said on "Squawk on the Street." "If you take that out then I'm sure there would be people who would say if Trump's other political issues weren't so polarizing that this is Nobel Prize material."
On Monday, Trump lashed out on Twitter at Canada and the European Union about trade. The president commented again on Tuesday, saying remarks by Canadian Prime Minister Justin Trudeau about him would cost Canada "a lot of money."
Stocks were little changed Tuesday, with the Dow Jones industrial average about 10 points lower intraday. Lack of detail in the agreement between the two countries, which included denuclearization of the Korean Peninsula, appeared to mute the gains.
Equities closed slightly higher Monday ahead of the meeting between Trump and Kim.
The "Mad Money" host on Monday noted the market's tepidness before the summit.
The White House did not immediately respond to a request for comment.
— CNBC's Everett Rosenfeld contributed to this report.