President Donald Trump's agreement Tuesday with North Korea's Kim Jong Un is a "tremendous" first step, according to CNBC's Jim Cramer.
"To say it's 'constructive' is to ignore the nuclear shadow the whole world has lived under because of this guy," said Cramer in response to comments by economist Mohamed El-Erian Tuesday morning on CNBC about the Singapore summit.
El-Erian, chief economic advisor at Allianz, and former CEO of bond giant Pimco, told "Squawk Box" that the market sees the Trump-Kim summit agreement as "a first, good constructive step."
The accord, which is being called a comprehensive denuclearization agreement, said the United States and North Korea commit to hold follow-up negotiations and to cooperate to develop bilateral relations.