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President Donald Trump's recent comments on trade during a news conference were worrisome, and trading relations just had a real setback, CNBC's Jim Cramer said Thursday.
Cramer spoke the morning after Trump held a news conference in which the president addressed a wide range of issues including trade, North Korea and allegations of sexual misconduct against Supreme Court nominee Brett Kavanuagh.
During the news conference, Trump claimed that he had rejected a meeting with Canadian Prime Minister Justin Trudeau, which Canada's government later denied.
"Canada's our largest trading partner. Canada can impact things," Cramer said Thursday on "Squawk on the Street. " "It was a bit of a throw away."
Trump is pursuing new trade deals and concessions from China and other nations to change what he sees as unfair trade practices.
The Trump administration is attempting to strike a new NAFTA agreement among the U.S., Mexico and Canada but has indicated it would move on without Canada.
Sources told CNBC that U.S. Trade Representative Robert Lighthizer plans to issue the text of a trade deal with just the U.S. and Mexico on Friday.
Cramer also mentioned Trump's comments on China, which he said were "hyperbolic." The president doubled down on his earlier accusations that Beijing was looking to meddle in the midterm elections later this year but did not provide any details.
"My total view on this is that trade relations got a real setback," said Cramer, host of "Mad Money."
The White House did not immediately respond to a request for comment.