- CNBC's Jim Cramer warns he does not expect a trade deal between the U.S. and China any time soon.
- "I think we are at war against the Chinese, and it's not over. And the war is not just trade," Cramer says.
- "The G-20 is going to be so important," Cramer predicts. President Trump and Chinese President Xi plan to meet around the summit later this month.
"I think we are at war against the Chinese, and it's not over. And the war is not just trade," Cramer said on "Squawk on the Street," taking cues from the hard-line speech that White House trade advisor Peter Navarro delivered last week.
Navarro, a longtime China critic, said Friday any agreement between Washington and Beijing to end their trade dispute, which resulted in back-and-forth tariffs, will be on "President Donald J. Trump's terms, not Wall Street terms."
Cramer said the tone of Navarro's speech on economics reminded him of the kind of rhetoric that then-President Ronald Reagan used decades ago during the Cold War with Russia over nuclear arms.
"That's a speech that Reagan gave against the Soviet Union. And that didn't end well for the Soviet Union," said Cramer, the host of "Mad Money." "The G-20 is going to be so important."
In September, the White House imposed its latest round of tariffs, totaling $200 billion of Chinese products. In response, China levied tariffs on $60 billion of U.S. goods.
Trump has also threatened additional tariffs of $267 billion, which would basically cover the rest of all Chinese imports into the U.S.