Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Tesla solar energy systems reportedly ignited at an Amazon warehouse in Redlands, California last June, and the Seattle e-commerce titan confirmed that it has no further plans...Technologyread more
The death comes as federal and state health officials investigate a slew of lung illnesses in connection to e-cigarette use.Health and Scienceread more
That should be a red flag to investors, suggesting stock valuations could take more hits as the leader governs on a whim, Cramer said. A recent survey by Harvard CAPS/Harris Poll reveals Trump's approval rating among voters has reached 48% — a two-year high — in large part because of the economy.
"For whatever reason, the president's whims have trumped his pro-business attitude — he's anti-business. And if the Trump administration is going to be less pro-business, investors are going to pay less for them ... regardless of whether or not these companies are currently in the president's crosshairs," the "Mad Money" host said. "Put it all together, you can understand why this market has been hammered for the past five weeks."
The Dow Jones Industrial Average, with a modest bump of less than 5 points Monday, was the only of the major indexes to finish the trading day in the green. The and tech-heavy Nasdaq Composite dropped 0.28% and 1.61%, respectively, on worries that the federal government wants to slap more regulations on big technology corporations.
The Justice Department and Federal Trade Commission, agencies run by Trump appointees, are reportedly planning to crack down on the business practices at Google-parent Alphabet, Facebook, Amazon and Apple. It has been a long time since officials got serious about antitrust laws, and there's a "totally legitimate antitrust case against these guys," Cramer said.
"I suspect Trump wants to crack down on big tech because he views these companies as political opponents," Cramer said. "And if that's the case, people are going to pay a lot less for their stocks, which is exactly what we saw today."
The news follows weeks of pressure on Wall Street, as a trade war with China escalated and Trump threatened tariffs on imports from Mexico. The Labor Department releases its non-farm payroll report for the month of May on Friday.
"I can tell you that many people on Wall Street are stunned that employment's still in good shape given the trade war with China and the inverted yield curve," Cramer said. "Either the economy stays strong and the president goes on being capricious and arbitrary, or the economy gets worse and he becomes more pro-business friendly."
Disclosure: Cramer's charitable trust owns shares of Alphabet, Facebook, Amazon, and Apple.