Powell hinted at cutting interest rates in prepared remarks for Wednesday morning's appearance before the House Financial Services Committee.
On CNBC's "Squawk Box," ahead of that hearing, Cramer said, "Powell seems to be very in sync with the White House all of a sudden."
The Fed chief has sustained withering and repeated criticism from the president, who says that central bankers raised rates too aggressively last year. Trump has been calling for Powell and company to cut rates.
The market puts 100% odds on a rate reduction at the July 30-31 Fed meeting.
But the "Mad Money" host says he doesn't believe Powell is necessarily responding to Trump's criticism.
"I don't think he's reacting to Trump. I think he's reacting to Trump's trade war," Cramer said later on "Squawk on the Street."
The U.S. and China have been entangled in a trade war for the past year, with each side keeping retaliatory tariffs in place but on hold recently as the two sides restart talks aimed at reaching a deal.
"Things are good. And yes, there are trade tensions. Yes, the rest of the world is bad. But I don't see anything in [Powell's written remarks] that we're doing badly," Cramer said, referring to the U.S. economy.
"I do see that we think that others could pull us down. It's a nice safety net," Cramer said.
Stocks opened higher on Wednesday, after the release of Powell's prepared testimony before the Wall Street open. U.S. stock futures were in negative territory before the Powell remarks turned things around.
The S&P 500 eclipsed the 3,000 level for the first time ever in early Wednesday trading.
— CNBC's Jessica Bursztynsky contributed to this report.